Developers must also make a “reasonable effort” to report on past transactions, according to the rules. British Columbia will set up a registry to track the ownership of new condominium projects under development to crack down on tax evasion in the real estate industry, the western Canadian province said. “The days of avoiding taxes through condo flipping are over,” Finance Minister Carole James said in the statement Monday. “This registry will help bring fairness and integrity back to B.C.’s real estate market, so that people can afford homes in the communities where they live and work.”Developers often market new projects through presale purchase agreements that give a buyer the right to acquire a unit when complete. During the recent boom years of Vancouver’s real estate market, such rights were sold from one buyer to the next at increasingly inflated prices without the gains being taxed because there was no way to track the transactions.

Source: thestar November 06, 2018 13:52 UTC