About 26 years ago, the province of BC introduced the tax called “property transfer tax”. 1% is added on the first $200k, and 2% on the balance of the total purchase price. PTT is being generated to fund public services. Each time a property changes hands during the development processes, such as from a developer to the builder, and from the builder to the home buyer, PTT is being paid each transfer. This is becoming a burden to the new home buyers in today’s market as the PTT has never been updated to reflect the higher price of home ownership in today’s market.
The Real Estate Board of Greater Vancouver is calling out for support from you to raise voter awareness about supporting the change of PTT and to help “like” the facebook campaign page at facebook.com/helpreducetheptt.
