NDP taxes cause massive decline in Lower Mainland’s new home supply

VANCOUVER (July 19, 2019) – A recent report shows a drastic slump in the number of new homes entering the market in the Lower Mainland – a trend BC Liberal MLAs say is worrying given the region’s longstanding problems with housing availability. Opposition Critic for Housing and Vancouver-False Creek MLA Sam Sullivan says we are seeing the damaging effects of NDP policies at work and warns this may be just the beginning of an even larger trend.

“The report from real estate marketing and research firm MLA Advisory shows a significant decline in new homes compared to last year, which will only serve to make it harder for those looking for a home to rent or buy,” says Sullivan.

According to the report, the supply of new presale homes entering the market in the Metro Vancouver area has dropped dramatically – resting at less than half of last year’s numbers.

New taxes brought in by John Horgan and the NDP have significantly contributed to the cooling of B.C.’s housing market. The housing slowdown has become so severe that the Greater Vancouver Board of Trade recently called on the NDP to take action and conduct a review of the government’s new tax measures.

“It’s certainly telling when an organization like the Greater Vancouver Board of Trade is concerned enough to ask John Horgan and his government to reconsider their misleading tax policies,” says Sullivan.

“Rather than delivering more homes to reduce prices, John Horgan and the NDP are focused on piling on taxes from their damaging speculation tax to the new employer health tax,” Sullivan continues. “The NDP’s approach has caused a slew of unintended consequences that have seriously damaged housing supply – creating uncertainty for home builders and B.C. homeowners alike.”

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