Whereas affordable housing for low-income citizens is in critical need and is currently severely challenged by current supply conditions and lack of adequate funding; And whereas the Province of British Columbia collects approximately 2 billion annually through the Property Transfer Tax: Therefore be it resolved the UBCM petition the Province of British Columbia to provide an annual redistribution of the Property Transfer Tax to local governments across the Province for the specific purpose of addressing affordable housing.
Ministry of Finance Government believes in a fair tax system that is why we eliminated the MSP and we have the second lowest small business tax rate. Provincial tax revenues go into the consolidated revenue fund which is used to fund the programs and services British Columbians rely on, including education and health. The Province is also investing 7 billion over 10 years to build 114,000 affordable housing units as part of a 30-point housing plan. Tax collected through PTT and Speculation Vacancy Tax go to the Housing Priorities Initiatives Special Account which supports affordable housing projects throughout our province. Government looks forward to working collaboratively to support the construction of new affordable housing, including those for families.