B.C. Liberal leader Andrew Wilkinson says flipping of condo pre-sale condos is a problem in Metro Vancouver, but not widespread elsewhere. (Black Press files)

Opposition leader calls for ‘flipping tax’ on condo capital gains

B.C. Liberals say it’s better than NDP speculation tax

B.C. Liberal leader Andrew Wilkinson has proposed his own version of a “speculation tax” that he says will better target real estate practices that artificially drive up condominium prices.

Wilkinson presented a private member’s bill in the legislature Monday called the Strata Pre-Sale Contract Flipping Tax Act, which proposes a new capital gains tax on sellers who make quick profits on sales before construction is complete.

Like most private member’s bills, it has little chance of being passed, but Wilkinson said he hopes the NDP government will consider it.

The tax would duplicate the existing federal capital gains tax that applies to any sale for profit, effectively doubling the tax for pre-sale contracts sold on new developments.

“The idea is to tax the flipping of pre-sale contracts to slow down this ridiculous approach whereby people have trouble getting into the housing market, because the condo they want to buy has been flipped three or four times before they get there,” Wilkinson said.

The NDP government has brought in a “speculation tax” on second homes in urban areas where housing costs are high and rising. It was criticized for penalizing people with vacation homes, prompting Finance Minister Carole James to remove its application from rural areas in the Okanagan, Fraser Valley and Vancouver Island.

Wilkinson said the NDP government’s other housing tax, an extra school tax on homes worth $3 million or more, lands mostly on long-time homeowners rather than speculators.

Just Posted

Manager of Mission MP’s constituency office hoping to run in Abbotsford

Seamus Heffernan – and Paljeet Singh – seeking party’s nomination to run against Conservative Ed Fast

Mission’s ONTS presents nostalgic comedy Hilda’s Yard

Funny tale takes a look at family dynamics in the 1950s

Mission RCMP have noticed a recent trend in car thefts

Leaving your car unlocked while warming it up makes life easy for thieves

WATCH: Kwantlen artist unveils ‘highlight’ of his career at Ruskin Dam

Brandon Gabriel designed six panels that adorn the dam in Mission

Trudeau’s principal secretary, Gerald Butts, resigns amid SNC-Lavalin furor

Butts categorically denies the accusation that he or anyone else in the PMO improperly pressured former attorney general Jody Wilson-Raybould

Lost a ring? This B.C. man will find it for you

Chris Turner founded The Ring Finders, an international directory of metal detector hobbyists

Poverty coalition has high hopes for B.C. poverty reduction strategy

Funding allocation expected to be released with 2019 budget

‘How did we get here?’: B.C. mom of transplant recipient worries about measles outbreaks

Addison, 7, cannot get a live vaccine because she has a heart transplant

NDP Leader Jagmeet Singh calls for public inquiry over SNC-Lavalin questions

Vancouver member of Parliament Jody Wilson-Raybould resigned from cabinet last week

Canadian airlines waiting for guidance from Ottawa over X gender option

Major U.S. airlines said they will change their process so passengers can identify themselves along non-binary lines

UPDATE: Plane flips over at Pitt Meadows airport

The pilot and lone occupant exited the aircraft on his own and uninjured.

‘Violent’ B.C. man wanted on Canada-wide warrant

Prince George man with ties to Vernon sought by police

UPDATE: Rescue crews for 2 hikers caught up in possible avalanche on Mount Seymour

North Vancouver RCMP say they don’t know what the nature of the call is yet

Most Read