More government intervention ruffles yet more feathers

More government intervention ruffles yet more feathers

 

The British Columbia government is cracking down on assignment flipping, which it says contributes to price escalation and tax evasion, but after a series intrusive policies brokers are sceptical.

“It addresses a loophole in taxation that I don’t disagree with—and that should be closed because if you profit from flipping a property, it should be deemed income or capital gains—but having said that the government has essentially come out and said it’s addressing a housing shortage when the housing shortage isn’t derived from that scenario,” said Nick Douce, VP of Tango Financial and VP and managing broker of Paragon Mortgage Group.

“It’s political pandering and BS because it’s not going to address the housing shortage.”

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