The B.C. government today launched Canada’s first online pre-sale register in an effort to thwart tax evasion and real estate speculation.
Starting this year, developers are required to collect information on pre-sale condo assignments and submit that information quarterly to the new Condo and Strata Assignment Integrity Register (CSAIR).
"For too long, speculators and tax evaders have been taking advantage of loopholes in our real estate market, driving up prices and shutting British Columbians out of the market," stated Minister of Finance Carole James in a news release.
“We are leading the country in real estate transparency and taking real action to moderate the condo market. We're already starting to see results in Metro Vancouver."
The register will be administered by the Land Title and Survey Authority, which charges a $195 filing fee per assignment – when a buyer sells the purchase contract of their condo to another buyer, before the development’s completion date.
Developers’ first quarterly report is due April 30. The provincial government will use the information to ensure the appropriate amounts of income, capital gains and property transfer taxes are paid.
The information gathered will also be used to inform future housing and tax policies.
The register is part of the BC NDP's 30-point plan around housing, which was launched along with Budget 2018.