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
'It could be catastrophic': Woman says natural supplement contained hidden painkiller drug
A Manitoba woman thought she found a miracle natural supplement, but said a hidden ingredient wreaked havoc on her health.
WATCH Video shows dramatic police takedown of carjacking suspects chased through parking lot north of Toronto
Police have released video footage of a dramatic takedown of a group of teens wanted in connection with an attempted carjacking in Markham earlier this month.
After hearing thousands of last words, this hospital chaplain has advice for the living
Hospital chaplain J.S. Park opens up about death, grief and hearing thousands of last words, and shares his advice for the living.
DEVELOPING G7 warns of new sanctions against Iran as world reacts to apparent Israeli drone attack
Group of Seven foreign ministers warned of new sanctions against Iran on Friday for its drone and missile attack on Israel, and urged both sides to avoid an escalation of the conflict.
WHO likely to issue wider alert on contaminated cough syrup
The World Health Organization is likely to issue a wider warning about contaminated Johnson and Johnson-made children's cough syrup found in Nigeria last week, it said in an email.
Tesla recalling nearly 4,000 Cybertrucks because accelerator pedal can get stuck
Tesla is recalling 3,878 of its 2024 Cybertrucks after it discovered that the accelerator pedal can become stuck, potentially causing the vehicle to accelerate unintentionally and increase the risk of a crash.
'It was all my savings': Ontario woman loses $15K to fake Walmart job scam
A woman who recently moved to Canada from India was searching for a job when she got caught in an online job scam and lost $15,000.
A couple lost their wedding rings during the ceremony. Two strangers found a fitting solution
Every good wedding has to have one teensy, tiny crisis.
Families to receive Canada Child Benefit payment on Friday
More money will land in the pockets of some Canadian families on Friday for the latest Canada Child Benefit installment.