CHBA BC submits industry concerns on speculation tax to the Ministry of Finance

CHBA BC has been working on key issues arising from the provincial budget released on February 20. Working closely with members around the province, we’ve taken concerns about the impact of the proposed speculation tax directly to decision-makers at all levels of the provincial government.

CHBA BC held a technical briefing with the Ministry of Finance in early March to ask questions and share initial concerns. The Ministry requested a policy paper from CHBA BC outlining these concerns in more detail.

Some of the highlights from that paper include (Click to read the paper):

•The impact on land for development and increased cost passed to home buyers;

•The challenges for small businesses required to pay the tax upfront and wait for a credit;

•The unintended consequences of restricting access to vacation or secondary homes both from out of province owners or provincial residents;

•The impacts on local economies; not just the home building companies but the sub-trades and local businesses they employ for each new home or renovation; and

•Summaries of member feedback from across the province that CHBA BC has received since the tax was announced.

CHBA BC will continue this important conversation in early April with a follow up meeting.

Previous | Next