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
LIVE B.C. seeks ban on using drugs in 'all public spaces,' shifting approach to decriminalization
The B.C. government is moving to have drug use banned in 'all public spaces,' marking a major shift in the province's approach to decriminalization.
Air traveller complaints to Canadian Transportation Agency hit new high
The Canadian Transportation Agency has hit a record high of more than 71,000 complaints in a backlog. The quasi-judicial regulator and tribunal tasked with settling disputes between customers and the airlines says the backlog is growing because the number of incoming complaints keeps increasing.
Orca calf that was trapped in B.C. lagoon for weeks swims free
An orca whale calf that has been stranded in a B.C. lagoon for weeks after her pregnant mother died swam out on her own early Friday morning.
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
More than 115 cases of eye damage reported in Ontario after solar eclipse
More than 115 people who viewed the solar eclipse in Ontario earlier this month experienced eye damage after the event, according to eye doctors in the province.
U.S. flight attendant indicted in attempt to record teen girl in airplane bathroom
An American Airlines flight attendant was indicted Thursday after authorities said he tried to secretly record video of a 14-year-old girl using an airplane bathroom last September.
76ers All-Star centre Joel Embiid says he has Bell's palsy
Philadelphia 76ers All-Star centre Joel Embiid has been diagnosed with Bell’s palsy, a form of facial paralysis he says has affected him since before the play-in tournament.
AFN chief says Air Canada offered a 15% discount after her headdress was mishandled
After the Assembly of First Nations' national chief complained to Air Canada about how staffers treated her and her ceremonial headdress on a flight this week, she says the airline responded by offering a 15 per cent discount on her next flight.
Trump's lawyers try to discredit testimony of prosecution's first witness in hush money trial
Donald Trump's defence team attacked the credibility Friday of the prosecution's first witness in his hush money case, seeking to discredit testimony detailing a scheme between Trump and a tabloid to bury negative stories to protect the Republican's 2016 presidential campaign.