Government mini-budget: CORPIQ welcomes 3 key elements for the rental sector

CORPIQ is pleased with the series of government announcements that will affect the rental sector. The provincial government's mini-budget promises a total cash injection of $10.7 billion.

First, low- and moderate-income earners will receive an allowance starting in January 2022. A first slice of $2.1 billion will help beneficiaries to better counteract the inflation announced by the Minister of Finance (4% for the year 2021-2022), particularly in terms of their groceries and housing. CORPIQ has always stated that direct financial assistance to tenants is the best solution for tenants who have difficulty paying rent. In simple terms, a couple will receive $400, a person living alone $275, a person living alone with a roommate $200, and seniors over the age of 70 will receive up to $675.

Also, $847 million will be provided to help recipients of the Shelter Allowance Program. The amount will increase from the current $100 to a maximum of $150 per month.

Another $304.4 million will be used to support the construction of affordable housing over a 5-year period across the province while including the private sector in this process. This initiative is appreciated by CORPIQ because the participation of the private sector will reduce the use of public funds and will take advantage of the industry’s know-how and expertise of these companies.