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B.C. Law Targets Condo Flipping, Tax Evasion, Rental Home Protection

B.C. law targets condo flipping, tax evasion, rental home protection

By Dirk Meissner for CTV News

VICTORIA — British Columbia’s government wants to crack down on tax evasion in the condominium market and gives municipalities more control over rental housing as it looks for ways of easing a housing crunch.

Finance Minister Carole James said legislation introduced Tuesday would require developers to collect and report buyer information on the purchase and sale of condos before they are built to ensure the proper amount of tax is paid.

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The prices of so-called presale condominiums are inflated by people who buy and sell the properties without ever living in them or paying capital gains tax, she said.

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