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.
If you need more info regarding this, please send me an email...
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® 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 either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.
Comments:
Post Your Comment: