The King government's announcement to cap rebates on new rental builds is nothing short of a missed opportunity to help Islanders.
At a time when many Islanders are drowning in a housing crisis, they chose to cap development rebates for new rental housing builds. This restrictive policy will strangle the very development we desperately need in the rental housing sector. Nova Scotia and Newfoundland have already removed the provincial portion of HST from new rental builds without a cap. Adding a cap for PEI will make our province less attractive for new rental developments.
This decision is not just misguided; it is a classic case of this Conservative government under delivering. Instead of fostering growth and development in the housing market, they're suffocating it with restrictive policies putting PEI behind our neighbouring provinces.
To get more housing units on the market quickly, I am calling on the government to remove this restrictive cap so that our province can be competitive with our neighbours.
Official Opposition Office