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The Liberal government’s plan to scrap GST on (construction of) new rental developments and the (B.C.) removing the PST, is not going to have any significant impact on the price of rentals.
The price of rentals is set mostly by the market. Property taxes, maintenance, utilities, capital reserves for future renovations and borrowing costs also play into the price of rentals.
Contrary to what most renters believe, the majority of landlords have mortgages on rental properties. The provincial government capping rent increases is only making it more difficult for landlords to make their monthly payments.
As landlords get squeezed, the first thing to go is the reserve fund for future renovations. The next is routine maintenance. Before long a building starts looking shabby and having issues.
The fact that a percentage of tenants think destroying their unit and common property is OK, does not help.
It seems like a no-win situation for landlords, nor tenants. Eliminating the GST and PST on (construction of) new builds is not going to change any of this
Cindy Nixdorf
