BC Views on Property Transfer Tax

Vancouver, BC - An Ipsos Reid survey conducted on behalf of the Real Estate Board of Greater Vancouver shows that a majority of British Columbians have some concerns with the provincial Property Transfer Tax.

Adjusting Calculation

A slight majority (51%) of British Columbians believe that the next provincial government should adjust the way the Property Transfer Tax is calculated to reflect price changes in the housing market over time. Far fewer residents (26%) say they believe the tax should NOT be adjusted, while 23% are undecided.

As context for this question, all respondents were given the following information:

• As you may know, The Property Transfer Tax (PTT) is a provincial tax that is applied every time a property is sold in BC. Since its introduction in 1987, it has been structured to add 1% on the first $200,000 of the purchase price of a home and 2% on the balance. Since 1987, home prices have increased significantly, yet the tax's structure hasn't changed in 26 years.

Burden on Home Buyers

Nearly six-in-ten (58%) British Columbians say they agree with the statement that "the Property Transfer Tax places an unfair tax burden on home buyers relative to other segments of the population." One-quarter (24%) `agree strongly' the tax places an unfair tax burden on home buyers, while one-third (34%) `agree somewhat'.

Three-in-ten (29%) residents disagree that that the Property Transfer Tax places an unfair burden on home buyers, including 7% who `disagree strongly' and 22% who `disagree somewhat'. Thirteen percent are undecided on this issue.

As context for this question, all respondents were given the following information:

• The Property Transfer Tax (PTT) generates $780 million annually for the provincial government, according to the BC Ministry of Finance. This money goes into general revenue to fund public services.

These are the findings of an online Ipsos Reid poll of 854 adult British Columbians conducted for the Real Estate Board of Greater Vancouver using Ipsos Reid's national online household panel between April 19 and 24, 2013. These data were statistically weighted to ensure the sample's regional and age/sex composition reflects that of the actual BC population according to 2011 Census data. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within +/- 3.8 percentage points had all British Columbia adults been surveyed. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.

For more information on this news release, please contact:

Kyle Braid
Vice President
Ipsos Reid Public Affairs
778.373.5130
[email protected]

About Ipsos Reid

Ipsos Reid is Canada's market intelligence leader, the country's leading provider of public opinion research, and research partner for loyalty and forecasting and modelling insights. With operations in eight cities, Ipsos Reid employs more than 600 research professionals and support staff in Canada. The company has the biggest network of telephone call centres in the country, as well as the largest pre-recruited household and online panels. Ipsos Reid's marketing research and public affairs practices offer the premier suite of research vehicles in Canada, all of which provide clients with actionable and relevant information. Staffed with seasoned research consultants with extensive industry-specific backgrounds, Ipsos Reid offers syndicated information or custom solutions across key sectors of the Canadian economy, including consumer packaged goods, financial services, automotive, retail, and technology & telecommunications. Ipsos Reid is an Ipsos company, a leading global survey-based market research group.

To learn more, please visit www.ipsos.ca.

About Ipsos

Ipsos is an independent market research company controlled and managed by research professionals. Founded in France in 1975, Ipsos has grown into a worldwide research group with a strong presence in all key markets. In October 2011 Ipsos completed the acquisition of Synovate. The combination forms the world's third largest market research company.

With offices in 85 countries, Ipsos delivers insightful expertise across six research specializations: advertising, customer loyalty, marketing, media, public affairs research, and survey management.

Ipsos researchers assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media and they measure public opinion around the globe.

Ipsos has been listed on the Paris Stock Exchange since 1999 and generated global revenues of e1,789 billion (2.300 billion USD) in 2012.