In 2016/17 the Property Transfer Tax (PTT) brought in $2.026 billion in revenue. In 2017/18 it is forecast to bring in $1.875 billion.
Meanwhile, potential home buyers unable to pay $661,800, the benchmark price of a typical townhome in Greater Vancouver, continue to flee to communities such as Maple Ridge which has the lowest priced townhomes in the region.
If a buyer is fortunate enough to buy a modest townhome in Maple Ridge with a benchmark price of $391,000, they’ll pay an additional $5,820 in PTT if they’re not first-time buyers. Finding such a townhome is not easy given the current lack of supply.
Metro Vancouver’s population is forecast to grow by 35,000 new residents each year, reaching 3.4 million by 2040. Supply problems will continue to escalate because of increasing population.
The provincial government has the opportunity to show leadership and help improve Metro Vancouver’s affordability crisis.
Real estate and construction are, by far, the province’s leading economic drivers, collectively producing 27% of the province’s GDP.
hen spin-offs are taken into account, between 35% and 40% of all economic growth in BC over the last two years is traceable to the direct and indirect impacts of the lively housing sector.
It’s essential to keep these sectors robust because of the jobs and spin-offs they generate for every BC neighbourhood.
In Greater Vancouver in 2016, 39,943 homes changed ownership in REBGV’s area, generating $2.5 billion in economic spin-off activity and an estimated 17,600 jobs in a range of fields.
The value of residential sales transacted through the MLS® system in Greater Vancouver totalled $41 billion in 2016.
If you have questions or comments, contact Harriet Permut, Manager of Government Relations at email@example.com.