<<< back to article list

Property Transfer Tax - Update

Blog by Shaun Kimmins | February 20th, 2008

Some good news on Property Transfer tax included in today's Provincial budget...
Best regards,

Chris Cornborough
Mortgage Specialist

Royal Bank Financial Group

Cellular: (604) 765-4823
Fax: (604) 684-9740
E-Mail: chris.cornborough@rbc.com

Jamie Thompson

Mortgage Specialist Assistant

Cellular: (604) 657-6949

Fax: (604) 541-7977
E-Mail: jamie.thompson@rbc.com



BURNABY, February 19, 2008 – Finance Minister Carole Taylor today announced the provincial government’s 2008 budget in the Legislative Assembly. “Turning to the future, meeting the challenges” focuses on greening our province and encouraging individuals and businesses to make environmentally responsible choices.

The big news is a revenue neutral carbon tax that will affect all British Columbians by increasing the cost of all fossil fuels (gas, diesel, natural gas, coal, propane and home heating fuel.) This phased-in approach means an increase of 2.41 cents per litre for gas rising to 7.24 cents per litre by 2012. To help offset the increase, all British Columbians will receive a $100 cheque from the Province by June of 2008.

Of particular note to CHBA BC members are the following: 
  • PST exemptions for energy star appliances, energy efficient residential gas fired water heaters and insulation for hot water tanks, pipes and duct work
  • Renovations will be enhanced by incentives for energy audits and retrofits to bring down home energy costs
  • Property Transfer Tax ceiling will once again be raised from $375,000 to $425,000 to assist first time home buyers and financing regulations under the first time home buyer program will now be eliminated
  • Reductions in personal income taxes, small business taxes and corporate taxes are all in the mix to keep BC competitive
  • Expansion of the Provincial nominee program to attract more skilled workers and entrepreneurs to BC
  • Funding has been set aside to create a green building code
For more in-depth information, visit www.gov.bc.ca/bcbudget

The Canadian Home Builders’ Association of BC is the voice of the residential construction industry in BC and comprises of membership made up of building professionals who are committed to excellence in the industry.