British Columbia Federation of Labour

The announcement today to end the leaky condo loan program will lead to job losses in the construction sector which has already been hard hit by the economic downturn.

 “The Campbell government is citing the drop in residential construction as the reason for cancelling this important program,” says Jim Sinclair, President of the B.C. Federation of Labour.  “The elimination of this loan program will certainly lead to job losses in the construction and renovation sector which has already seen massive job losses during the economic turmoil of the last few months.”

Owners of leaky condos who fail to meet today’s suddenly announced deadline for loan applications will also see their home repair costs increased by seven percent because of the surprise announcement last week of the “harmonization” of the Provincial Sales Tax and the federal Goods and Services Tax in a new Harmonized Sales Tax which will take effect next year.

“One week it’s a tax grab. The next week it’s the elimination of a loan program to help people who bought leaky condos through no fault of their own.  Both of these announcements will lead to job losses at a time when BC has been losing full-time jobs at a rate faster than anywhere else in the country,” Sinclair added. 

- 30 -