Thanks to your efforts, we are continuing to help make home ownership more affordable
The Real Estate Board’s top concern is the Property Transfer Tax (PTT).
The real estate and construction sectors together produce more than one-quarter – or fully 25.5% of the province’s GDP, and 243,200 jobs – making it collectively one of the largest job creators in the BC economy in 2013.
We also showed that in the Greater Vancouver area, more than 25,000 homes were sold on the MLS®, generating $1.6 billion in spin-off economic activity and more than 12,000 related jobs.
The Real Estate Board recommended changes to the PTT to make home ownership more affordable including increasing the 1% PTT threshold to $525,000 from $200,000, with the 2% applying to the remainder of the fair market value.
The government listened.
In the BC Budget released February 18, 2014, qualifying home buyers learned they could buy a home worth up to $475,000 and not pay the PTT. This continues today.
If you have questions about the PTT or ideas about how to reduce the PTT, contact Harriet Permut, Manager of Government Relations at email@example.com.
Read the Real Estate Board’s recommendations in its 2014 Provincial Pre-Budget Submission to the BC Select Standing Committee on Finance and Government Services.