BC Budget 2016: Changes to Property Transfer Tax and more
This afternoon Finance Minister Mike De Jong announced the provincial budget.
Key changes related to the housing sector include (effective Feb. 17, 2016):
- New housing up to $750,000 will be exempt from Property Transfer Tax.
- The Property Transfer Tax rate will increase from 2% to 3% on the portion of fair market value over $2million.
- Home Owner Grant threshold is increased from $1.1 million to $1.2 million for the 2016 tax year.
Today’s announcements demonstrates the Provincial Government’s committment to addressing housing affordability throughout BC. The exemptions to the PTT will save up to $13,000 on real estate transactions and help buyers enter the market. Municipalities play an even more important role in addressing housing affordability because they control supply. The Urban Development Institute supports the new budget changes, and urges municipalities to provide opportunities to their residents to take advantage of these tax breaks by increasing development opportunities for new housing.
For interviews with UDI President Anne McMullin contact:
Thexton Public Relations