BCREA calls for urgent housing tax reform ahead of election

As the British Columbia election approaches, the BC Real Estate Association (BCREA) is advocating for a comprehensive review of housing taxes to improve affordability and fairness. BCREA’s recent media release highlighted the increasing burden of housing taxation, particularly the Property Transfer Tax (PTT), which has expanded significantly since its inception in 1987.

Trevor Koot, BCREA CEO, emphasized that the PTT, originally intended as a luxury tax, now affects nearly all real estate transactions in the Lower Mainland and much of the province. The association is also calling for a reevaluation of foreign investment policies and the repeal of duplicative taxes like the Speculation and Vacancy Tax.

Koot highlighted that tax reform is essential to avoid hindering homeownership and called on the next provincial government to undertake this critical review for the benefit of all British Columbians.