Thanks for the link, yes it appears the date of title registration is the key.I would think its the completion date (when you take possession) that matters??
lots of info here:
http://www2.gov.bc.ca/gov/content/taxes ... on#qualify
What really sucks is the prorated reduction is only between 750K and 800k. So, if you buy a place for 749K you save 100% of PTT = $14,000. If you buy a place for 801K you pay the full property transfer tax of $15,000. Doesn't seem reasonable to me!
Sorry maybe I should have given more detail on what I would consider progressive. Progressive as it links to home value, not income levels. If you are buying a $2M home you should be paying 10x the PTT of somebody buying a $500k home for example. I would say ditto for property taxes. I can't say I have too much sympathy for seniors who are now sitting on $3M of property they paid $100k for and now they are complaining about the tax bill. It's like a lottery winner complaining about paying tax.Good points Warren.
I take your point about Progressive Taxation.
Unfortunately in Greater Vancouver, Progressive Taxation based on Income really is an impossible concept to utilize.
We have a crazy economy where housewives and students on poverty level incomes (who pay next to nothing in income tax) own and live in $5,000,000 Kerrisdale mansions while $200,000+ a year doctors and lawyers (who pay high amounts of income taxes) struggle to buy condos or (former) modest shacks in working class parts of town. Let's not even get started about the middle or working classes.
It's not a healthy situation and something that simple progressive taxation won't fix.