Because housing affordability directly impacts the quality of life of British Columbians, BCREA (B.C. Real Estate Association) consistently and regularly recommends that the provincial government minimize the negative impact of the Property Transfer Tax (PTT). That’s why BCREA will put the following recommendations forward during the annual provincial budget consultation process, conducted by the Select Standing Committee on Finance and Government Services.

BCREA recommends the provincial government:

• index the 1% PTT threshold of $525,000 using Statistics Canada's New Housing Price Index, and make adjustments annually, and
• increase the 1% PTT threshold from $200,000 to $525,000, with 2% applying to the remainder of the fair market value.

The PTT has always been applied in the following way: 1% on the first $200,000 of the fair market value of a property, and 2% on the remainder.

Despite the dynamic nature of the housing market, the structure of the PTT has not changed...