Close X
Thursday, November 28, 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

    Family Of Missing B.C. Cowboy Ben Tyner Makes Emotional Appeal For Information

    MERRITT, B.C. — The family of a ranch manager who went missing near Merritt, B.C., is asking for information nearly three weeks after the 32-year-old was last seen.

    Family Of Missing B.C. Cowboy Ben Tyner Makes Emotional Appeal For Information

    Quebec Education Minister Acts On Promise To Give Kids More Recess

    Quebec Education Minister Acts On Promise To Give Kids More Recess
    QUEBEC — The Coalition Avenir Quebec government is following through on an election promise guaranteed to win the hearts of the pr

    Quebec Education Minister Acts On Promise To Give Kids More Recess

    Former Gymnastics Coach Dave Brubaker Found Not Guilty Of Sex Assault

    The trial heard that the sole investigating officer was related to the complainant and made her the godmother of his child during the course of the probe. 

    Former Gymnastics Coach Dave Brubaker Found Not Guilty Of Sex Assault

    Quebec Winter Carnival Vows To Improve Parade After First Event Deemed A Flop

    The criticism on the event's Facebook page focused on lengthy delays, choice of location and a new format where spectators waited at designated stations for acts to arrive.    

    Quebec Winter Carnival Vows To Improve Parade After First Event Deemed A Flop

    Sex Offender Joseph Davis On The Loose After Leaving Vancouver Halfway House

    Violent Sex Offender With History Of Predatory Attacks Fails To Return To Vancouver Halfway House—Again

    Sex Offender Joseph Davis On The Loose After Leaving Vancouver Halfway House

    Case Of Newborn Seized In Hospital To Be Back In Court In March

    Case Of Newborn Seized In Hospital To Be Back In Court In March
    WINNIPEG — A family trying to get back a newborn who was seen in a social media video being taken away by police in a Winnipeg hospital is to be back in court in March.

    Case Of Newborn Seized In Hospital To Be Back In Court In March