British Columbia Premier Christy Clark recently announced the new provincial budget could contain early harmonized sales tax relief for the home building sector in Canada.
The move comes as Clark continues to stick to the 2013 deadline for eliminating the tax struck down by voters in a referendum last year, the newspaper states. Clark is using talk radio as the preferred method for communicating with Canadian voters.
“I have always believed that talk radio is a unique place where you can actually get feedback from citizens,” she said. “It’s the town square where a politician can be held accountable in real time by real people and be required to answer questions.”
A separate report from The Globe and Mail reveals B.C. is outlining a post-HST plan for the home building industry. It is likely that prospective home loan applicants will continue with the wait-and-see approach as the transition is made between the harmonized sales tax and the provincial sales tax.
British Columbia has seen skyrocketing home prices in the past year, and now experts are predicting housing starts will increase 7.1 percent in 2012.
Despite the Canada Mortgage and Housing Corporation forecasting the national housing market to stabilize next year, the CMHP believes British Columbia home construction and resales will ascend during the following 12 months.
"Overall growth in construction levels will be supported by population-driven housing demand and consumers will benefit from relatively low mortgage interest rates," the CMHP's fourth quarter outlook said. Continue reading
With expenses ranging from mortgage payments to daycare costs and student loan dues, young families across British Columbia are experiencing financial hardships caused by a lowered standard of living in the province compared to other areas of Canada.
University of British Columbia's Human Early Learning Partnership says that inflation-adjusted household incomes of young families aged 25 to 34 have decreased by 6 percent since 1976, making it difficult for them to cope with continually rising housing prices, even with the current low mortgage rates. Continue reading
Due to low mortgage rates and a surge in job growth, British Columbia residential unit sales and average home prices continued to soar in September, increasing both from last year and the previous month's numbers.
In statistics released by the British Columbia Real Estate Association, unit sales increased 8.8 percent from the same month last year, while rising 3 percent higher than sales in August. Prices also increased in the province as the average residential home rose to $523,568, 6 percent more than in September 2010. Continue reading