Give first time home buyers a chance

Change taxes associated with buying a home?

It’s no secret the home prices in Greater Vancouver have risen to a point where only the rich can afford to own a home. I remember when I was young (not too long ago) the price of a single detached home has the same price tag of a studio in today’s market.

For a young family just starting out, sometimes with a new baby, it is important to have a place call home. But for some reason it seems like an impossible task with today’s prices and taxes. Buyers often forget the costs of CLOSING, it’s not simply your purchase price, your down payment, legal fees, inspection fees, buyers still have to factor in the Property Transfer Tax and/ or HST. That can add up to a huge chunk of change for a first time home buyer.

The Real Estate Board of Greater Vancouver has always been actively giving our government suggestions & recommendations. On October 1, 2012 representatives of the Board had the opportunity to make recommendations to BC Legislature’s Select Standing Committee on Finance and Government Services, including changes to taxes associated with buying a home and government regulations.

That written submission can be read here: Home Truths: The Door is Closing on Home Buyers