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:

 

//www.vancouversun.com/business/Property+Transfer+turning+years/6203343/story.html#ixzz1ncPyLNnU

Comments:
No comments

Post Your Comment:

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), 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 REBGV, 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 REBGV, the FVREB or the CADREB.