Media Statement: 2017 Provincial Budget
BC Budget 2017 Includes Property Tax Relief for First-Time Homebuyers & 5,000+ Units of Affordable Housing
First-time homebuyers will get up to $8,000 in property purchase transfer tax relief from today’s Provincial Government’s Budget announcement.
On that news, UDI President & CEO Anne McMullin said “Increasing the property purchase transfer tax exemption threshold to $500,000 from $475,000 for first-time homebuyers’ will enable more locals and families to get onto the first rung of the property ladder.”
She said the industry group also supports the government’s strong focus on working with local governments in 2017 and beyond to increase housing supply, which also creates more high-paying jobs in the sector. “I know we keep hammering this point but flooding the market with more housing options, from rowhomes and townhomes to duplexes and others, will help alleviate the pricing and demand pressures and create healthy, more affordable communities.”
Schools, an integral part of any community, says McMullin, are also deserving beneficiaries of today’s budget, receiving $740M over 3 years for K-12 education, as well as necessary infrastructure financing.
More detail on the Provincial Budget can be found at this link: https://news.gov.bc.ca/releases/2017FIN0012-000373
Anne McMullin, President & CEO is available for media interviews by cell phone 778-938-0408 from 3pm to 4:30pm today.
Cheryl Ziola, Urban Development Institute