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Condo developers in B.C. asked for more information about hot presale market

By Joanne Lee-Young for Vancouver Sun

Condo developers will be required by law to collect and report information on buyers who flip sales contracts for a higher price, according to legislation proposed by the B.C. NDP government.

This is a segment of the real estate market that has been exempt from the dampening effect of the foreign-buyers tax and disclosure rules for so-called shadow-flipping.

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For now, the Ministry of Finance plans to collect the personal or business identity of all parties in an assignment agreement, including name, social insurance number, contact details and the amount paid by the buyer to the seller. It will not only be asking for details about assignments, but also first contract buyer details.

In recent years, prices for presale condos (condos that can be purchased but haven’t been built yet) across Metro Vancouver have seen high, double-digit price gains of 40 to 60 per cent, and even higher, as other parts of the housing market have cooled or risen more moderately.

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