Reinvesting the PTT good for our economy and the environment

Vancouver, October 17, 2007 The BC Real Estate Association has partnered with the Canadian Home Builders' Association of BC (CHBA BC) and the Real Estate Board of Greater Vancouver (REBGV) to recommend the BC government implement a two-year pilot program that reinvests Property Transfer Tax (PTT) revenues to help reduce emission from homes by building or renovating "green".

About 11 per cent of greenhouse gas emissions are from buildings, including homes and offices, another 15 per cent are the result of construction and another eight per cent, the result of construction waste.

"Revenue from the Property Transfer Tax (PTT) will reach $1 billion this year" say Andrew Peck, General Manager, Royal Pacific Realty. "This is the BC Government's opportunity to reinvest some of this revenue to ensure BC remains the best place on earth to live." 

Five recommendations were delivered to the BC government that would see revenue from the PTT and Provincial Sales Tax (PST) used to fund a provincial Green Building Tax Incentive and Rebate Program. Recommendations include:

• Provide a PTT rebate to buyers of homes that meet or exceed the standards of the Built Green™ BC program.
• Provide a PST rebate to home owners renovating to energy efficient standards.
• Provide a PTT rebate to buyers of energy efficient green commercial buildings.
• Provide a PST rebate to owners of commercial buildings renovating to energy efficient standards.
• Provide incentives to local governments to promote green development.

Peck notes that Royal Pacific Realty fully supports these recommendations. "In BC, there are only 828 Built Green BC® homes," explains Peck. "Each one saves 2.5 tonnes of greenhouse gases annually."

In 2006, 36,443 new homes built in BC. If only 5% or 1,820 homes had been built to the Built Green™ BC Gold standard and received a $5,000 PTT rebate, the cost to government would be only $9.1 million.  As a result 4,550 tonnes of greenhouse gas would have been prevented from entering our environment.

"I think these recommendations are good for our economy, good for our environment, and good for our neighbourhoods," says Peck.

Good for our economy. Good for our environment. Good for our neighbourhoods.

For more information, please contact:
Andrew Peck, General Manager, Royal Pacific Realty Group
Contact us