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

Rogers ‘enhances’ wireless in Qualicum Beach

Announcement part of a multi-year national network plan

‘Beauty amongst such tragedy:’ B.C. photographer captures nature’s trifecta

David Luggi’s photo from a beach in Fraser Lake shows Shovel Lake wildfire, Big Dipper and an aurora

Blue Tie Campaign set to tee off Aug. 25

Annual event is fundraiser for the Island Prostate Centre

Vancouver Island woman to attempt historic swim across Juan de Fuca Strait today

Ultra-marathon swimmer Susan Simmons to attempt to swim from Victoria to Port Angeles and back

VIDEO: Errington parade and zucchini races

Hi Neighbour Day attracts participants young and old Aug. 18

‘Hard on water:’ Smoke not the only long-range effect of wildfires

The project began more than 10 years ago after southern Alberta’s 2003 Lost Creek fire

B.C. VIEWS: Genuine aboriginal rights can be misused and discredited

Camp Cloud one of long line of protests falsely asserting title

Prime Minister Justin Trudeau to march in Montreal’s Pride parade

Trudeau will end the day in his home riding of Papineau

Vancouver Whitecaps give up late goal in 2-2 draw with New York Red Bulls

Four of Vancouver’s next five games are at home

RCMP looking for missing Duncan teen

Dallas Macleod, 18, was last seen on Aug. 10

Evacuation order issued in Island village due to “risk of falling debris”

Fire continues to threaten town’s only access road

Most Read