BC has the highest Property Transfer Tax (PPT) in the country. The PPT on the average home at the end of the year was $7,811 roughly 122% more than an averaged price home in Ontario. Lesson: Use your first time home buyers exemption in BC!!!
The British Columbia Real Estate Association (BREA) presented the following recommendations to improve housing affordability for BC homebuyers.
- Increase the 1% PTT threshold from $200,000 to $525,000, with 2% on the remainder
- Index the 1% PTT threshold of $525,000 using statistics Canada’s New Housing Price Index, making annual adjustments
- Index the HST new home rebate threshold – currently set at $525,000 – using the New Housing Price Index and make adjustments annually
On November 1st and 2nd, the first ever Housing Affordability Symposium (HAS) event was presented by the Canadian Home Builders’ Association of BC and BC Housing. In attendance were elected officials, construction industry leaders, members of government all engaging in discussion about BC’s critical issue of housing affordability commenting on barriers and possible solutions for the province. Interested in learning more? Visit www.withinyourmeans.ca
As a first time home buyer, you are entitled to a tax exemption, there are some restrictions. Looking for a better understanding of the effect that shelter taxes have on BC’s housing affordability, visit www.bcrea.bc.ca/sheltertaxes