The Real Estate Board of Vancouver’s top election issue is the Property Transfer Tax (PTT).
What is the PTT?
Introduced in 1987 as a tax to discourage the speculation of high end real estate. Property Transfer Tax or PTT is a tax charged by the British Columbia Government that must be paid each time a home changes ownership. The rate at which PTT is charged is 1% on the first $200,000 of the sales price and 2% on the remainder. As an example, PTT would add $10,000 to the cost of a $600,000 home.
“In the 26 years since the PTT was introduced, the average price of a home in Greater Vancouver has increased 499 per cent, yet no government in BC has adjusted this tax to account for these changes and home buyers continue to bear the brunt of this inaction,” Eugen Klein president of the Real Estate Board of Greater Vancouver (REBGV) said.
The PTT tax has not changed since 1987, with the exception of adding an exemption for qualified first-time buyers. The goal of the REBGV is to send a strong message to the next BC government to Help Reduce the PTT.
Help Reduce the PTT Video
How can you help?
The REBGV has setup a Facebook page and social media campaign to raise the awareness of the PTT and help send a message to update this out of date tax.