In Budget 2024, the Province introduced a full exemption from the Property Transfer Tax (PTT) for new purpose-built rental (PBR) buildings acquired between January 1, 2025, and December 31, 2030. This policy was intended to improve project feasibility and accelerate the supply of new rental housing. However, a key provision in the Property Transfer Tax Act unintentionally renders the exemption ineffective by excluding buildings that have begun leasing prior to sale. 

On July 29, UDI submitted a letter to the Minister of Finance asking for the necessary amendment to enable effectiveness of PTT exemption for PBR. UDI has recommended amending the exemption to provide for a 24-month window following issuance of Occupancy Permit to allow for building stabilization. This recommendation was discussed with the UDI Rental Issues Committee prior to letter drafting.