Recent legislation introduced by the BC Government will
require builders to collect and report their buyer's information on the
purchase and sale of condos before they are built. The NDP are putting this
practice into place because they are concerned speculators are making purchases,
riding out the equity increases while the property is being built, then selling
them at a profit without ever living in them or reporting any of the capital
gains.
“This is a key step to stopping people from using presale
condos as a quick, lucrative investment,'' says Carol James. ``It's also to
stop them from driving prices up for British Columbians trying to get into the
housing market.''
This legislation would force the reporting of the condo
flips and allow the government to collect the tax.
The NDP also introduced amending legislation to give
municipal governments stronger zoning tools to protect and improve the supply
of rental properties. It will allow them to ensure existing rental properties
cannot be redeveloped for other uses. Undeveloped land zoned for rental will be
used for rental homes.
Other steps the provincial government recently took include
the introduction of a speculation tax on vacant homes to encourage rentals,
increased foreign buyers tax on property sales and the creation of a housing
hub program to link non-profit and faith groups with property to developers to
build affordable housing.
No comments:
Post a Comment