May 7, 2024
Fredericton, NB – The Chambers of Commerce for the Greater Moncton, Fredericton, and Saint John have jointly addressed the Premier of New Brunswick, Blaine Higgs, regarding the pressing issue of housing development in New Brunswick. In a letter sent today, the Chambers highlight the critical need for immediate action to address the housing crisis affecting our communities across the province.
The letter underscores the severe shortage of available housing units in New Brunswick and emphasizes the urgent need for increased development. While acknowledging the recent budget allocation to the New Brunswick Housing Corporation as a positive step, the Chambers stress the necessity for additional measures to incentivize housing development for sustainable growth.
Key concerns outlined in the letter include the absence of property tax reforms and incentives for the construction of new rental housing units. Drawing comparisons with neighboring provinces like Nova Scotia, the Chambers highlight lack of competitiveness and clear disparities in tax policies that hinder investment in New Brunswick’s housing sector.
Specifically, the Chambers urge the provincial government to eliminate the provincial portion of the HST on new building construction for purpose-built multi-unit dwellings, aligning with actions taken by other provinces. They also call attention to the need for comprehensive spike protection measures for residential rental properties, emphasizing the potential impact on renters if action is not taken.
To safeguard the province’s much valued population growth and combat issues such as the acute shortage of housing options, urgent action is imperative to incentivize both immediate and long-term housing developments essential for sustainable growth. The unified message of the Chambers of Commerce emphasizes the enhancement and promotion of community livability through investment in New Brunswick. These actions align with the Government of New Brunswick’s commitment to limiting annual rent increases to below 2.5 per cent through market forces and the encouragement of increased housing construction.
As articulated in the letter, to help enhance and promote the livability of our communities by investing in New Brunswick, “We emphasize the critical need for immediate action to address the housing crisis in our province, with an urgent focus on the urban centers of Moncton, Fredericton, and Saint John. Leveraging all available resources and rapidly normalizing cooperation between provincial, municipal, and federal levels of government are essential steps in achieving meaningful results.”
We present these immediate actions required concerning development within our province to regain a competitive balance with our neighbouring provinces by creating an eco-system conducive to urgently needed development.
The Chambers of Commerce of Moncton, Fredericton, and Saint John stand prepared to collaborate with all stakeholders to tackle this critical issue and ensure a future of sustained growth for New Brunswick.
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The Fredericton Chamber of Commerce, a nationally accredited organization with more than 1,000 members, is an active business organization engaged in policy development and advocacy that affects the competitiveness of our members and the Canadian business environment. The Chamber’s vision is ‘Stronger Community Through Business Prosperity.’
Contact: Morgan Peters, CEO, Fredericton Chamber of Commerce – (506) 451-9742; ceo@frederictonchamber.ca.
