Change is possible – and it starts with you – the voters: Read below or just visit this link and sign the “Stop BC’s Speculation Tax” petition https://www.change.org/p/british-columbia-government-stop-bc-s-speculation-tax
A new study by the CD Howe Institute says govt regulations add more than a quarter of a million dollars to the cost of new homes in Victoria.
Restrictions such as zoning regulations, development charges, and limits on housing development dramatically increase the price. The cost to homebuyers in Victoria is $264,000 and rising.
The BC government’s Speculation Tax will not create housing affordability. The BC government’s policies are the source of the problem, not the solution.
The fact is a large generation of millennials have increased demand while the BC government choked housing supply with Property Transfer Taxes ($2 billion+), unnecessary and costly building regulations (Step Code), greenbelts (ALR) and 13 local council municipal councils in the CRD with their own zoning regulations. If we are going to have an ALR, we need regional planning to increase housing in the areas intended for homes.
Rather than accept the fact that a lack of regional planning is significantly responsible for insufficient housing, the BC govt blames out-of-province Canadians, retirees and others for a demographic challenge. Demand by a large generation of millennials was easily predictable by anyone reading in David Foot’s bestseller Boom, Bust, Echo decades ago.
Instead of planning responsibly for future generations, the BC government continued its policy of self-determination for municipalities – a failed governance model preventing housing affordability, efficient transportation like LRT and other infrastructure like sewage treatment.
British Columbians’ vacation homes and retiring out-of-province Canadians are not responsible for the housing demand. Demand is mostly explained by predictable demographics. Ryerson University’s Centre for Urban Research says 1.9 million millennials in the Toronto/Hamilton area outnumber baby boomers & are the region’s largest source of housing demand. They predict a shortfall of 70,000 low-rise homes if supply pace not increased. Regional planning is necessary to affordably accommodate future generations.
The Horgan government’s Speculation Tax is just another tax grab like the Property Transfer Tax generating enormous revenue for little value.
In fact, this tax is already responsible for cancelled housing projects and a loss of skilled jobs, which undermines supply, housing affordability and our overall economy.
Affordable homes and an LRT in the CRD can be achieved when voters demand responsible regional planning and reject government tax grabs like the Speculation Tax.
Change is possible – and it starts with you – the voters:
- Sign Stop BC’s Speculation Tax petition https://www.change.org/p/british-columbia-government-stop-bc-s-speculation-tax
- Vote for municipal candidates in the October 20 election that actually understand our housing challenges. Change starts at the grassroots level and municipal councils must realize that regional planning is essential to accommodate future generations.
- If you understand our housing challenges, run for municipal council on Oct 20. The information is here at the Elections BC website https://elections.bc.ca/political-participants/local-elections-campaign-financing/2018-general-local-elections/
Many elected officials use our homes as a source of revenue and a political football. This will only end when an informed public demands change. Thank you for your support!