Housing Starts Slow, Tax Cuts Loom

This is a Toronto news story, published by Global News, that relates primarily to The Building Industry and Land Development Association news.

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Business

Business & Economics

‘Sales have stopped’: Ontario developers predict layoffs if cost to build doesn’t fall | Globalnews.ca

Summary

Nutrition label

67% Informative

A developer lobby group is renewing calls to introduce tax cuts for new projects as housing starts continue to slow.

So far this year , new single-detached family homes sales are down 50 per cent in and around Toronto .

The Building Industry and Land Development Association released a brief calculation considering how far new home construction could fall and how many jobs could be lost if the sale of new homes remains low.

It found 40,000 direct homebuilding jobs could go, as well as 30,000 construction supply chain jobs.

Now, government — through development charges (provincial sales tax), (goods and services tax) — is making more on a house, many more fold, than the developer.” A spokesperson for the Ministry of Municipal Affairs and Housing indicated the Ontario government could be open to the move. “We have been clear we need partnership from the federal government to continue reducing HST and GST on homes,” they wrote in a statement..

VR Score

Informative language

Neutral language

Article tone

informal

Language

English

Language complexity

Offensive language

not offensive

Hate speech

not hateful