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New taxes digging Metro deeper into housing affordability crisis

By Hugh Woolley for Business in Vancouver

Many believe that new taxes recently announced by the BC NDPgovernment are designed to make housing more affordable in Greater Vancouver. But it is much more likely these measures will only kill jobs, further hollow out the middle class to the point where only the very rich can afford to stay in their homes, and sour homebuilders on risking their money to construct the many new homes our region desperately requires. 

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Are these new taxes simply a method of increasing general government revenue at the cost of the largest creator of high-paying jobs in the province? Will these new taxes do more harm than good to those whom these policies were intended to benefit?

It is an irrefutable fact that there is a housing crisis in the Lower Mainland. Unfortunately, the cause of this crisis is not as clear-cut. It is most likely the crisis was caused by a perfect storm of ultra-low interest rates, significant migration to the region, lack of supply, high regulatory costs and Vancouver’s emergence as an international city.

Continue reading the full story here >>

This Post Has One Comment

  1. How on earth can we destroy our hard working middle class citizens for the sake of affordability?
    Homeowners sacrifice their lives paying mortgages and tax property to build over time home equity that would constitute, for most of them, the only possible source of income for their retirement age!
    As a Canadian citizen, I am totally outraged and disgusted by the total incompetence of both levels of government with regard to their incapacity to balance the budget to the extent our Canadian dollar is no longer a tangible currency when we travel elsewhere!
    How on earth can we penalize wealthy immigrants and prevent them from investing in this beautiful and vibrant city of Vancouver?
    Under no circumstances should hard working citizens shoulder the burden! The percentage of tax that Canadians are paying is already significantly higher than anyone of the G7 countries, to say the least! The crucial problem is the mismanagement of the immigration policy! We need very educated and very productive immigrants to contribute to the prosperity of Canada. We need to restrict our immigration policy to only those who are not going to live at the expense of tax payers. For the sake of safety of our country, we should not adhere to the United Nations hypocrisy by encouraging massive, destructive immigration! The political correctness is not going to solve the problem by any stretch of imagination! Let’s vote massively conservative to totally change the political spectrum and, therefore, get rid of the incompetence! Let’s give to Canada the pride, the integrity and the respect it deserves!

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