UDI Lower Mainland submission to the BC Ministry of Finance.

Leading up to the release of BC Budget 2025, UDI Lower Mainland wrote the Minister of Finance urging the government to ensure that any decisions regarding bare trusts and the Property Transfer Tax (PTT) be made through an open and transparent consultation process. While this matter was not included in the Minister's mandate letter from the Premier, UDI expressed concern that the implementation of item 10 from the Responsible Government Accord with the BC Green Caucus could have significant unintended consequences for the housing sector. Specifically, UDI outlined concern that changes to the PTT could function as a tax on capital investment, and if applied retroactively, result in material financial distress to builders waiting to complete purchases. This would make it more difficult to raise equity, and ultimately hinder the development of much-needed housing.