BC’s pre-sale registry to prevent condo flipping

In an online Vancouver Sun poll last November, readers were asked: Do you think BC should set up a registry for pre-sale condos to curb tax evasion? – 79% of the approximate 700 respondents agreed with that idea.

Well, that registry is here.

On Monday (February 25) the BC government launched the Condo and Strata Assignment Integrity Register (CSAIR) “to crack down on tax evasion and improve fairness and transparency in B.C.’s real estate market,” according to the government’s press release.

It means that developers selling strata units must:

  • Include terms and a notice in their contracts to inform buyers of the new collection and reporting requirements;
  • Collect information, including the terms of the assignment and the name and social insurance number or business information of the parties to the assignment; and
  • Report this information in the online register.

Last year we published a article outlining some of the implications of the condo and strata assignment registry in NewsReal article.

For more information: See Ministry of Finance Press Release