Home Price To Go Up Due To New Tariff
The federal government is to come up with a new tariff that will cause the much expensive cost of construction for newly built houses that is to be endorsed on to those purchasing homes. The US gypsum board has the tariff, and it was later brought into the country for British Columbia to use and other areas like Saskatchewan, Alberta, Manitoba and the Yukon and Northwest areas. The initial tariff goes up to a percentage of 276 per cent.
The UDI voiced out their opinion and said this extra cost that has been placed on drywall material will affect the issue of the affordability of houses in a major way and have serious repercussions. The president of the Urban Development Institute, CEO Anne McMullin, made warning statement saying; “This regressive tax will add around $1,000 to the cost of each home. This is yet another cost that is driving up prices in an already unaffordable housing market.
They are calling on constructors to make their voice be heard before the consultation period comes to an end. They have until the end of this year to do so before any action is taken.