Close X
Sunday, November 24, 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

    B.C. Review Board Says Man Allan Schoenborn Who Killed Kids A Threat, But Outings To Be Mulled

    Schoenborn, who's now 50 years old, has been held at the Forensic Psychiatric Hospital since before a 2010 court decision that found him not criminally responsible for killing his daughter and two sons.    

    B.C. Review Board Says Man Allan Schoenborn Who Killed Kids A Threat, But Outings To Be Mulled

    Federal NDP Loses Another Incumbent As Quebec MP Says She Won’t Seek Re-Election

    Federal NDP Loses Another Incumbent As Quebec MP Says She Won’t Seek Re-Election
    The federal NDP is losing another incumbent, as Quebec MP Marjolaine Boutin-Sweet says she will not be seeking re-election later this year.

    Federal NDP Loses Another Incumbent As Quebec MP Says She Won’t Seek Re-Election

    Ottawa Looking At Reuniting Syrian Family After Fire Claims Seven Children: PM Trudeau

    "We are looking at what can be done within our system to give this family a little solace in a time of unbelievable tragedy," the prime minister said after a funding announcement in Halifax.

    Ottawa Looking At Reuniting Syrian Family After Fire Claims Seven Children: PM Trudeau

    Prime Minister Trudeau Announces Up To $86.5 Million For Halifax Expressway

    Prime Minister Trudeau Announces Up To $86.5 Million For Halifax Expressway
    HALIFAX — Prime Minister Justin Trudeau has announced up to $86.5-million to improve an expressway into Halifax, predicting the work will make commutes safer and swifter.

    Prime Minister Trudeau Announces Up To $86.5 Million For Halifax Expressway

    Outpouring Of Support After Children's Deaths: 'Everyone Is Pulling Together'

    Outpouring Of Support After Children's Deaths: 'Everyone Is Pulling Together'
    HALIFAX — There is a growing outpouring of support as Canadians look for ways to express their grief and help after the Halifax house fire that killed seven children and left their father in critical condition.    

    Outpouring Of Support After Children's Deaths: 'Everyone Is Pulling Together'

    WestJet Loses Appeal Of Court Decision That Refused To Throw Out Harassment Suit

    WestJet Loses Appeal Of Court Decision That Refused To Throw Out Harassment Suit
    WestJet has lost an appeal of a court decision that refused to throw out a proposed class-action lawsuit accusing the airline of fostering a culture that tolerates harassment of female employees.

    WestJet Loses Appeal Of Court Decision That Refused To Throw Out Harassment Suit