Government Needs Transitional Rules for all Transactions Impacted by Taxes in Budget 2018

New taxes unlikely to stabilize housing market Victoria, BC – February 20, 2018.

The British Columbia Real Estate Association calls on government to introduce transitional rules for all transactions impacted by the new tax measures introduced in Budget 2018. The new tax measures come into effect on February 21, 2018. The Property Transfer Tax (PTT) increase to 5% for properties over $3 million, as well as the increase to 20% and expansion of the Foreign Buyer’s Tax to other parts of the province will have an immediate impact on transactions underway.