In a bid to address the pressing issue of housing affordability in BC, the Canadian Taxpayers Federation (CTF) has expressed support for a recent announcement made by BC United, applauding their commitment to providing tax relief for new housing construction and first-time homebuyers.Carson Binda, BC Director for the CTF, commended BC United's initiative, stating, "Families can't afford housing in BC right now and it's good to see BC United commit to do something about it. Cutting taxes to lower construction and purchasing costs is a big step in the right direction."BC United has outlined plans to eliminate the provincial sales tax (PST) on all new residential construction, a move that is expected to significantly reduce the cost burden associated with building new homes. According to estimates provided by BC United, removing the PST on materials required for constructing a 350-unit residential tower could result in savings exceeding $2 million."PST isn't charged when homes are sold, but it dramatically adds to the cost of construction material," Binda explained. "Government needs to reduce the cost to build and this proposal would help do that."Additionally, BC United has proposed property transfer tax relief for first-time homebuyers on properties valued up to $1 million. While acknowledging this as a positive step forward, Binda urged BC United to consider even more ambitious measures, including the complete elimination of the property transfer tax."Pledging to deliver property transfer tax relief to some first-time buyers is a good first step, but BC United should be even more ambitious," Binda emphasized. "They should look at scrapping the tax altogether."
In a bid to address the pressing issue of housing affordability in BC, the Canadian Taxpayers Federation (CTF) has expressed support for a recent announcement made by BC United, applauding their commitment to providing tax relief for new housing construction and first-time homebuyers.Carson Binda, BC Director for the CTF, commended BC United's initiative, stating, "Families can't afford housing in BC right now and it's good to see BC United commit to do something about it. Cutting taxes to lower construction and purchasing costs is a big step in the right direction."BC United has outlined plans to eliminate the provincial sales tax (PST) on all new residential construction, a move that is expected to significantly reduce the cost burden associated with building new homes. According to estimates provided by BC United, removing the PST on materials required for constructing a 350-unit residential tower could result in savings exceeding $2 million."PST isn't charged when homes are sold, but it dramatically adds to the cost of construction material," Binda explained. "Government needs to reduce the cost to build and this proposal would help do that."Additionally, BC United has proposed property transfer tax relief for first-time homebuyers on properties valued up to $1 million. While acknowledging this as a positive step forward, Binda urged BC United to consider even more ambitious measures, including the complete elimination of the property transfer tax."Pledging to deliver property transfer tax relief to some first-time buyers is a good first step, but BC United should be even more ambitious," Binda emphasized. "They should look at scrapping the tax altogether."
