VICTORIA (May 14, 2018) – Leader of the Official Opposition Andrew Wilkinson introduced the Strata Pre-Sale Contract Flipping Tax Act 2018 in the Legislature today.
“British Columbians expect real action to address housing affordability issues, not just wild tax grabs,” says Wilkinson. “This bill will ensure people who use our housing market like a stock market will not only pay the regular federal tax, but will also be subject to a provincial capital gains tax as well.”
If passed, the Act will address both foreign and domestic speculators who flip properties before construction is complete. It would replace the ill-conceived NDP Speculation Tax, which does nothing to slow down or stop speculation.
“We tabled this bill last week to prevent speculators from artificially inflating prices for homes that people haven’t even been able to live in yet,” says Wilkinson. “I look forward to debating it in the Legislature.”