Property transfer tax was something that was introduced by Bill Vander Zalm in 1987, when the average price of a Vancouver home was about $150,000, in order to tax speculation on high-end properties. Lately every single family home seems to be around a $1,000,000 or more so it's time BC to "Let it go"!
The premier has been hinting lately to put an end to it or at least reduce it it to something more manageable. I'm not one to complain about taxes, but adding a slap in the face tax after stretching yourself thin to live in this great city is something that we don't need. One less barrier to entry to live in Vancity is something that would be welcomed these days. Let's listen to Elsa.