HST history...time to re-visit PTT!

A reduction in PTT may even create jobs!"

During the "kill the HST" movement, I find it surprising that no one touched on reducing, or better yet, doing away with the PTT (Property Transfer Tax).

That's exactly what's happening in Ontario now as the TREB (Toronto Real Estate Board) has taken on the fight, on behalf of consumers, to do away with the TLTT (Toronto Land Transfer Tax). see "Articles" section on home page - Sept 21.

Unfortunately, government coffers rely on the PTT as it's the goose that continues to lay the golden egg. Every time someone purchases a home valued at $625,000 (now Greater Vancouver's benchmark price), nearly $11,000 of tax revenue is collected.

Now that our premier is on a big push to create jobs, perhaps she should start by looking at the $4.5 Billion in spin-off spending and the 35,000 direct and indirect jobs that the BC real estate industry contributes to our economy.

Sure it may be a bit optimistic to contemplate the elimination of the PTT , however, a bit of a reduction may even create jobs. It seems like there's a bit of room for the premier to move here, especially when one considers that British Columbians pay $9,000 in taxes on a purchase - over 40% more than our closest challenger in Ontario at $5,150.

In any event, now that BC finds itself cash-strapped with the loss of HST revenue(I thought it was supposed to be revenue neutral?), I suspect PTT will be around for some time.

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All information is approximate

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