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.
Click Here for the full website and information.
Dean Birks - Prince George Real Estate
Post Your Comment: