The Real Estate Board of Greater Vancouver (REBGV) is taking action to enhance housing affordability and availability in British Columbia. They have presented a set of key recommendations to a provincial legislative committee, primarily focusing on reforming the Property Transfer Tax (PTT) system.The proposed changes include a comprehensive review of the PTT, exemptions for homes under $750,000, and using PTT revenue to incentivize renters to buy homes in transit-oriented communities.
REBGV’s recommendations also address the flipping tax, advocating for prudent regulations to avoid penalizing relocating homeowners, exemptions for new-construction homes, and support for investments in secondary suites. To bolster rental supply, the board proposes GST exemptions for new not-for-profit rental developments and a provincial rebate program for the GST on new rental constructions.
With these tax reforms, REBGV aims to alleviate financial burdens for homebuyers and promote housing mobility, especially for younger generations. The measures seek to create more opportunities for prospective homeowners, improve housing affordability, and encourage sustainable growth in BC’s real estate market.
For more information visit the REBGV website.
