Real estate association concerned over new tax

THE FEDERAL govern- ment’s new Goods and Ser- vices Tax is cause for major concern over the effect it will have on affordable housing in B.C., according to the British Columbia Real Estate Association.

“We're very concerned about anything that may in- crease the cost of housing in this province,’ says B.C. Real Estate Association president, Ken Johnson.

In response to the GST Technical paper, Johnson commented that while all British Columbians are responsible to help reduce Canada's deficit, any tax on housing would present an unfair burden on kome

buyers, particularly those peon' getting into the mar- ket cor the first time.

“I'm also concerned about all the related services along the way that will be affected by this tax,’’ said Johnson, ‘“‘ultimately that’s going to drive up the price of anew home.”’

In addition to the tax on new homes, a 9 per cent tax for services associated with purchase and sale of proper- ty, such as legal fees, ap- praisals, bank charges and realtor commissions, would also increase the cost of buy- ing a home. “With over 12,000 real estate profes- sionals in this province, many of whom operate in-

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dependently, the amount of paperwork that's esing to be required to ad« .ster col- lection and payment will be horrendaus,’’ noted Johnson, “‘and it also just might be the final straw that tay preclude some families from being able to get into an affordable home.”’ Johnson's comments, made in response to the technical paper, reflect the concern of the B.C. real estate industry as a whole. The B.C. Real Estate Association is a non-profit organization representing the concerns of over 12,000 real estate professionals through 13 member boards throughout the province.

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