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

Ahousaht welcomes massive Surfrider Canada conference to Meares Island near Tofino

“It was the first time we’ve all come together.”

Alberni RCMP kept busy with 170 calls over May long weekend

Detachment answers calls from fatal vehicle crash to man with a gun, trailer thefts

Celebrate cycling in Port Alberni during Bike to Work and School Week

Numerous ‘celebration stations’ are planned for May 28 to June 2

Chaos and creativity reign at Alberni’s Rollin Art Centre

The next art exhibit at the Rollin Art Centre will be an… Continue reading

Ucluelet shakes up emergency services, removes manager, eyes new sirens

District has eliminated Emergency and Environmental Manager position

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

Construction crane tips over at Nanaimo work site

Incident happened Wednesday morning at Turner Road and Uplands Drive

30 C in B.C., 30 cm of snow expected for eastern Canada

It might be hot in B.C., but the rest of Canada still dealing with cold

Horgan defends fight to both retain and restrict Alberta oil imports

Alberta says pipeline bottlenecks are kneecapping the industry, costing millions of dollars a day

Police release video on how to ‘run, hide, fight’ if there’s an active shooter

Vancouver police offer video with input from E-Comm, BC EHS, Vancouver Fire and Rescue

RCMP caution boaters after two kids pass out from carbon monoxide poisoning

Both children were given oxygen and taken to hospital

B.C. invests $115M to create 200 new nurse practitioner jobs

Health Minister says 780,000 B.C. residents don’t have a family doctor

Supreme Court rules social housing residents in B.C. deserve rights too

Tenants trying to stabilize their living situations should not face less legal rights than those paying market rates: Judge

Union calls on prime minister to step into ‘stalled’ Phoenix compensation talks

For more than two years, thousands of federal workers have been affected by Phoenix system

Most Read