11:45 ET -- Governments at all levels are finally treating Canada's housing-affordability crisis with the needed urgency but more needs to be done to spur rental supply, CIBC Capital Markets argues. Deputy chief economist Benjamin Tal says capping the number of non-permanent residents is a giant step forward and recent removal of certain taxes on the building of rental units is already changing the math for developers. But he recommends changing to the U.S. model for the treatment of capital gains tax on the sale of commercial property to give incentives to builders of rental units, and to add incentives for developers to build homes with secondary rental suites. (robb.stewart@wsj.com; @RobbMStewart)
(END) Dow Jones Newswires
04-24-24 1201ET
