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Blaming Customers Bad For Business

The BC govt’s speculator tax has targeted customers as the cause of rising housing prices. Business fundamentals say if there is insufficient product to meet demand, it’s a problem of supply, not customers. Targeting customers with exorbitant taxes puts businesses and jobs at risk. Already, housing projects are being canceled by out-of-province Canadians intending to […]

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Single Detached Housing Starts Decline in Greater Victoria

CMHC report for Greater Victoria shows multi-family starts are up year-to-date over last year (306 vs 238) but single detached housing starts are down 28% (105 vs 147). This is only for the months of January and February but it’s worth close monitoring as land costs rise and availability decreases. In 2000, single detached housing represented […]

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Higher Taxes Won’t Make Homes More Affordable

The BC govt has targeted out-of-province Canadians and retired British Columbians, along with foreign buyers as the cause of rising housing prices. Pensioners living in older homes on expensive land, which often cannot be subdivided, are having their taxes boosted by thousands of dollars through the School Tax, which goes to general govt revenue, not […]

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Horgan’s Search for Scapegoats May Tax BC Into Recession

The BC govt has targeted foreign buyers as the cause of rising housing prices, and are increasing the tax to 20% including Greater Victoria. Most recent data indicate foreign purchases in Victoria represent only 4.1% of all sales. They have also proposed a tax on vacation homes purchased by out-of province Canadians. For example, a Red […]

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Homes Used As Cash Machine In BC Budget

In last week’s budget, the BC govt shut down the 1st time homebuyer program, created new taxes and boosted existing taxes on homes. There was no progress on regional planning to promote housing affordability in the CRD where 13 municipalities create their own plans. Municipalities with obstructive zoning policies and slow, costly permit approvals continue […]

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A Solution to Skilled Trades Shortages

Skilled trades shortages are growing as baby boomers retire and housing starts increase. In response, government and industry representatives often set up booths overseas trying to attract trades to Canada. However there is another solution right here in our community, that might inject thousands of students into the construction industry. We have vast numbers of […]

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BC Budget Fails to Address Market Housing Affordability – Again

The BC govt released its budget for 2018: A few of the housing initiatives include: Speculators tax on those not paying taxes in BC and units sitting empty Increasing the Foreign Buyers’ tax from 15% to 20% and expanding to Greater Victoria Increasing PTT on homes over $3 million $6.6 billion in social housing over […]

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Reno Tax Credit Needed in BC

The BC govt generates billions of dollars from the Property Transfer Tax and should launch a renovation tax credit addressing a wide range of housing issues. Reno tax credits can assist with seismic improvements to thousands of older homes in our region. Experts say there is a 10% – 15% chance of a massive earthquake […]

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Housing Off To Slower Start Than 2017

Housing is off to a slower start than January 2017 according to CMHC which says “Housing starts are forecast to taper down from a record setting year in 2017. ” This was anticipated. Last year posted 3,862, the highest number since 1976.   Housing starts in the first month of 2018 were 100 compared with 175 during […]

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CMHC Report on Housing in Large Cities

CMHC has released a report called Examining Escalating House Prices in Large Canadian Metropolitan Centres.  One of their interesting points is that “Current (development) processes seem to restrict supply by giving undue control to narrow interests.” This coincides with our view: A Recipe for Zero Development  

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