The Province of British Columbia is continuing to take bold action to address both housing demand and supply by cracking down on tax evasion on pre-sale condo assignments, giving local governments the power to protect and encourage the building of rentals, and requiring communities to assess their housing needs.
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“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,” said Carole James, Minister of Finance. “We are making it fairer for people who want to buy a condo, by making sure those who flip pre-sale condos are paying their fair share.”
If approved by the legislature, these changes to the Real Estate Development Marketing Act will require real estate developers to collect and report information on pre-sale condo assignments to ensure people are paying the appropriate taxes when these contracts are assigned.