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Layers of B.C. taxes and fees add up to 26% ‘tariff’ on new home costs

By Mark Ting for CBC

What if, in the midst of a housing and rental crisis the government implemented a 26 per cent tariff on all new homes. How would you react?

Many of you would likely protest on social media, demonstrate, sign petitions and even demand the resignation of the politicians responsible for the decision.

And I would be right there, supporting you because I believe that a 26 per cent tariff is outrageous and for many, unaffordable.

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Luckily our politicians would never do that to us, or would they? Well, we might not be as lucky as we think.

Paul Sullivan, who is a senior partner in the largest commercial real estate appraisal and property tax consulting group in Canada, crunched the numbers and found that if you combined all government fees and expenses, they added 26 per cent to the cost of a new build.

Continue reading the full story here >>
 

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