Department of Finance Canada
Today, Bill C-56, the Affordable Housing and Groceries Act, received Royal Assent.
Building on the federal government's economic plan, the Affordable Housing and Groceries Act will:
- Remove the Goods and Services Tax (GST) from new rental housing to incentivize the construction of more apartment buildings, student housing, and seniors' residences built for long-term rental accommodation. For a two-bedroom rental unit valued at $500,000, the removal of the GST will lower the cost of construction by $25,000.
- Amend the Competition Act to enhance competition and help stabilize prices for Canadians, particularly in the grocery sector, by:
- Giving more power to the Competition Bureau to crack down on unfair practices by large, dominant companies which drive up prices;
- Removing the efficiencies defence, in order to end anti-competitive mergers that raise prices and limit choices for Canadian consumers; and,
- Empowering the Competition Bureau to block collaborations that stifle competition and consumer choice, particularly in situations where large grocers prevent smaller competitors from establishing operations nearby.
The Royal Assent of Bill C-56, which was the first piece of government legislation introduced in the fall parliamentary sitting, delivers the latest measures in the government's economic plan. Other legislation that the government has recently introduced, including the Fall Economic Statement Implementation Act, 2023, will also help to build more homes, faster, and make life more affordable for Canadians.
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