Changes proposed to lessen the property transfer tax for BC residents.

The BC chamber of commerce has proposed to make changes to 27 years old PPT rates by reducing the tax rates for BC residents and shifting the burden on foreign investor.

Currently, home buyers pay 1% on the first $200,000 of a home's sale price and 2% on the rest.

The Chamber wants to shift the tax burden, with a new proposal that would have B.C. residents pay one per cent of the entire purchase price and foreign investors pay two per cent.

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Dinesh Kapoor

Dinesh Kapoor

CENTURY 21 Coastal Realty Ltd.
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