The provincial budget announced today by Finance Minister Colin Hansen received high marks from the Urban Development Institute, an association representing real estate developers, investors and builders.
“The budget reflects well on the positive economic policies the Campbell government has put in place and will pay dividends in attracting new investment and good paying jobs,” says Maureen Enser, Executive Director of the organization whose members contribute more than $16 billion and 200,000 jobs to the BC economy through the creation of residential, commercial, industrial projects.
“People don’t buy homes unless they have confidence that they will have a good paying job to be able to afford the mortgage. Housing starts are rebounding quickly and we expect starts to exceed 32,000 for 2005. In fact, we have the strongest housing market in the country. We are also seeing investors in the industrial and commercial sector returning to BC. Activity in this sector is up 10%.”
“The reduction of income taxes and the elimination of the Property Transfer Tax for first time home buyers and the changes to the Homeowner Grant will certainly help families who are looking to buy a home”.
“However, the best news for all British Columbians is how well the provincial economy is doing. With the strong economy and sound fiscal foundation, we now have the means to provide additional support to lower and modest income families through tax reductions and increased social spending. That is providing real hope for many.”
