The Property Transfer Tax (PTT) has been in place since the late 1980's. I had just received my licence when it came into effect. House prices were a lot lower then also!!! It has been levied on all real estate transactions at a rate of 1% on the first $200,000 and 2% on the balance ( only first time home buyers were given some relief with certain criteria)!!!!
The British Columbia Real Estate Association has recommended to the provincial government several ways to help minimize the negative impact of shelter taxes on BC homebuyers, homeowners and landlords. They have also encouraged the government to phase-out the PPT(all this because of real estate agents and consumer's concerns submitted through surveys, letters, and emails).
To view more of British Columbia Real Estate Association's recommendations to the government and how taxes impact housing affordability, plus a new shelter tax calculator visit www.bcrea.bc.ca/sheltertaxes/.