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BC Property Transfer Tax Revenue Up 43.9% to $1.53b

PTT revenue was $605 million more than expected for the 2015-16 fiscal year based on "stronger housing sales and increased property values," provincial documents show

By
REW.ca
July 22, 2016






Mike de Jong
Finance Minister Michael de Jong presents the 2015-16 public accounts – BC Government

BC’s 2015-16 public accounts, released July 21, show the provincial government brought in $1.53 billion in property transfer tax in the fiscal year ended March 31, an increase of 43.9 per cent over the previous year and $605 million more than budgeted, forming a substantial portion of the province’s total surplus of $730 million.

Overall provincial revenues "increased by $1.5 billion or 3.2% compared to the previous year, mainly due to taxation revenue,” the province said in a news release.

Property transfer tax revenue "increased by $468 million (43.9%) due to stronger housing sales and increased property values,” the province noted in its financial statement discussion and analysis report.

In its 2016-17 budget, released in February, the province anticipated $1.2 billion in property transfer tax revenue for the current fiscal year, which will end March 31, 2017. This estimate was based on “an anticipated slowing of market activity and assuming a portion of the strong revenues received in 2015/16 do not carry forward,” according to the budget and fiscal plan. However, updated estimates to be released in September are expected to increase the anticipated amount.   


Christina Newberry is a Vancouver-based writer and editor who writes lifestyle and travel stories for publications both online and in print. When she's not travelling, Christina can be found exploring Vancouver's unique neighbourhoods or puttering in her community garden plot.
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