Concord Pacific’s new Flagship development sends Winfall Lottery winners to the heart of the Vancouver Waterfront ›› p.7
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August 6, 2009
Builders ‘blindsided’ by new tax Harmonization of provincial and federal taxes may affect new home affordability, say industry leaders TRICIA LESLIE Making new homes more expensive cannot be good for the housing sector. That is what industry leaders are saying in the wake of the provincial government announcing July 23 that it plans to harmonize federal and provincial sales tax. “I think to say that the industry was shocked with the announcement is an understatement,” says Greater Vancouver Home Builders’ Association CEO Peter Simpson. “They rolled it out very quickly, without any consultation. That’s what was irksome to (GVHBA) members – there was absolutely no consultation. We feel we were blindsided, in B.C. and in Ontario (Ontario’s government recently made the same tax harmonization move).” The new tax will add Peter Simpson a provincial sales tax to the federal goods and services tax on new homes, effective July 1, 2010. Under the new plan, prior exemptions from the provincial sales tax for new homes will disappear, meaning homebuyers could pay an extra seven per cent in taxes. But some of that tax was already built into prices, since it covered things such as building materials, so the effective tax rate will climb about five per cent, says the B.C. Ministry of Finance. CONTINUED ON P.2
Christine and her children visit this Clayton Heights park nearly every day. She and her husband enjoy living in the young neighbourhood because of its location and all the new friends they’ve made. Tricia Leslie photo
New neighbourhood thriving Cloverdale’s Clayton Heights is expanding and growing rapidly into a close-knit community TRICIA LESLIE Bring up new homes in the Greater Vancouver area, and many point to the flourishing South Surrey neighbourhood near Morgan Creek Golf Course, where several
new homes and amenities have been recently constructed. With the brand-new Grandview Corners Shopping Centre nearby, as well as the under-construction Morgan Crossing Lifestyle Centre, the South Surrey neighbourhood is also close to major transportation routes, area golf courses, parks and recreational facilities. But that Surrey community is not the only neighbourhood burgeoning with new homes and new residents. At Clayton Heights, a Cloverdale community on the Surrey-Lang-
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ley border, many new homes projects are underway, while several have been completed within the past two years. From single-family detached houses with coach homes to townhomes, from rowhomes to condo resort-style living, there is a home style for every family type in the thriving neighbourhood. Willowbrook Mall is nearby, along with several “big box” outlet stores, including CONTINUED ON P.2