Vancouver Sun: Top Vancouver realtor rapped for trying to avoid new 15% property transfer tax

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July 28, 2016 | Jeff Lee

Quoted from the article:

Premier Christy Clark also weighed in, saying her government will be auditing sales to make sure offshore purchasers aren’t trying to game the system. She chastised real estate agents who are advising clients to re-assign their pre-sale contracts to Canadian citizens to avoid the tax.

“No they should not be doing that,” she said Wednesday.

“And they should know, and be informing their clients that every single one of these transactions could be audited. And we have an audit team ready to go to make sure every one of these transactions that was on the table and closes before Aug. 2 gets a very close look and anyone trying to find loopholes is going to find quickly those loopholes don’t stand up.”

However, NDP housing critic David Eby says he doesn’t think Stewart did anything wrong, especially since he was talking about pre-sales contracts. He said the dispute helps to illustrate loopholes the NDP warned the Liberal government were in the legislation.

“It is true you can assign a pre-sale contract without paying the tax. It is totally clear in the legislation that the tax doesn’t kick in until the title is registered,” Eby said. 

“I don’t think it is OK. It demonstrates the flaws in the government’s proposal.”

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