{"id":529,"date":"2016-02-19T23:33:02","date_gmt":"2016-02-19T23:33:02","guid":{"rendered":"http:\/\/www.chrisbrownrealestate.ca\/blog\/?p=529"},"modified":"2016-02-19T23:33:02","modified_gmt":"2016-02-19T23:33:02","slug":"bc-budget-2016-and-impact-on-real-estate","status":"publish","type":"post","link":"https:\/\/www.chrisbrownrealestate.ca\/blog\/bc-budget-2016-and-impact-on-real-estate\/","title":{"rendered":"BC Budget 2016 and Impact on Real Estate"},"content":{"rendered":"
\"Bosa<\/a>

The Residences at Lynn Valley by Bosa Developments. Now Selling in Lynn Valley.<\/p><\/div>\n

The BC government introduced its 2016 budget today. The budget included a number of items intended to affect affordability and availability in the Lower Mainland\u2019s housing market.<\/p>\n

Here\u2019s a summary:<\/p>\n

Property Transfer Tax (PTT)<\/strong><\/p>\n

\u2022 a New Housing exemption will apply to newly built homes or newly subdivided units priced up to $750,000, saving buyers up to $13,000; and<\/p>\n

\u2022 a partial exemption will apply on newly built homes priced $750,000 to $800,000.<\/p>\n

\u2022 a new 3% PTT rate will apply to the portion of a home sale that exceeds $2 million. For homes that sell for below $2 million, the PTT will continue to apply at a rate of 1% on the first $200,000 and 2% on the balance.<\/p>\n

These changes will take effect on February 17, 2016.<\/p>\n

\u201cWhile we applaud the government\u2019s efforts to improve affordability for home buyers purchasing new housing, there\u2019s more work to be done, including indexing PTT thresholds to keep pace with changes in home prices over time,\u201d Darcy McLeod, Board president said.<\/p>\n

Data collection<\/strong><\/p>\n

Starting this summer, individuals and corporations buying property must disclose if they are Canadian citizens or permanent residents of Canada and if neither, their home country. These changes will provide information on the volume of foreign investment in BC.<\/p>\n

Your Board supports this change. We advocated for this initiative in a letter to the Finance Minister earlier this year.<\/p>\n

Home Owner Grant<\/strong><\/p>\n

The Home Owner Grant threshold will increase to $1.2 million from $1.1 million for the 2016 tax year.<\/p>\n

Affordable housing<\/strong><\/p>\n

The province will invest $355 million to help the BC Housing Management Commission support more than 2,000 affordable housing units for residents with low-to-moderate incomes.<\/p>\n","protected":false},"excerpt":{"rendered":"

The BC government introduced its 2016 budget today. The budget included a number of items intended to affect affordability and availability in the Lower Mainland\u2019s housing market.<\/p>\n","protected":false},"author":2,"featured_media":444,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[1],"tags":[214,158,215,145],"class_list":["post-529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-bc-budget-2016","tag-north-vancouver-apartments-for-sale","tag-north-vancouver-condos-for-sale","tag-north-vancouver-homes-for-sale"],"_links":{"self":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/529"}],"collection":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/comments?post=529"}],"version-history":[{"count":2,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/529\/revisions"}],"predecessor-version":[{"id":531,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/529\/revisions\/531"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/media\/444"}],"wp:attachment":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/media?parent=529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/categories?post=529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/tags?post=529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}