The Globe and Mail reports in its Saturday edition that High Art Capital, a $1.3-billion government-backed condo investment fund, is set to become a top beneficiary of Ontario's proposed sales-tax break for investors who buy units to rent. The Globe's Shane Dingman and Rachelle Younglai write that the province and federal government announced a plan last week to rebate the harmonized sales tax (HST) for most buyers of new-construction homes, creating a 13-per-cent discount for purchasers and offering a boost to the struggling Toronto area condo market, where sales have plunged to near 40-year lows and more than 7,000 recently built condominiums sit empty and unsold. While the rebate applies to individuals who plan to live in a new-construction home, it will also give corporations such as High Art another financial incentive to make bulk purchases of unsold condos to add them to the rental market. In a research note titled "Cue the builder bailouts," BMO economist Robert Kavcic noted the High Art investment pairs well with the province's HST rebate plan as "another move to help builders clear out inventory." High Art's $1.3-billion war chest will be used to buy 1,650 at-market rental units and 550 at "affordable rates."