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British Columbia to start tracking foreign real estate buyers

Published 2016-05-10, 05:29 p/m
British Columbia to start tracking foreign real estate buyers

VANCOUVER, May 10 (Reuters) - The western Canadian province
of British Columbia said on Tuesday new rules requiring that
real estate buyers who are not Canadian citizens or permanent
residents identify their country of citizenship will take effect
on June 10.
The measures are part of an effort to collect more data on
the role foreign buyers are playing in the province's real
estate markets, particularly in red-hot Metro Vancouver, where
residential prices jumped 25.3 percent in the last year.
Many Vancouverites blame foreign buyers, mostly from
mainland China, for pushing housing prices out of reach of local
residents, though there is little official data available to
back up the anecdotal claims.
The province also said new rules cracking down on real
estate contract assignments - dubbed "shadow flipping" by local
media - would come into effect on May 16. The crackdown was
originally announced in March.
Shadow flipping is where a party agrees to buy a property
for a set price, but before the sale closes, they resell the
contract to a third party for a higher price, taking the
difference between the original and new selling price as profit.
"Government will not tolerate unethical or predatory conduct
in the real estate market," Premier Christy Clark said in a
statement.
The new rules require that all licensed agents include two
terms in sales contracts, one requiring the seller's consent
before assigning a contract and a second requiring that any
profit from contract assignment be turned over to the original
seller.

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