Few purchases as significant as the purchase of a home. How to ensure that purchase remains as affordable as possible is a key interest to the British Columbia Real Estate Association (BCREA).
BC has the highest home ownership costs in the country. A recent RBC Financial Group survey of housing affordability indicates that more than 60% of a BC household's pre-tax income is required to cover the home ownership costs of a detached bungalow. Normally, 30% is considered affordable.
In BC, two taxes at the provincial level are considered shelter taxes:
- Homebuyers have been subject to the Property Transfer Tax (PTT) since the late 1980s.
- The Harmonized Sales Tax (HST), expected to be implemented on July 1, 2010, is an additional tax burden on BC homebuyers, homeowners and landlords.
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Dean Birks - Prince George Real Estate