Canada’s Housing Crisis: Why It’s Time for BC to Step Up and Eliminate the PTT

March 20, 2025

Canada is facing a housing crisis. Demand is soaring, supply isn’t keeping pace, and home prices are out of reach for many Canadians. The government of Canada is taking a big step toward addressing this issue, but it’s time for British Columbia to do its part as well.

A Major Win for First-Time Homebuyers

Today, Prime Minister Mark Carney and the Liberal Party made an important announcement aimed at making homeownership more accessible for first-time buyers across the country.

• The Government of Canada will eliminate the Goods and Services Tax (GST) for first-time homebuyers on homes priced at $1 million or less.

• This move means that first-time buyers can save up to $50,000 on homes at or below this price point!

This new policy will reduce upfront costs and help make homeownership a reality for more young people and families. By removing the GST, the government is also working to stimulate the housing market by encouraging new home construction across Canada. The goal? To meet growing demand and give more Canadians the chance to purchase their own homes.

BC’s Outdated Property Transfer Tax (PTT)

While this announcement is a step in the right direction, it’s important to recognize that British Columbia still has an outdated Property Transfer Tax (PTT) that puts a major strain on homebuyers, especially in areas like Vancouver where home prices are significantly higher than in other parts of the country.

Here’s a quick breakdown of the PTT in BC:

• 1% on the first $200,000 of the property’s fair market value

• 2% on the portion between $200,000 and $2 million

• 3% on the portion over $2 million

For example, if you buy a home worth $1 million, you will have to pay $18,000 in PTT alone. With housing prices soaring, even modest homes come with hefty costs in taxes, making it even harder for first-time buyers to enter the market.

Why It’s Time for BC to Make a Change

BC’s PTT system is clearly outdated, especially given the current housing market. In a province where even smaller homes are priced well above $500,000, the PTT is an obstacle that keeps many potential homeowners from achieving their dreams. With prices steadily rising, it’s more crucial than ever to reform this system and make homeownership truly attainable for everyone.

It’s time for the BC provincial government to step up and take action. The federal government is already taking steps to address housing affordability, but BC needs to do its part. Eliminating or significantly reducing the PTT for first-time buyers could make a huge difference in lowering the financial barriers to homeownership.

How You Can Help Drive Change

We’ve already seen how effective public awareness campaigns can be when it comes to pressing political issues, especially during the recent provincial election. Now is the time to bring that same energy to housing affordability in BC.

Here are some ways you can get involved and help push for reform:

1. Start a petition to eliminate or reduce the PTT for first-time buyers, particularly for homes priced under $1 million.

2. Spread the word on social media, using hashtags like #BCPTTReform and #HomeownershipMatters.

3. Contact your local MLA to express your concerns and urge them to support changes to the PTT.

4. Join community rallies and town halls to gather support for policy changes.

We need to rally together and let the BC government know that it’s time for change. The federal government has made a start, but we can’t let BC fall behind. Together, we can make homeownership a reality for more people in our province.

Conclusion

As we celebrate the federal government’s move to eliminate the GST for first-time homebuyers, we must continue pushing for similar reforms here in BC. The Property Transfer Tax is a major obstacle for many, and it’s high time the provincial government takes action to make homeownership more affordable for everyone. Let’s work together to ensure that the dream of owning a home is achievable for all.

It’s time for BC to do its part!

#HousingCrisis #AffordableHomes #BCPTTReform #TimeForChange #HomeownershipMatters #DavidEby #DoYourPartBC #MarkCarney #LiberalParty #JohnRustad #BCOP #PierrePoilievre #CPC #MakeHousingAffordable #PierrePoilievre #GST #GSTNewRules