VANCOUVER (NEWS 1130) – Given a real shortage of purpose built rental housing, the province is set to give local governments the tools to add new units.
That will include new powers to create rental-specific zoning and the authority to protect existing rental buildings.
“We’re starting to see an appetite in the development sector to build rental only, and right now this is just another tool local governments have in their toolkit to spur that activity on,” says housing minister Selena Robinson.
The province is also planning a crackdown on tax evading condo flippers — with a plan to change the law to force real estate marketers to collect and report info on contract assignments.
“For too long, people who resell condos before they have been built have been inflating real estate prices, without necessarily paying taxes on their gains,” says Finance Minister Carole James in an e-mailed release. “We are making it fairer for people who want to buy a condo, by making sure those who flip pre-sale condos are paying their fair share.”
There’s also a plan from the province to change the law to compel local governments to assess what types of housing their communities need, so that they ensure there’s enough rental housing if that’s needed.