Many people in BC don't realize that the BC Government introduced the PTT (property transfer tax) in 1987 as a wealth tax.
It was meant to discourage speculation at the high end of the market. It was set at 1% on the first $200,000 and 2% on the balance. Since its introduction the average price of a lower mainland home has gone up by 500% yet the PTT has never been adjusted to account for the increased property values. In 1987 only 5% of all homes sold triggered the 2%. Today 96% of all sales trigger the hefty 2% tax rate. The Real Estate Board of Greater Vancouver thinks it's long overdue that the BC Government adjust this tax grab and I agree. We're asking that the 2% threshold be increase to a bit more reasonable at $525,000
This entry was posted on August 1st, 2013 by Owen Bigland | Posted in General