Expanding Property Transfer Tax Exemptions

Whereas the high cost of land is one of the greatest barriers to non-market housing development in British Columbia; And whereas municipalities have been asked by the Province to support the development of new non-market housing developments, including by forgoing market value of their own lands to provide to not-for-profit organizations at a nominal rate and for extended periods of time to facilitate the development of affordable housing; And whereas municipalities view not-for-profit organizations as partners in non-market housing development, regardless of their registration status as a society or charity: Therefore be it resolved that UBCM urge the provincial government to review the Property Transfer Tax and other provincial legislation to expand the exemption from payment of Property Transfer Tax to all not-for-profit societies, co-operatives or corporations incorporated and in good standing under the BC Societies Act, Cooperative Association Act, or the Canada Not-for-profit Corporations Act who are leasing municipal lands for the development of affordable housing from payment of Property Transfer Tax to eliminate this financial burden on the creation of non-market housing.