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CHBACI and TRU Celebrate the 30th Anniversary of the Training House Partnership

CHBACI and TRU Celebrate the 30th Anniversary of the Training House Partnership

August 26, 2019 at 10:25 am  Business, Kamloops, News

In an Economic Research Census conducted by Will Dunning Inc. based on 2018 data from the Canada Mortgage and Housing Corporation and Statistics Canada, it states the economic impacts of the residential construction industry in Kamloops alone provide 4,658 on and off-site jobs, over $283 million dollars in local wages and provides $635 million in built investment value for local families.

“The residential construction industry is essential to the long-term economic strength and prosperity of the Kamloops region. Residential construction is the largest wealth-builder for most families.” states Kelly Reid, president of the Canadian Home Builders’ Association Central Interior (CHBACI).

The Canadian Home Builders’ Association of BC contracted MNP to conduct a study to assess the level of benefits the provincial and federal governments receive from new home construction and to determine development fees and charges affect the cost of building a new home in nine British Columbia communities. The study was completed last year and publicly release now.

“As an association, we felt it was prudent to conduct this study to further highlight the topic of housing affordability prior to our federal election taking place this October. We want to inform the general public on the statistics found within this report as part of an awareness campaign” say Reid.

Findings within the report state the average governmental revenue generated from a single-family home in the Kamloops area are a staggering $62,650 with $32,500 (51.9%) going to the Federal Government, $13,500 (21.5%) going to the Provincial Government and $16,650 (26.6%) going to the City of Kamloops. These figures were considered the “basic scenario” and do not account for homes who may require rezoning, subdivision or site servicing fees.

MNP created a single-family home archetype to conduct the study which focused around a 2,400 square foot, two-storey home situated on a 6,000 square foot lot. The use of Step-Code charges were not included within this particular study’s monetary findings.

The report also covered taxes and fees levied on construction of new townhomes and found on average $44,580 in taxes were derived per townhome and split between governing bodies ($22,500 – 50.5% in Federal Taxes, $9,770 – 21.9% in Provincial taxes and $12,310 – 27.6% in Municipal taxes).

“The MNP report outlines the cost of building a new home is indeed affected by development fees and charges. We are observing this first-hand as we experience a slowing with new residential home construction within our region. This slight downturn of projected revenue affects not only contractors, but product and service providers and all levels of government. We will be taking these numbers to the Liberal representatives to discuss their action plan and how better we can work together to establish a sustainable future for the residential housing industry in our region” says Reid.

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