b'REAL ESTATEhave the necessary ingredients not tospace. For example, says Stafford,alternative arrangements in the rental and encourage relocation." employees have become even more reluc- short-term housing space. These can be Then, there is the Prohibition on thetant to accept assignments. viable options but require employees and their relocation partners to ensure they Purchase of Residential Property by "The pandemic already created a hugeare staying in safe and secure places while Non-Canadians Act, which came into effectreluctance to relocate. Employees whothey wait for a more permanent solution on January 1 of this year. In its currentused to jump at the opportunity to taketo open up. form, the new legislation prohibits non- an assignment and build their career or Canadians from purchasing residentialgain global experience weren\'t as willingBRIDGING THE GAP property in Canada for two years with to move, Stafford notes. Now, whenGiven the challenges at hand, its no few exceptions.you add the higher interest rate, lack ofsurprise that corporate housing is It\'s the Canadian government\'s wayhousing inventory and the new regula- becoming an increasingly important part to try to cool down some of these hottions, employers are finding it even moreof the mobility conversation. Because its real estate markets, especially in placesdifficult to get their employees to acceptmore difficult to find a home, were seeing like Vancouver and Toronto where theya move and then get them settled quicklymore clients going down the temporary might have had foreign investors comingand happily in that new location." corporate housing route, explains in and hiking up the cost of homes toFor their part, employers are re-evaluatingMindy Pauley, vice president of sales the point where they arent really afford- and marketing for Weichert Corporate able for anyone else, explains Ann Staf- housing supports in their relocation Housing. Through corporate housing, ford, regional vice president, Canada,policies. While mortgage interest you have the benefit of moving your at Weichert Workforce Mobility, who isdifferential allowance used to be aemployee into accommodations that have working with clients across the industriescommon benefit years ago, employers arebeen vetted in terms of quality, security to navigate housing obstacles. now removing that incentive from theirand management. As a corporate housing policies altogether. provider, we have a connection to the end RIPPLING IMPACTS Duty of care is also becoming a hotproduct and that duty of care element.Unsurprisingly, housing affordability andtopic. As housing availability dwindles,Demand has been growing steadily for availability has impacted the mobilityemployers are being compelled to considercorporate housing, with the average length Baker Tilly WM LLP.A leading, independent audit, tax and advisory firm.Whether your business is local or global, we can provide the solutions you require, inspired by a commitment to excellence and passion to foster client success. We invite you to discover how Baker Tilly WM LLP can be of service to you.To find out more, contact:John Demetri, Incorporated Partner Tax. bakertilly.ca(604)-558-7577 /john.demetri@bakertilly.ca Fall 2023PERSPECTIVES29'