The property transfer tax introduced in Vancouver in the 80s is out of date and adding an unfair burden on buyers. That’s according to The Real Estate Board of Greater Vancouver which argues that while the original principle was to tax properties of high value, the formula hasn’t changed since.
That means that around 96 per cent of buyers are forced to pay now, compared to a modest 5 per cent in 1987.
The Board says that that makes it far from being a tax on the wealthy; its original aim. The city council may not be too keen to change things though as last year it raked in $937 million from the tax.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: