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Cost of New Homes in B.C. Will Increase Because of New National Rebar Tariff

VANCOUVER — Homeowners can expect the cost of buying a new home to increase because of a new national tariff on rebar, according to the Independent Contractors And Businesses Association of BC (ICBA)
"B.C.'s housing market is already affordable for many British Columbians," said Philip Hochstein, president, Independent Contractors and Businesses Association of B.C. "This new tariff will make an already difficult situation worse for young families."
Rebar currently accounts for six per cent of the total cost of constructing a high-rise residential tower. The newly imposed tariff of 25% could increase to as much as 58% should the Canadian International Trade Tribunal decide in favour of foreign-owned eastern steel mills.
ICBA is intervening in this case and asking the Canadian International Trade Tribunal (CITT) to exempt B.C. from this tariff because:
* B.C. is an isolated market unserved by Canadian rebar producers;
* B.C.'s rebar market is supported by US suppliers (60%) and non-NAFTA imports (40%).
The national tariff placed on rebar was introduced by the federal government as a result of a complaint by foreign-owned eastern Canadian steel mills. The CITT will hold a hearing in Ottawa on December 15 and is expected to make a determination in January.
The Independent Contractors and Businesses Association of B.C. services and represents B.C.'s construction sector. Our 1,200 members build in the multi-family residential and Industrial, Commercial and Institutional (ICI) construction sectors and are involved in virtually all major capital projects in British Columbia. For more information, contact Catherine Loiacono, Director of Communications, ICBA, T: (604) 561-6630

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