Cabinet yesterday confirmed a tax holiday for apartment builders will cost nearly $5 billion. New terms are to include co-operative housing.

“Our country needs more homes and we need more of them fast,” Finance Minister Chrystia Freeland yesterday told the Commons. “We must build homes in our biggest cities and our smallest towns.”

Cabinet on September 21 introduced Bill C-56 An Act To Amend The Excise Tax Act to enact a GST holiday on new “purpose-built rental housing” constructed by 2036. The Department of Finance in an October 3 submission to the Senate national finance committee said the tax holiday would cost “about $4.5 billion over the next five years.”

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