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.
BCREA Recommends the Provincial Government:
- Index the 1% PTT threshold of $525,000 using Statistics Canada’s New Housing Price, and make adjustments annually.
- Increase the 1% PTT threshold from $200,000 to $525,000, with 2% applying to the remainder of the fair market value.
The transition back to the PST/GST system took place on April 1, 2013. It was smoother than the previous transition, and BCREA appreciated the measures the government took to assist homebuyers.