Sackville, New Brunswick resident Susan Gourley is proposing a tax rebate for apartment buildings that could enhance local development, elevate housing affordability and stimulate the economy.
Rebate Revival
Gourley, an active community member, involved in several local initiatives, will present a case to council next Tuesday for introducing a tax rebate for apartment buildings. This could offer numerous benefits to both residents and property owners. In Sackville, a significant 34.2% of households of these being renter-occupied,Â
Economic Boost and Enhanced Living Conditions
A tax rebate program could stimulate the Sackville economy by encouraging property owners to invest more in the development and maintenance of apartment buildings. It could also lead to the renovation of older properties and the construction of new ones. The increased activity in construction and renovation is not just good news for the housing market but also for local employment.
A More Dynamic Housing Market
Gourley’s proposal is particularly significant in light of the ongoing discussions around housing affordability in urban areas. One of the most direct impacts of the tax rebate will be on the housing market itself. By reducing the operational costs for property owners, Sackville could make it more feasible to offer competitive, if not lower, rental prices. This could be a game-changer in a market where residents have been grappling with steadily rising rents. The average rental rate for single room apartments in Bathurst is anywhere between $800 to $1,300 per month.
Long-Term Community Benefits
By making it financially attractive to invest in properties, Sackville could see a gradual upgrade in housing standards. Apartment buildings that might have otherwise deteriorated can be refurbished and maintained, contributing to safer, more appealing neighbourhoods.
Gourley’s idea could serve as a model for other cities grappling with similar issues. The tax rebate not only promises to increase housing supply but also to make it more accessible to lower-income households, thus tackling one of the most pressing social challenges of our times — affordable housing.
