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

VIDEO: Pipeline supporters rally in Langley

One of five events organized by month-old Suits and Boots group

VIDEO: All about bees at Langley festival

First-ever event part of official opening day at demonstration garden in Derek Doubleday Arboretum

B.C. Ferries cancels Swartz Bay-Tsawwassen sailings over propulsion problem

11:00 ferry now good to go, but lines anticipated

Abbotsford student cleans up at national science fair

Raul Pinol, 15, enters project on condensation of water using geothermal energy

Langley rep fastpitch squad goes 8-0 in White Rock tourney

The Fraser Valley Fusion 2006 rep A team took top honours in the Pride and Power Tournament.

Buy a lotto ticket and be a hero to B.C. burn victims

The Hometown Heroes Lottery is offering up seven grand prizes including a home in Lake Country

Giant beer tanks arrive in new B.C. home city

Molson Coors tanks finish river journey and move to overland trip in Chilliwack

VIDEO: B.C. woman praises burn fund after boat explosion in 1978

White Rock woman was 16 years old when she was left with second- and third-degree burns

B.C.’s Ryan Craig, Vegas Golden Knights chase history

Local product behind bench for expansion team’s incredible championship run

CP rail workers give strike notice

Employees could walk out as early as Tuesday at 7 p.m. PT

Suspected scammer attempts to use Black Press newspaper to dupe woman

Canadian Anti-Fraud Centre offers tips after Langley resident received suspicious call

Vote points to abortion being legalized in Ireland

Voters asked whether to keep or repeal Eighth Amendment to Roman Catholic Ireland’s Constitution

COLUMN: Women’s breasts really aren’t that big a deal

A follow on some Princeton, B.C., students gained considerable exposure when they dropped their bras

Most Read