UDI Lower Mainland submission to the Ministry of Finance.

In Budget 2024, the Government of British Columbia introduced a full exemption from the Property Transfer Tax (PTT) for new purpose-built rental (PBR) buildings to improve project feasibility and accelerate the supply of new rental housing. However, the exemption is rendered ineffective by excluding buildings that have begun leasing prior to sale. UDI recommends amending the exemption to provide for a 24-month window following issuance of Occupancy Permit to allow for building stabilization.