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Follow PTT With GST Exemption

The BC government recently enacted a Property Transfer Tax (PTT) exemption for buyers of new homes up to $750,000. The exemption does the following:

Provides relief to home buyers knocked out of the market by federal changes to mortgage rules, including reduced amortization and increased downpayment;

Encourages buyers to purchase more sustainable, energy efficient homes like Built Green reducing the impact on our environment;

Creates skilled jobs in every community in British Columbia, including apprenticeships supporting education for young people;

Increases the supply of homes and affordability for young families.

VRBA advocated for changes to the PTT for over a decade and worked with the Victoria Real Estate Board, Victoria Chamber of Commerce and other organizations for changes to the tax.

Saanich Councilor Fred Haynes introduced PTT resolutions at Saanich Council and the CRD which passed unanimously.

VRBA attended the 2015 UBCM convention and spoke with municipal representatives from throughout BC on this important issue.

The province listened and initiated changes to the PTT.

Now it’s time for Ottawa to offer a break on the GST, introduced in 1991.

In 2000, the GST for an average new home in Victoria was about $10,000. Due to inflation, today the GST is about $30,000 – a triple increase.

Housing affordability requires all levels of government to do their part.

A GST exemption, similar to the PTT, would be welcome relief for homebuyers across Canada.

Visit us at vrba.ca and careawards.ca. Follow us on Facebook and Twitter.

This column is available every Wednesday in the Times Colonist newspaper.

 

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