PTT is Property Transfer Tax.
PTT is paid each time a home is bought at a rate of 1% for the first $200,000 and 2% for the balance. Which translate if you have a $500,000 home, the PTT will be around $8000 added extra cost to the home that you bought.
Home Sales is important as it generates jobs, in 2012 alone, homes sales generated 7009 jobs and 1.05 billion in local economic activity.
The goal is to REDUCE PTT
Its time to reduce the burden in BC homebuying! The property transfer tax has not been adjusted to reflect the housing market in 26 year. In 1987, the BC government introduced the PTT which was known then as Property Purchase Tax, it was touted as a wealth tax that would discourage speculation at the high end of real estate market.
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