Unlocking Homeownership: Removing Property Transfer Tax for Vancouver Buyers

Published on 29 August 2022, 07:22:56 AM

As many of us know, the dream of becoming a home owner in major B.C. cities like Vancouver is becoming less and less attainable, especially for first-time home buyers. Metro Vancouver is among one of the most expensive Canadian housing markets, alongside the Toronto area.

The Real Estate Board of Greater Vancouver (REBGV) is urging legislators to implement policy modifications that would enhance affordability, pressuring the government to action. The committee recently met with the provincial government to present a list of ideas aimed at alleviating the challenges faced by prospective homebuyers.

One of their ideas is to remove the Property Transfer Tax (PTT) on any homes below $755,000. Noting that B.C. made over $2.2 billion dollars this fiscal year in property transfer tax revenue, the REBGV highlights the fact that individual buyers are struggling to qualify for new homes due to the additional burden from the PTT. Some believe there shouldn’t even be a threshold at all, and that the goal should really be getting as many new buyers into the market as possible.