The latest numbers for the Provincial Government Property Transfer Tax receipts only reveal the 2018 numbers on the Minister of Finance website. For that year, PTT equaled about 2.115% of the fair market value of the transactions which totalled some $81 billion. I have heard mumblings that the government is down some $400 Mill in in PTT receipts for this year. I have also read a study that for every realestate transaction that takes place $0.27 out of every $1 of completion value is the yield in economic spinoff benefits for the economy.
Given that we are now missing some $400 mill of PTT, at 2.1% that number also represents about $5.1 billion in lost economic benefits, from which the provincial government will not derive income tax receipts. I have also heard the number of $90 billion being the amount bandied around as the estimate of lost real estate value out of the taxpayers' real estate holdings.
So how are we winning here? I have not seen renewed enthusiasm...
Shuchat Group Real Estate Blog
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