The Property Transfer Tax was first introduced in 1987 when the average sale price in Vancouver was $147,000. The Property Transfer Tax was 1% on the first 200K and 2% on the balance, payable by the buyer at time of completion. The logic was that the government was going to tax speculation and wealth because only 5% of the properties were selling over $200,000 in 1987. Times have changed!
Fast forward to the 2014 - 2015 fiscal year and the Government has collected $1.15 Billion dollars from the Property Transfer Tax. This revenue was up $937 Million from the 2013 - 2014 fiscal year and it is expected to grow in the 2015 - 2016 fiscal year that ends March 31, 2016.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.