Article finds a average of 26% of the cost of a new condo goes to the government

[misher]

Honestly we have much better weather (thus less work for the city) and higher property taxes. Why is the city charging 26% of the cost of a new condo? (3x Toronto) Remember this percentage increases rather than decreases for condos with lower prices which is why its almost impossible to sell a new condo for less than $400,00 in Vancouver. I've always believed that our housing crisis was artificially created/supported so that government can create a crisis to stay in power (same as how American governments create a war). This article is by CBC news so its pretty trustworthy.

https://www.cbc.ca/news/canada/briti...842045?cmp=rss

In order for a developer to build a Cambie street condo, a developer would be also be responsible for covering the following costs: city fees and taxes, a community amenity contribution, development cost levies, the vacant home tax, property taxes, regional water and sewer charges, Translink's new regional development cost, the speculation tax — when that takes effect — property transfer tax and GST.

These add up to approximately $220,000, so a condo that could sell for $620,000 now sells for $840,000...A similar report by the C.D. Howe Institute noted that fees and taxes on new homes in Toronto, for example, add about $70,000 to the final cost. In York Region, the figure is $125.000 and $100,000 in Hamilton.

Knowing it would be political suicide, politicians avoid placing a single/transparent 26 per cent tariff on housing. Instead they nickel and dime us with several fees, all of which add up to 26 per cent.

Doesn't it sound stupid and petty to you that developers are charged the empty home tax while there seeking approvals to build things?

It takes at least three years to get all the necessary city permits and approvals — all the while, the land that they bought and intend to develop is subject to the vacant home tax.

Both Paul Sullivan's research and a CD Howe Report on housing point to "government" as one of the largest contributors to the lack of affordability in our housing market...The C.D. Howe Institute's report on housing makes several recommendations to bolster the supply-side. They conclude that fewer fees, new zoning, and a streamlined approval process would equate to more homes, built in a timely manner, and at a lower price point...It's time for politicians to look at themselves in the mirror and admit that they are a big part of the problem. The first step is admitting that they have a problem, only then can they make necessary changes to fix it.