Property Transfer Tax - 25 Years Later
Property transfer tax - we all hate it.
It is applied whenever someone moves and purchases a new home.
First introduced 25 years ago, the rate is one per cent on the first $200,000 of a home's market value at
the time of sale and two per cent on the remainder.
In 25 years, the one per cent ceiling of $200,000 has not changed, while home prices have increased 601 per cent!
For more details on the property transfer tax and the actions being taken by the Real Estate Board of Greater
Vancouver to correct this inconsistency please see the Vancouver Sun article below:
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