I would agree with the many experts who have indicated that the rebate will incentivize the creation of multi-unit residential rental housing, now including co-ops thanks to this legislation.
As to whether that supply is affordable or not, I would say it's very difficult to create affordable supply in today's market with the high cost of land and construction, the supply and labour issues and the high cost of borrowing. The starting rents that are being asked for new multi-unit residential housing today will not be affordable to those with low and moderate incomes. That's why it's important to complement this with other initiatives that directly invest in funding and financing of new supply of non-market housing, non-profit housing and co-operative housing.
Research indicates that in 2021 we had a supply deficit of 1.4 million homes affordable to low- and moderate-income households. This rebate is very important, because it will increase supply and will be the difference between making some projects go forward or not. However, it's also important to complement it with strong investments in community housing and co-operative housing to make sure that everybody has access to housing in Canada.