Toronto rental construction hits 9-quarter low as legislation to scrap GST introduced

In October 2023, the number of rental units under construction in the Greater Toronto Area (GTA) hit its lowest level in nine quarters, coinciding with the federal government's announcement of legislation to scrap the GST on purpose-built rental projects. A report by real estate consulting firm Urbanation showed that 18,267 purpose-built rental units were under construction in the GTA in the third quarter.