Shelter taxes - can we lower them?

REALTORS® and the BC Real Estate Association (BCREA) have been active in speaking out against the increasing burden of shelter taxes on British Columbians for many years.

REALTORS® and BCREA want to work with elected officials to create meaningful solutions to ensure the ongoing economic growth, job growth and quality of life for British Columbians.

BCREA recommendations to the BC Government

• Increase the 1% Property Transfer Tax threshold from $200,000 to $525,000, with 2% applying to the remainder of the fair market value.

• Index the 1% Property Transfer Tax threshold of $525,000 using Statistics Canada's New Housing Price Index, and make adjustments annually.

• Index the Harmonized Sales Tax new home rebate threshold—currently set at $525,000—using the New Housing Price Index, and make adjustments annually.

Reducing these shelter taxes will enable those who have a lower/limited income to take part in the market and enjoy home ownership.

For a FREE market evaluation, please feel free to call me at 250.884.3980 or e-mail at info@NewImageHomeSales.com

Arran McLellan