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 staff moving forward with report for cinema, brew pub

Councillor makes motion to include The Old School House proposal

Bowser residents protest marine sewage outfall plan

Veenhof and staff endures harsh criticisms at public information meeting

Qualicum Beach society goes to bat for insect eaters

Two bat houses built to monitor population in Heritage Forest

Parksville reopens portion of wetland

City undertakes review, remediation of liability concerns

Is Steve Nash Vancouver Island’s best athlete of all-time?

As Captain Canada gets ready to enter basketball’s Hall of Fame it’s time to debate his legacy

VIDEO: After the floods, comes the cleanup as Grand Forks rebuilds

Business owners in downtown wonder how long it will take for things to go back to normal

SAR scaling back in Kilmer search, but friends will keep looking

Search for 41-year-old Cobble Hill dad hits six-day mark

Rachel Notley to skip premiers conference to focus on pipeline deal

Kinder Morgan has ceased all non-essential spending on the Trans Mountain pipeline project until it receives assurances

B.C. tech company will power Uber Elevate

Moli and Uber announce research and development partnership.

Olympian sues USA Swimming, saying it failed to protect her

Ariana Kukors Smith alleges her former coach Sean Hutchison began grooming her for sexual abuse at the age of 13

Still no sign of missing father in Cowichan Valley

Search group for Ben Kilmer now stands 40 SAR volunteers and another 100 friends and concerned community members

Couple survives being buried in mudslide on B.C. highway

The couple, from Saskatchewan, were en route to Nelson when a tree fell in their path

Qualicum Beach winners for poppy campaign contest

All three local school participated

‘So grateful:’ Injured Bronco hockey player glad he’s alive, works on recovery

Ryan Straschnitzki was badly hurt in the accident: a spinal injury, broken ribs, a broken collar bone, and punctured lung

Most Read