A group of 18 Ontario developers is calling on the government for tax breaks to tackle the housing crisis. The Coalition Against New-Home Taxes wants the federal and provincial governments to remove the harmonized sales tax (HST) on all new homes.
They also ask the province and the City of Toronto to eliminate the land-transfer tax on new construction homes. Additionally, the coalition is urging municipalities to reduce development charges to 2009 rates, adjusted for inflation.
The organization believes these changes are necessary to make new homes more affordable. They warn that without these tax breaks, the home construction industry and the economy could suffer.
The coalition argues that high taxes and fees are major barriers to building new homes, which are desperately needed to meet demand. They emphasize that making these changes will help boost the housing market and support economic growth.
If action isn’t taken, the developers fear the housing shortage will continue to worsen, impacting both buyers and builders.
(With files from the Canadian Press)
