UDI has long been concerned with providing affordable housing options to Nova Scotians. We closely watch government rules and regulations which may impact on affordability, and lobby for changes which will allow more first time home buyers into the market.
In 2013 UDI commissioned a report by Will Dunning Inc. on the impact of government imposed charges in HRM. The report showed that government imposed charges, including but not limited to the Halifax Water RDC, could skyrocket to $25,000 per door in Halifax Regional Municipality (HRM) driving the cost of home ownership out of reach for many in HRM. View the full report here.
For some time now UDI have been suggesting a rebate on HST for first time home buyers. See our 2014 letter to the Department of Finance for an outline.
In 2016 new Federal mortgage regulations designed to cool overpriced housing markets in Vancouver and Toronto came into effect. UDI believes these regulations adversely affect smaller markets such as HRM, and lobbied to have the regulations and their effect reviewed.
Recently UDI Director David Graham travelled to Ottawa to present on UDI’s behalf to the Standing Committee on Finance (FINA) as part of their study on the Canadian Real Estate Market and Home Ownership. UDI was one of a number of organisations invited from across Canada to present on this issue. We believe our message was well received, and look forward to hearing the results of the study.