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NAIOP Canada is seeking federal and provincial tax breaks for office-conversion projects.

NAIOP Calls for Office-Conversion Tax Breaks

NAIOP Canada is seeking tax breaks for office conversions after Ottawa and some provinces scrapped taxes on rental-housing construction projects. The commercial real estate industry group called for tax relief on office conversions Friday while praising the federal government for scrapping GST charges, and Ontario for promising to lift its provincial tax, on purpose-built apartment projects. Easing the conversion of older obsolete office buildings into residential or mixed-use space should be another component of the federal and provincial response to demand for new housing, said NAIOP in a news release. Such efforts are necessary as office-space oversupply continues to be a significant issue across the country, NAIOP contended. Office conversions are increasing as investors and developers grapple with high vacancy. The City of Calgary’s downtown development incentive program has been credited with reducing class B and C office space. DIP awards municipal grants of $75 per square foot on office-to-residential conversions.

Inside The Story

Government of CanadaMonte Stewart

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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