BC 2021 Budget Analysis
BC’s 2021 Budget Presents a Stable Path Forward
Burnaby, BC, April 20 – Today, the Hon. Selina Robinson, Minister of Finance, announced the details of the provincial government’s first budget since the wake of the pandemic and assuming majority status. Budget 2021 demonstrates continued efforts to overcome the difficulties brought on by the continuing COVID-19 pandemic by placing a strong focus on protecting health and safety, supporting people and businesses, and laying the groundwork for economic recovery.
The Canadian Home Builders’ Association British Columbia (CHBA BC) views this budget as a stable path for the residential construction industry. With no new tax measures combined with continued investments to meet demands for housing, jobs, community-building infrastructure and transportation projects, and climate change initiatives, Budget 2021 allows CHBA BC to remain focused on working with this government to advance work on the Development Approval Process Review (DAPR) report. Action on the DAPR, as recommended by CHBA BC, will help governments – locally and provincially – to address the chronic delays involved with approval times that result in higher costs and shortages of housing stock needed to meet growing demand.
“With heightened concern for skyrocketing housing prices including material supply issues contributing to higher construction costs, Budget 2021 stayed clear of any demand-side measures that would have further exacerbated the rising cost of housing,” says CHBA BC CEO, Neil Moody. “With the government’s continued emphasis on building affordable housing, Minister Robinson reiterated the importance of DAPR, noting the provincial government will work closely with the local government to get more housing supply into the marketplace.”
Today’s budget outlined significant funding over the fiscal period earmarked towards supporting the Homes for B.C. plan. The budget includes funding from the previously announced $2 billion in low-cost financing to expand the HousingHub program to facilitate the creation of approximately 9,000 units of affordable rental and homeownership options for middle-income households.
The budget emphasizes creating up to 85,000 jobs over the fiscal period targeting high-demand sectors, like construction, and ensuring these jobs are complemented by the right skills training programs that under-represented groups can better participate in. Necessary essential supports have also been identified for small and medium-sized businesses impacted by the pandemic.
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About the Canadian Home Builders’ Association of BC
The Canadian Home Builders’ Association BC is the leading advocate of the residential construction industry in British Columbia, representing over 2,100 member-companies through eight CHBA-affiliated local home builder associations. The residential construction industry generates over 213,000 on-site and off-site jobs, resulting in $13.4 billion in wages and $25.6 billion in built investment value – one of the largest employers in British Columbia.
For media inquiries, please contact:
Carmina Tupe, MCIP RPP
Director, Policy & Government Relations
Canadian Home Builders’ Association of BC
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