PTT History

PTT History

  • March 7, 1987, the BC government brought in the Property Purchase Tax as a wealth tax to discourage speculation. (It was renamed the Property Transfer Tax (PTT)). It was 1% of the first $200,000 of the home price and 2% on the remainder. It applied to only 5% of all sales since 95% of homes sold for less than $200,000.
  • March 2, 1994, the government introduced the First-Time Home Buyers’ Program allowing qualifying first-time buyers to claim a PTT exemption.
  • In Budget 2006, the government brought in simplified eligibility requirements for first-time buyers.
  • In Budget 2007, the government raised the first-time buyer exemption price threshold to $375,000 from $325,000.
  • In Budget 2008, the government raised the first-time buyer exemption price threshold to $425,000.
  • In Budget 2014 the government raised the first-time buyer exemption price threshold to $475,000.
  • In Budget 2016 the government brought in the Newly Built Home Exemption which reduces or eliminated the PTT on newly built homes priced up to $750,000.
  • In July 2016, the Government introduced an Additional 15% PTT on foreign buyers.
  • In Budget 2017, the government exempts foreign buyers from the 15% Additional PTT if they have work permits through the Provincial Nominee Program.

 

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