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New Taxes Digging Metro Deeper Into Housing Affordability Crisis

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.

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