BCREA’s Position on Shelter Taxes
BCREA describes the Property Transfer Tax (PTT) as a provincial shelter tax. The PTT negatively impacts the affordability of housing, which directly impedes the quality of life of British Columbians.
As of December 2016, BCREA has adopted a comprehensive position on market housing affordability, which includes the following recommendations for the provincial government regarding the PTT:
- For any future changes to the PTT, ensure that real estate transactions already underway are exempt.
- Use the new Housing Priority Initiatives Fund to increase the 2% PTT threshold from $200,000 to $525,000.
- Index the following PTT thresholds using the MLS® Home Price Index, and make adjustments annually:
- 2% and 3% thresholds,
- First-Time Home Buyers' Program exemption threshold, and
- Newly Built Home Exemption threshold.
More information about BCREA's market housing affordability position.