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Property Transfer Tax

 

 

Since 1987, the Property Transfer Tax (PTT) has been levied on all real estate transactions as follows:

 

Fair Markete Value / PTT Rate

First $200,000 / 1%

Balance over $200,000 / 2%

  

Originally, the PTT was considered a wealth tax, with the 2% portion expected to apply to only 5% of homes sold. In 2008, the 2% portion was levied on about 85% of homes sold, and rose even higher to 88% in 2009.

 

BC ranks worst among all provinces in terms of burden of land transfer taxes on homeowners. In fact, British Columbians pay 222% more in land transfer taxes per transaction than the average Canadian and the BC Government levies a PTT rate that is 129% higher than the average for Canadian provinces. Higher property prices are not solely to blame for this scenario; prices in British Columbia are 45% higher than the Canadian average, so the inequitable structure of the BC Government's PTT adds an additional burden of up to 177%.

 

The chart below shows the amount of revenue that the government has collected from the PPT in the past ten years.

 

Source: BC Minstry of Finance

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The data relating to real estate on this web site comes in part from the MLS® Reciprocity program of the Real Estate Board of Greater Vancouver, the Fraser Valley Real Estate Board or Chilliwack & District Real Estate Board. Real estate listings held by participating real estate firms are marked with the MLS® Reciprocity logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by the Real Estate Board of Greater Vancouver, the Fraser Valley Real Estate Board or Chilliwack & District Real Estate Board which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of the Real Estate Board of Greater Vancouver, the Fraser Valley Real Estate Board or Chilliwack & District Real Estate Board.

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HAN LEE REAL ESTATE
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E  HAN@HANLEE.CA

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