Province to rebate development charges for rental housing
The CMHC says the vacancy rate in Calgary for October 2015 is 5.3 percent.
The Canadian Press
Published Wednesday, November 29, 2017 11:39AM EST
Last Updated Wednesday, November 29, 2017 2:20PM EST
The provincial government has announced it will rebate up to $125 million in development charges over five years for purpose-built rental housing.
The aim is to encourage more construction and bring more fairness to the rental market.
The rebate will be targeted at municipalities with low vacancy rates or high percentages of tenants where affordable rentals are hard to find.
The province says it will be also be inviting municipalities to participate in the program.