Property Transfer Tax Affordable Housing Initiatives

WHEREAS the property transfer tax applies to all sales of real property, and some leases when a change in ownership of property is registered at the Land Title Authority; AND WHEREAS the proceeds of this tax accrue to the provincial government with minimal effort on the part of the government and its staff to collect them; AND WHEREAS increasing property values in BC in recent years has resulted in significant revenue being collected by the Province through this taxing mechanism; AND WHEREAS affordable housing and homelessness are two of the most serious issues facing many BC communities at the present time: THEREFORE BE IT RESOLVED that UBCM petition the provincial government to enact legislation to transfer all funds collected from the property transfer tax to the municipal and regional jurisdictions from which they were collected to be used solely and exclusively for affordable housing initiative in those same jurisdictions; AND BE IT FURTHER RESOLVED that legislation require such funds to be accounted for in a separate reserve fund earmarked for that purpose; AND BE IT FURTHER RESOLVED that no restrictions be placed on the spending of these funds if neighbouring municipalitiesregional districts mutually agree to work together to combine their resources to achieve economies of scale for the benefit of a larger area.