Record home construction in Toronto and Vancouver, “While in Quebec, we're in free fall”

The Quebec government's efforts to combat the housing crisis are admirable, but not enough, declared President of the Board of Directors of the Corporation of Real Estate Owners of Quebec (CORPIQ), Eric Sanssouci.

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“It's not enough, but can we do more, can we do better? That is another question. In our opinion, from the moment of the end of the crisis, limited funding and strained public finances, we need a change of regulation where we can loosen the hands of the employers. In this situation, be momentary because we have a regulatory framework which is very stifling from a private investment point of view,” he declared in an interview with LCN.

“At a time when demand is stronger than ever, it's sad to see that construction of units in Toronto and Vancouver is reaching record levels with different regulations, while we're in free fall in Quebec,” said Mr. Sanssouci.

He inquired that under the existing rules, carrying out major work on the building would not allow the rents to rise sufficiently so that the cost of the work would lead to a proportionate increase in the value of the building.

“What we're implicitly saying to owners is: the money you can invest in your building, you'd be better off doing something else with,” he declared.

CORPIQ also adds its voice to those seeking exemption from QST on new rental houses.

“We lend our support to this demand which will enable us to achieve 7% additional profitability for the construction of new units. It makes the difference that a project gets off the ground rather than in a cardboard box,” says Eric Sansouci.

To watch the full interview, watch the video above.