HELP REDUCE THE PPT in BC
Help Reduce the PPT http://helpreducetheptt.ca/
The Real Estate Board’s top election issue is the Property Transfer Tax (PTT).
- The PTT must be paid each time a home is bought at a rate of 1% on the first $200,000 of the sales price and 2% on the remainder, adding $10,000 to the cost of a $600,000 home.
- Home sales are important because each time a home changes hands, the transaction creates $42,000 in local economic spin-offs and 0.28 jobs. In 2012 alone home sales generated 7,009 jobs and $1.05 billion in local economic activity
It’s time to reduce the tax burden on BC home buyers
The Property Transfer Tax has not been adjusted to reflect the housing market in 26 years. In 1987 the BC government introduced the Property Transfer Tax (PTT), then called the Property Purchase Tax. It was touted as a wealth tax that would discourage speculation at the high end of the real estate market.