Shelter Taxes

Shelter Taxes - PTT and HST

Property Transfer Tax - currently is a 1% on the 1st $200,000 and 2% on the remainder. Currently the BC Realtors Assoc is trying to have the PTT threshold increased from $200,000 to $525,000 with the 2% applying to the remainder of the fair market value.

Index the HST new housing rebate threshold from $525,000 to what the current New Housing Price Index dictates.

Index the 1% PTT threshold of $525,000 using the New Housing Price Index, and make adjustments annually.

My take on this..... These changes will allow consumers to have a more cost-effective way of making a home purchase... Especially true for 1st time home buyers, with the taxes being less this will allow a larger number of buyers to take the leap and will positively affect the economy. This economic boast will also help increase home values for current home owners.