Vacant Unit Tax unlocked housing supply worth $400M in capital: City report
Ontario Construction News
AI Article Summary
The City of Ottawa has opened the declaration portal for the 2024 Occupancy Year under the Vacant Unit Tax (VUT). A new report indicates that this policy has unlocked housing supply valued at more than $400 million in construction capital. This initiative is aimed at increasing available housing by encouraging the use or sale of vacant units.
What This Means for Canadian Contractors
This program illustrates how government policies can effectively mobilize underutilized assets, which could lead to more building projects and opportunities for contractors. For Canadian builders, this means potential increases in demand for renovation and construction services. It also serves as a reminder of the importance of adapting to policy-driven market changes.
