Budget 2024: Purpose-Built Rentals Shape the Future of Urban Living

image of new construction multi-residential buildings with metering installed

Amid a growing need for affordable housing, the Canadian government’s recent Budget 2024 introduces compelling incentives to accelerate the construction of purpose-built rental housing. Coupled with a focus on energy efficiency, this initiative opens up significant opportunities for developers and suppliers in the construction and energy sectors. QMC is positioned to play a pivotal role in this development wave, offering advanced metering solutions that align with these new government incentives.

A Significant Focus on Purpose-Built Rental Housing; Budget 2024

Budget 2024 marks a transformative step for the Canadian construction industry, particularly in the purpose-built rental market. Recognizing the urgent need for more rental housing, the government has introduced an accelerated Capital Cost Allowance (CCA) of ten percent (10%) for new eligible purpose-built rental projects starting construction from now until the end of 2030 and completing by 2036. This significant tax incentive is designed to spur construction activities by making the financials more attractive for developers.

As a leader in providing turn-key metering solutions for the construction industry, QMC Metering Solutions is uniquely equipped to support this growth. With over 30 years of experience, QMC offers cutting-edge technologies in metering hardware, software, and services that enable energy monitoring and utility management—critical components in today’s environmentally conscious market.

Energy efficiency remains at the forefront of new construction projects, especially in purpose-built rentals where long-term operational costs are a significant concern. Advanced metering infrastructure (AMI) and integrated submetering systems provided by QMC can help property developers and managers monitor and control energy usage, ensuring compliance with sustainability goals and reducing utility waste.

Benefits of Advanced Metering in Rental Housing:

  1. Cost Management: By accurately tracking energy usage, property managers can allocate costs more effectively among tenants, encouraging conservation and allowing for fair billing practices.
  2. Regulatory Compliance: With governments increasingly mandating energy efficiency, having a robust metering system helps ensure compliance with these regulations. In fact, the City of Vancouver’s New Energy and Carbon Reporting Requirements and the City of Toronto Energy and Water Reporting By-Law for Existing Buildings have recently mandated new energy reporting requirements for existing and new buildings. Installing advanced metering infrastructure allows owners and property managers to be proactive and also stay compliant with new regulations.
  3. Enhanced Property Value: Buildings with advanced energy management systems often attract a premium in both rental and resale markets due to their lower operational costs and modern infrastructure.

Read our case study to learn how metering, when paired with a robust meter reporting platform, can save you time and money: one of our client’s buildings in the Greater Toronto Area with a 170-unit condominium exhibited usage rates that were raising some eyebrows.

image of water pipe bursting

Government and Industry Collaboration on Energizing Growth in Construction

The synergy between government incentives and technological advancements in the construction sector is crucial for achieving the national goals of affordable housing and sustainability. QMC’s ongoing partnerships with developers and government bodies exemplify this collaborative approach, aligning fiscal incentives with cutting-edge technology to meet the dual challenges of affordability and environmental stewardship.

The push towards building more purpose-built rentals is a significant step in addressing Canada’s housing crisis, and when combined with the focus on energy efficiency, it represents a complete approach to urban development. For stakeholders in the construction and energy sectors, particularly companies like QMC Metering Solutions, this initiative not only boosts business opportunities but also supports a sustainable future. As we move forward, the integration of advanced metering solutions in new developments will be key to building smarter, more efficient urban environments.

For developers and property managers looking to leverage these new opportunities, partnering with an experienced metering solutions provider like QMC can significantly enhance the efficiency and appeal of their rental projects. Contact QMC today and an Account Manager can help you capitalize on these government incentives and lead the way in sustainable construction.

Read More:

Water Meters in Vancouver Could Have Saved Thousands
New Trends in Submetering of Commercial, Institutional and Industrial Properties
Managing Shared Utilities In Multi-Family and Mixed-Use Property Common Areas?

Leave a comment

Learn What Makes QMC One of North America's Leading Metering Experts.

Contact us for a consultation on your new or retrofit project today.