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:
- Increase the 1% PTT threshold from $200,000 to $525,000, with 2% applying to the remainder of the fair market value.
- Index the 1% PTT threshold of $525,000 using MLS® Home Price Index, and make adjustments annually.
The PTT exemption threshold under the First Time Home Buyers' Program is increased to $475,000 from $425,000, effective for registrations on or after February 19, 2014. The partial exemption/phase out applies between $475,000 and $500,000. This is certainly a positive development for first-time homebuyers.