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
Young people 'tortured' if stolen vehicle operations fail, Montreal police tell MPs
One day after a Montreal police officer fired gunshots at a suspect in a stolen vehicle, senior officers were telling parliamentarians that organized crime groups are recruiting people as young as 15 in the city to steal cars so that they can be shipped overseas.
Man sets self on fire outside New York court where Trump trial underway
A man set himself on fire on Friday outside the New York courthouse where Donald Trump's historic hush-money trial was taking place as jury selection wrapped up, but officials said he did not appear to have been targeting Trump.
Sask. father found guilty of withholding daughter to prevent her from getting COVID-19 vaccine
Michael Gordon Jackson, a Saskatchewan man accused of abducting his daughter to prevent her from getting a COVID-19 vaccine, has been found guilty for contravention of a custody order.
She set out to find a husband in a year. Then she matched with a guy on a dating app on the other side of the world
Scottish comedian Samantha Hannah was working on a comedy show about finding a husband when Toby Hunter came into her life. What happened next surprised them both.
Mandisa, Grammy award-winning 'American Idol' alum, dead at 47
Soulful gospel artist Mandisa, a Grammy-winning singer who got her start as a contestant on 'American Idol' in 2006, has died, according to a statement on her verified social media. She was 47.
Shivering for health: The myths and truths of ice baths explained
In a climate of social media-endorsed wellness rituals, plunging into cold water has promised to aid muscle recovery, enhance mental health and support immune system function. But the evidence of such benefits sits on thin ice, according to researchers.
'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.
The Body Shop Canada explores sale as demand outpaces inventory: court filing
The Body Shop Canada is exploring a sale as it struggles to get its hands on enough inventory to keep up with "robust" sales after announcing it would file for creditor protection and close 33 stores.
Vicious attack on a dog ends with charges for northern Ont. suspect
Police in Sault Ste. Marie charged a 22-year-old man with animal cruelty following an attack on a dog Thursday morning.