Close X
Wednesday, November 13, 2024
ADVT 
National

First-Of-Its-Kind Registry In B.C. Targets Under-The-Radar Condo Flippers

Darpan News Desk The Canadian Press, 25 Feb, 2019 08:09 PM

    VICTORIA — The British Columbia government says it has launched Canada's first registry aimed at cracking down on pre-sale property flipping and tax evasion in B.C.'s real estate market.


    The Ministry of Finance says the Condo and Strata Assignment Integrity Register will improve fairness and transparency in property transactions.


    Finance Minister Carol James says in a news release that the register will take "real action to moderate the condo market," and is already starting to see results in Metro Vancouver.


    Condo developers will be required to securely gather and report the identity and citizenship of anyone completing a contract assignment in a project.


    A contract assignment occurs when a buyer sells, or "flips," their purchase contract of a condo to another buyer, often at a higher price, before construction of the building is complete.


    Currently flipping can occur without any oversight and the province says the practice has been a factor in raising real estate prices while facilitating tax evasion when capital gains and other taxes are not applied.


    "For too long, speculators and tax evaders have been taking advantage of loopholes in our real estate market, driving up prices and shutting British Columbians out of the market," James says in the news release.


    The finance ministry says it's unknown how many pre-sale property flips occur each year because the transactions aren't reported.


    Developers are now required to collect and record assignment information and file a report each quarter, with the first due April 30, covering the period from Jan. 1 to March 31, 2019.


    "The B.C. government will use this information to ensure that people who assign condos are paying the appropriate income tax, capital gains and property transfer tax," the release says.


    The filing fee per assignment is $195, which the government says is a small fraction of the cost of flipping a condo unit.


    The register is one part of the New Democrat government's 30-Point Housing Plan to address housing affordability.

    MORE National ARTICLES

    Weather Warning: Another Snowy Blast Of Winter Due To Arrive Along B.C.'s South Coast

    Environment Canada says five to 10 centimetres of snow is expected between late Thursday and early Friday over Metro Vancouver

    Weather Warning: Another Snowy Blast Of Winter Due To Arrive Along B.C.'s South Coast

    B.C. Police Watchdog Investigates Shooting In Kootenay Region

    B.C. Police Watchdog Investigates Shooting In Kootenay Region
    The Mounties say officers responded to a report shortly before 2 a.m. of males yelling and shots being fired.

    B.C. Police Watchdog Investigates Shooting In Kootenay Region

    China's Huawei Soft Power Push Raises Hard Questions

    Canada's national game — brought to you by China's Huawei.

    China's Huawei Soft Power Push Raises Hard Questions

    Trudeau Faces Critics Inside And Outside Party As Wilson-Raybould Scandal Swirls

    OTTAWA — Prime Minister Justin Trudeau is facing a backlash both within and outside his own party after Jody Wilson-Raybould's sudden resignation from his cabinet.

    Trudeau Faces Critics Inside And Outside Party As Wilson-Raybould Scandal Swirls

    Canada Post Cancels Mail Delivery In Eastern Provinces, Slows It In West

    Canada Post Cancels Mail Delivery In Eastern Provinces, Slows It In West
    OTTAWA — Canada Post says a major snowstorm is making it too dangerous to deliver mail in much of Central and Eastern Canada.

    Canada Post Cancels Mail Delivery In Eastern Provinces, Slows It In West

    Two Women Investigated For Anti-Indigenous Comments Given Conditions By Mediation Circle

    Two Women Investigated For Anti-Indigenous Comments Given Conditions By Mediation Circle
    The recommendations include sending handwritten apologies to news outlets, 80 hours of community service on a First Nation, and to attend a cultural awareness camp on residential schools.

    Two Women Investigated For Anti-Indigenous Comments Given Conditions By Mediation Circle