When 26 per cent of a typical new Vancouver apartment’s cost are government taxes and fees, the solution is not more taxes.
Housing expectations ran high after our last provincial election that saw a B.C. Liberal party win, then lose, thanks to a power-sharing deal between the NDP and Greens. But one could argue the 2017 election was really won and lost over housing as the Metro Vancouver region faced a chronic shortage of homes for all budgets, especially rentals.
The widely quoted phrase: “The most terrifying words in the English language are, ‘I’m from the government. I’m here to help’” — a stark reminder that the real key to affordability is to reduce the level of government interference in the housing market. As home values have declined by almost $90 billion in the Metro region, first reported by the homeowners’ advocacy group StepUpNow, and sales have plummeted, the Ministry of Finance was forced to decrease real estate-related revenue estimates. This means the government must either increase taxes or reduce services to maintain its financial position. Rapidly declining home values threaten the economic prosperity of all British Columbians.This amount is 1.5 times the B.C. budget of $58.
Perhaps those with guaranteed taxpayer-funded pensions would accept a 15 per cent reduction on their pension asset for the greater good of taxpayers. Making existing homeowners poorer is hardly a great housing affordability strategy.
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