We caught up with REGBV's Director of Economics and Data Analytics to dive into the rationales behind the recommendations, and how it ties into the larger housing and affordability situation. realestate realestatenews tax housing BC
Published:British Columbia’s Property Transfer Tax — the tax charged on every real estate purchase in the province — was first introduced in 1987, when the average price of a single-detached home was just $147,485. At the time, the 1% tax levied on sale prices up to $200K applied to 95% of all home sales, while just the top few transactions with a remaining balance above $200K were hit with a higher 2% tax.
However, in 2022, a grand total of 8,396 single-detached homes were sold in Greater Vancouver, 120 of which were sold for less than $525K. In 2022, a grand total of 4,214 townhouses were sold, 75 of which were sold for less than $525K. In 2022, a grand total of 15,597 condominiums were sold, 2,239 of which were sold for less than $525K.formal recommendations
To start off with, can you tell me about how these policy recommendations came together? When did REBGV first start exploring these changes? Were any other industry stakeholders involved? The worst part is the government has a program to exempt first-time homebuyers, but they put in thresholds. To be honest, I’m not sure why the threshold levels exist. I think it just sort of so they could say ‘Well, we’re not giving this tax break to the wealthy, we’re just giving it to people who truly need it.’ That’s my speculation, but one could very reasonably question whether there should even be a threshold at all.
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