On the heels of multiple government announcements in 2016
and early 2017, the British Columbia Real Estate Association (BCREA) welcomes
the latest: an increase in the Property Transfer Tax exemption threshold for
first-time buyers, announced in Budget 2017. The increase, to $500,000 from
$475,000, takes effect today.
BCREA appreciates this government’s attention to the
needs of first-time homebuyers. To keep pace with the dynamic real estate
market and ensure that homebuyers aren’t left behind, the Association strongly
believes that this threshold—and all others related to the Property Transfer
Tax—should be indexed, with adjustments made annually.
During Minister de Jong’s budget consultation in January,
BCREA recommended that the first-time buyer exemption be increased to $750,000.
That number would align with the exemption for newly-built homes and with the
BC HOME Partnership program. This measure would have expanded consumer choices,
because the First Time Home Buyers’ Program exemption applies to all homes,
rather than only newly-built homes, which are often out of reach of first-time
buyers.
BCREA also looks forward to learning more about the
provincial government’s plans to partner with local governments to increase
housing supply. Specifically, the Association supports incentives that result
in faster housing and development approval processes, as well as increased
density of family-oriented homes along transit corridors.
Copyright BCREA – reprinted with permission
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