BC's Property Transfer Tax & May Long Weekend

Real Estate Agent

Victoria Day May Long Weekend for us here in BC is already next weekend! Many people see this weekend as a kick start to the summer and take a quick trip to do some camping or touring our province. If you are one who doesn’t like traveling you can always check out events around town such as the Richmond Night Market which re-opens Friday, May 17th at 7pm if you would like mor more information visit the Richmond Night Market's websiteAlso PlayLand is now open on weekends & holidays from 10am-6pm they are featuring 2 new family rides, the Teacups and Balloon Explorers, for more information visit PlayLand's website  and don't forget if you go to PlayLand you must get some of their famous mini donuts, they are a must have! Or you can always head out to Cloverdale to check out their Rodeo & Country Fair from May 17th-20th. This event features lots of rodeo events such as bull riding, barrel racing, saddle bronc along with family friendly entertainment with tons of rides, games, an extreme sports zone, entertainment stage and an interactive kids zone. If this is something you are interested in, visit the Cloverdale Rodeo's website for more information.


Currently in Real Estate news, the Property Transfer Tax is coming under fire, many believe it should be re-adjusted as it is a large amount for buyer’s to be paying and is becoming a large burden on top of already large sums of money being paid for homes these days. In the Real Estate Boards news release about this topic they mention; the province introduced the tax 26 years ago. It was structured to add 1 per cent on the first $200,000 of the purchase price, and 2 per cent on the balance. The government of the day touted the PTT as a wealth tax, as just 5 per cent of homes in Greater Vancouver in 1987 sold for $200,000 or more. Today, the reverse holds true, with 96 per cent of homes in Greater Vancouver selling for more than $200,000. However, the tax’s structure hasn’t changed in nearly three decades.“The PTT is structured to reflect home prices in the 1980s, not the prices home buyers pay today,” Wyant says. “The fact that it hasn’t been adjusted in 26 years is simply not fair to home buyers and the candidates in this year’s election should address this issue,” states the Real Estate Board of Greater Vancouver’s president. For the full Real Estate Board’s news release please visit the Real Estate Board's website.


Of course I want to wish a very Happy Mother's Day to all the mothers out theretomorrow, I hope you have a wonderful day!


As always I would love to hear from you if you have a local event you know of that is happening in the community. Feel free to contact me markbrennan@hotmail.ca

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