Whereas the cost of infrastructure renewal is increasing in British Columbia due to the prevalence of aging municipal assets, inflation and increased community growth in many areas; And whereas the revenue from property transfer tax is due in large part to the attractiveness of the local community to homebuyers which is in part the result of local government efforts, as such local governments should benefit from this tax: Therefore be it resolved that UBCM advocate to the provincial government to share property transfer tax revenue with local governments in British Columbia for expansion and renewal of community infrastructure.
Ministry of Finance The province is not actively considering property transfer tax PTT revenue sharing with local governments, instead government is collaborating with local governments, and making direct investments on local priorities. PTT flows in the consolidated revenue fund which is used along with other provincial taxes to fund core government services including education, health care and affordable housing. The revenue loss from lowering the PTT would have to be offset by increases to other provincial taxes or reduced services.