BC Budget 2022 a Small Step in the Right Direction for Residential Construction Industry

FOR IMMEDIATE RELEASE

 

Burnaby, BC, February 22, 2022 – Today, the Hon. Selina Robinson, Minister of Finance, announced the details of the 2022 BC Budget which builds upon the Province’s previous investments in B.C.’s economic, environmental and social strengths.

 

The plans outlined within this year’s budget are intended to build a stronger economy that is “putting people first” by growing an inclusive and sustainable economy that is responsive to the risks of climate change.

 

“Housing is essential to achieving this government’s goals for an inclusive and sustainable economy. Budget 2022-2023 recognizes the importance of the residential construction industry, which has upheld the province’s economy during these challenging times.” says CHBA BC CEO, Neil Moody.

 

Continued, enhanced, and new funding towards important initiatives like the HousingHub, CleanBC, and training for skilled trades are steps in the right direction. CHBA BC continues to advocate for collective action from the Province to streamline the development approval review process to ensure new homes can be built to meet the growing demand for housing choices in the province.

 

While CHBA BC is pleased to see a continued investment in CleanBC, we are disappointed to see the overall 2022-23 budget lower than what was proposed under Budget 2021. This budget includes $11 million in funding which will be used, in part, to fund incentives such as the Better Homes New Construction Program, but it is significantly less than what was allocated in the previous year. This program was temporarily closed due to an overabundance of registrations - a critical sign that industry and consumers are responding to this program beyond original estimates. CHBA BC requested that it should continue to be funded and significantly expanded.

 

We are also encouraged to see the Provincial Sales Tax (PST) exemption for heat pumps and the Temporary Clean Buildings Tax Credit to encourage multi-unit residential and commercial buildings to improve and meet energy efficiency targets.

 

Increasing housing supply across the province and streamlining its delivery remains a priority for CHBA BC, its eight locally affiliated associations and 2,200 residential construction members. CHBA BC will maintain its focus on creating housing choices across the province and will continue to work with the provincial government to implement the recommendations of the Development Approval Process Review (DAPR) report.

 

For full details, please review the Budget 2022 document.

 

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About the Canadian Home Builders' Association of BC 

 

The Canadian Home Builder’s Association of BC (CHBA BC) is the leading advocate for the residential construction industry, representing 2,200 member firms through our eight (8) locally affiliated home building associations. Our members are small- and medium-sized businesses who are builders, renovators, tradespeople, service professionals, and suppliers.

 

We are essential to supporting the province’s housing needs and economic prosperity. In 2020 alone, the residential construction industry provided over 180,000 on- and off-site jobs that paid $12 billion in wages.

 

For media inquiries, please contact:

 

Rob Viccars

Manager, Communications & Marketing

Canadian Homebuilders’ Association of BC

E: rob@chbabc.org | www.chbabc.org

 

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