Construction Rebate Promotes Recovery, Jobs
BC has shown leadership in successfully battling COVID-19, but more can be done to promote our economic recovery and protect jobs. For example, in June the Newfoundland and Labrador government launched a rebate program providing up to $10,000 for renovations and the construction of new homes. Their Finance Minister says, “This will help our economy recover” and “will mean more work for many tradespeople.” The BC govt recently announced an Economic Recovery Task Force which should consider adopting a similar rebate program. Time is of the essence as COVID-19 subsides while our economy and employment continue to experience challenges. New home construction renews neighbourhoods and creates the supply needed to address housing affordability. Renovations accomplish a variety of important objectives ranging from seismic safety to abatement of asbestos - a toxic product often found in the insulation and materials of older homes. Hundreds of tremors annually warn us of an inevitable crisis. Experts say there is a 30% chance of a damaging earthquake and 10% – 15% chance of a massive earthquake in the next 50 years. We have an opportunity to invest in securing our homes with anchor bolts and other protective measures. A renovation rebate or tax credit would be a responsible investment in public safety, and also create govt revenue by requiring receipts, helping to battle the underground economy. While BC has done well mitigating COVD-19, the same leadership is now needed to assist our economic recovery and create skilled jobs in every community.