Working to Improve Housing Affordability in BC – Greater Vancouver Real Estate 2012
Because housing affordability directly impacts the quality of life of British Columbians, BCREA consistently and regularly recommends that the provincial government minimize the negative impact of the Property Transfer Tax (PTT).
In a recent submission to the provincial government’s Expert Panel on Tax, BCREA explained that, since 2001, BC’s Liberal government has made tax competitiveness a cornerstone of its fiscal policy. The one outstanding exception is the PTT, which is by far the highest provincial property transfer tax in the country. In an environment of increasing labour scarcity, this negative exception to BC’s competitiveness rule puts the province at a disadvantage.
BCREA recommends the provincial government:
- increase the 1% PTT threshold from $200,000 to $525,000, with 2% applying to the remainder of the fair market value; and
- index the 1% PTT threshold of $525,000 using Statistics Canada’s New Housing Price Index, and make adjustments annually.
If you have any real estate questions or if you are thinking of buying or selling your home, please contact James Louie Chung, Metro Vancouver REALTOR® — Real Estate Agent at [email protected] or call / text ( 6 0 4 ) 7 1 9 — 6 3 2 8 today!