Removal of Property Transfer Tax suggested for first time Vancouver homebuyers
Owning a home in Vancouver can often feel unattainable for first time buyers.
The Real Estate Board of Greater Vancouver (REBGV) is calling on the provincial government to make policy changes to help with affordability.
The board met with a provincial legislative committee this week to present a list of changes to help ease the burden of house hunters.
One suggestion states the Property Transfer Tax (PTT) should be removed on any home costing under $755,000 for both new construction and resale.
Dylan Passmor has been looking to buy his first home for more than a year and could qualify if the PTT removal was implemented.
"It's a really challenging time, affordability just seems to be getting worse,” he said.
While he’s happy advocates are pushing for policy changes, he says the recommendations don’t reflect the price tags he’s seeing on the market.
"We're looking at two bedrooms and it's hard to find under $800,000 and that's a pretty average, if not a below average living environment."
According to B.C.’s latest budget, the province made $2.2 billion dollars this fiscal year in property transfer tax revenue.
“You could look at this and say, ‘Should there even be a threshold? If we're talking about getting first time buyers into the market, why does it really matter?’ We're trying to be reasonable and give the government something they can work with,” said Andrew Lis, the director of economics of the REBGV.
"The government is out there saying, ‘Hey, we want to do everything we can do move the needle on affordability.’ And here's something they already have in place, it's a program that already exists,” Lis continued.
Without any meaningful change, people like Passmor will continue watching.
"Prices have softened a little, but I think with the interest rates having gone up with the way they did, I think that affordability is actually worse than what it was,” said Passmor.
The board’s recommendations also suggest exemptions for the flipping tax, so it does not penalize those who are most likely to move. It also recommends new homes be exempted from the tax and that the framework does not discourage investment in secondary suites.
As for rental supply, the board suggests creating a provincial rebate program for the GST required on new rental construction. It also requests an “ultra-low-cost” loan program be created for rental property developers.
CTVNews.ca Top Stories
Canadian gov't proposes new foreign influence registry as part of wide-spanning new bill
Prime Minister Justin Trudeau's government is proposing a suite of new measures and law changes aimed at countering foreign interference in Canada, amid extensive scrutiny over past meddling attempts and an ever-evolving threat landscape.
Boeing Starliner capsule's first crewed test flight postponed
The long-awaited first crewed test flight of Boeing's new Starliner space capsule was called off for at least 24 hours over a technical issue that launch teams were unable to resolve in time for the planned Monday night lift-off.
Teacher charged in historical sexual assault of Calgary teenage girl
Calgary police have charged a teacher with the alleged sexual assault of a teenage girl more than 20 years ago.
Winnipeg man admits to killing four women, argues he's not criminally responsible
Defence lawyers of Jeremy Skibicki have admitted in court the accused killed four Indigenous women, but argues he is not criminally responsible for the deaths by way of mental disorder – this latest development has triggered a judge-alone trial rather than a jury trial.
Man banned from owning animals after fatal Calgary dog attack
The owner of three Calgary dogs that got loose and mauled a woman to death in 2022 has been ordered to pay a $15,000 fine within one year and banned from owning any animal for 15 years.
East-end Ottawa family dealing with massive rat infestation
Residents in Ottawa’s Elmridge Gardens complex are dealing with a rat infestation that just won’t go away. Now, after doing everything they can to try to fix the issue, they are pleading with the city to step in and help.
Mediterranean staple may lower your risk of death from dementia, study finds
A daily spoonful of olive oil could lower your risk of dying from dementia, according to a new study by Harvard scientists.
An El Nino-less summer is coming. Here's what that could mean for Canada
As Canadians brace themselves for summer temperatures, forecasters say a weakening El Nino cycle doesn’t mean relief from the heat.
Newfoundland and Labrador latest province to tighten rules on Airbnbs
Newfoundland and Labrador is the latest jurisdiction to bring in stricter rules for short-term rentals, with a coming set of regulations that will force operators to register with the provincial government.