In a recent Ipsos Reid opinion poll, 58 per cent of respondents agreed that the Property Transfer Tax (PTT) places an unfair tax burden on home buyers relative to other segments of the population. The province introduced the tax 26 years ago. It was structured to add 1 per cent on the first $200,000 of the purchase price, and 2 per cent on the balance. The government of the day touted the PTT as a wealth tax, as just 5 per cent of homes in Greater Vancouver in 1987 sold for $200,000 or more. Today, the reverse holds true, with 96 per cent of homes in Greater Vancouver selling for more than $200,000. However, the tax’s structure hasn’t changed in nearly three decades. The PTT is structured to reflect home prices in the 1980s, not the prices home buyers pay today. The fact that it hasn’t been adjusted in 26 years is simply not fair to home buyers. Please share your views.
Majority of British Columbians believe Property Transfer Tax needs adjustment
- June 30, 2013
CENTURY 21 Coastal Realty Ltd.