| April 26, 2006 -
Brief presented to provincial MLAs |
 PDF
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Property Transfer Tax Revenues and Affordable Housing
The Issue
The provincial government has received millions of dollars in unanticipated
Property Transfer Tax (PTT) revenues due to the significant increase
in property values in recent years. The PTT adds significantly
to the cost of purchasing a home and none of the unanticipated
PTT revenues has been specifically targeted toward increasing
the supply of affordable housing
VREB Position
The provincial government should allocate a portion of the unanticipated
revenues to help people in need find affordable housing options.
The government should also raise the PTT exemption level each
year to enable more first-time buyers to qualify.
News Release: April 26, 2006 - REALTORS® Call for Property
Transfer Tax Revenues to Assist with Affordable Housing.
Update
In its 2007 budget, the provincial government increased the PTT
exemption ceiling for first-time home buyers in the Capital Region
from $325,000 to $375,000.
Ratification
Position ratified by the VREB Directors, September 2007.
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