Home Affordability and Transfer Tax Levels

Whereas in BC home buyers pay a provincial Property Transfer Tax PTT at a rate of 1 on the first 200,000 of the purchase price and 2 on the remainder up to and including 2 million; And whereas according to the BC Real Estate Association the average single-family home increased 22 in value in the past 2 years since June 2020 to 915,000; And whereas the Property Transfer Tax is not related to the cost of services provided, the 2 tax on amounts over 200,000 creates an additional cost to homeowners making affordability more out-of-reach for more homebuyers: Therefore be it resolved that UBCM request that the BC government reduce the tax burden on home purchasers by applying the 1 tax rate to the first 700,000 of the purchase price and 2 on the remainder up to and including 2.5 million.