Tax Credits & Low Finance Rates as
Incentives?
Tax credits stimulate new homes built to buy or rent. Governments know this. But why do they continue to offer Hollywood handouts via tax incentives to film in Canada and not help home buyers or renters?
Have a look at all the various governments' taxes and fees embedded in housing here.
Hollywood Handouts,
not Housing?
Provincial & Federal Governments give film producers tax credits as incentives to shoot shows here. Ontario offers three!
How about housing?
Tax Credit Proof?
Tax Credit Proof: Kelowna incentivized thousands of new rental homes built and lowered rents thanks to a ten-year property tax exemption.
Senior Governments Step Up?
Senior governments should consistently help fund new infrastructure like water, sewer, schools, parks, transit & more, given they control immigration increases for every province but Quebec). These infrastructure costs should not just be borne by new home buyers or renters.
Reduce Interest Rates
Reduce interest rates significantly for both new home builders with a lower rate for those needing first mortgages to help them onto the housing ladder.
GST & Property Transfer Tax (PTT) Exemption
Exempt all new homes from GST on the first $1.5 million value, a critical step for families seeking higher cost, multi-bedroom townhomes or apartments. The current federal exemption is only on the first million. Provinces like BC could exempt first-time buyers from their Property Transfer Tax (PTT).
