Condo contract rules target B.C. property flippers

Regulations to prevent property transfer tax evasion

The B.C. government is changing real estate laws in an effort to prevent flipping of condos from one buyer to another before they are built.

Finance Minister Carole James presented legislation Tuesday to require real estate developers to collect and report information on pre-sale condo assignments, to enforce the collection of property transfer tax on buyers.

“For too long, people who resell condos before they have been built have been inflating real estate prices, without necessarily paying taxes on their gains,” James said. “We are making it fairer for people who want to buy a condo, by making sure those who flip pre-sale condos pay their fair share.”

James said the information will not be publicly available, but will be shared with the Canada Revenue Agency, to make sure that capital gains tax as well as provincial property taxes are paid.

Just Posted

Qualicum Beach council big on support for multi-use cinema proposal

Society asks for 10,000 square feet, gets recommendation to consider with strategic plan

Lincoln stolen from Parksville dealership found near Duncan

Vehicle was located three days later with minor damage

Ballenas student experiment going into space

Science experiment designed by five SD69 students will travel to International Space Station

Fire engulfs trailer, vehicle and home in Bowser

The fire began around 6:45 p.m. at a property on Laurel Crescent

B.C. storm totals $37M in insured damages

The December storm wreaked havoc on B.C.’s south coast

Trudeau says politicians shouldn’t prey on Canadians’ fears

The Prime Minister was speaking at a townhall in Ontario

Thieves steal thousands from 140 Coast Capital Savings members

Online fraud tactics included phising and ‘brute force’ in November and December

Condo rental bans may be on way out with B.C. empty home tax

Many exemptions to tax, but annual declarations required

B.C. boy, aunt missing for three days

The pair are missing from Kamloops

Daredevil changes game plan to jump broken White Rock pier

Brooke Colby tells council daredevil event would help boost waterfront business

Liberal bows out of byelection after singling out Jagmeet Singh’s race

Karen Wang says she made comments online that referenced Singh’s cultural background

Truck hauling compressed gas for ‘virtual pipeline’ crashes on B.C. highway

Driver charged and highway closed for nine hours - containers did not rupture

Teen with diabetes told ‘no food’ on public B.C. bus

B. C. Transit apologizes, saying it will look into food and drink policy

Most Read