Vancouver, BC – The Urban Development Institute (UDI) welcomes today's B.C. provincial government announcement to increase the Property Transfer Tax (PTT) threshold under the First Time Home Buyers' Program from $425,000 to homes valued between $475,000 and $500,000.
"Any move to improve affordability of home ownership is positive, especially for home purchase in the lower mainland where average home prices are north of $500,000," said Anne McMullin, President & CEO of UDI Pacific Region.
Today's move means about 1,700 new families will be able to take advantage of this on their first home purchase, saving up to $7,500.
This puts about $8 million back into the pockets of first time home buyers.
There are about 20,000 first time buyers in B.C. each year; about half take advantage of the PTT exemption now.
Finance Minister Mike de Jong said, "This is a reasonable and affordable start to the adjustments needed for the Property Transfer Tax."
The Urban Development Institute is the premier industry body representing over 600 of British Columbia’s leading residential, commercial, industrial and institutional developers. The real estate development industry in BC supports 221,000 jobs, and contributes approximately $17 billion to the provincial economy.
President and CEO