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Govt Fees and Taxes Erode Affordability

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Govt fees and taxes now represent 20% and more on the cost of new homes, and they are rising.

The GST, BC’s Property Transfer Tax, municipal density bonus fees, amenities, and regulatory costs are absorbed in the mortgages of purchasers – often young families least able to afford it.

A recent study shows homebuyers ages 35 to 44 have acquired more debt than the same group from previous decades, despite lower interest rates.

Affordability is incompatible with 3 levels of govt using new homes as an ongoing source of revenue.

Ask local candidates how they plan to reduce fees and taxes on new housing during the upcoming municipal election on Nov 15.

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This column appears Wednesdays in the Times Colonist.

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