As apartment developers and owners, we aren’t just building structures—we’re building the infrastructure of Canada’s future. But in today’s market, the difference between a project that breaks ground and one that stalls often comes down to a single decision in Ottawa.
At Rock Advisors, we’re in the trenches with you every day. We know that navigating federal policy can feel like a full-time job you didn’t sign up for. That’s why we’re vocal supporters of the National Apartment Council (NAC).
The NAC is the only unified federal voice for the private apartment industry. Right now, they are tackling the “Big Four” issues that will define your portfolio for the next decade.
1. CMHC Reform: Slashing the Red Tape
The current CMHC programs are the backbone of new supply, but the “one-size-fits-all” approach is buckling. The NAC is pushing for predictable underwriting and faster approvals. We need a system that rewards private developers who have the scale to actually move the needle on housing.
2. Ending the HST/CRA Friction
The GST rebate on new rentals was a win, but the administrative “tax on growth” remains. The NAC is working to ensure the CRA views apartment development as an engine for the economy, not a piggy bank, by pushing for clearer rules and permanent tax incentives.
3. The Return of the MURB: Incentivizing New Starts
In the late 1970s, the Multi-Unit Residential Building (MURB) program sparked a rental-construction boom by allowing investors to use CCA losses to offset other income. The NAC is advocating for a modernized MURB 2.0—a policy that would once again attract private capital at scale and make project economics work in a high-interest-rate environment.
4. The “Canadian 1031”: Unlocking Billions
This is the game-changer. In the U.S., a 1031 Exchange allows investors to sell a property and defer capital gains taxes if they reinvest in a new project.
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The Problem: Canadian owners are often “locked in” to older, inefficient assets because the tax hit to sell is too high.
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The NAC Solution: A tax-deferred rollover that lets you move capital from a legacy 20-unit building into a new 100-unit development—instantly unlocking billions for new housing starts.
Why Rock Advisors Refers You to the NAC
We provide the strategy to help you build and sell, but the National Apartment Council provides the environment that makes those deals possible.
If you aren’t at the table, you’re on the menu. We strongly encourage our clients to support the NAC’s mission to ensure the private developer remains the primary solution to Canada’s housing crisis.