Flipping tax proposal 'really scary,' says B.C. MLA who bought and sold 3 homes in 4 years
A B.C. MLA who bought and sold properties three times over the last four years is speaking out against a proposed flipping tax designed to discourage real estate speculation in the province
Mike Bernier, housing critic for the opposition Liberals, called it a "really scary thought" that former housing minister David Eby has promised to tax house-flippers should he win the B.C. NDP leadership race later this year.
"What he's telling everybody, I guess, is … if you're fixing up your house and you sell it, and you make any profit at all, that you should be taxed," Bernier said Monday. "That's the message he's sending to British Columbians."
The proposed tax would only apply to homes sold within two years of the purchase date. Eby has suggested using a sliding scale that would force sellers to pay more the faster they flip a property.
Bernier's comments came after Eby pointed out the housing critic has bought and sold homes within a 14-month window three times since 2018, all in his Peace River South riding.
Documents from B.C. Assessment and Bernier's disclosure report show he sold the properties for upwards of $500,000 more than he paid for them.
"Unsurprisingly, he thinks he shouldn't have to pay tax on that," Eby told reporters in the legislature. "For most British Columbians, when you are making homes less affordable for people, when you are profiting from the shortage of housing we have in the real estate market, it's reasonable to them that you should pay additional tax that goes into providing affordable housing."
An image provided by Mike Bernier shows a Dawson Creek, B.C., home he purchased prior to undergoing renovations and being resold.
Bernier's homes, all located in the city of Dawson Creek, were purchased for $50,000, $75,000 and $110,000, then sold for $222,000, $324,900 and $260,000, respectively.
Asked about the sales, Bernier suggested he was providing a public service by renovating homes that had been deemed uninhabitable.
"They were sitting vacant, boarded up, no windows, no roofs," said Bernier. "These were homes that people couldn't live in, at all."
The MLA said he hired local crews to help fix up the homes, then sold them at "very affordable rates" – though Eby was still not impressed.
"He's not running a charity here," Eby said.
The candidate chosen to replace outgoing NDP leader John Horgan will also become premier of the province. Party members will be casting their ballots on Dec. 3.
With files from CTV News Vancouver's Bhinder Sajan
CTVNews.ca Top Stories
More than 115 cases of eye damage reported in Ontario after solar eclipse
More than 115 people who viewed the solar eclipse in Ontario earlier this month experienced eye damage after the event, according to eye doctors in the province.
Last letters of pioneering climber who died on Everest reveal dark side of mountaineering
George Mallory is renowned for being one of the first British mountaineers to attempt to scale the dizzying heights of Mount Everest during the 1920s. Nearly a century later, newly digitized letters shed light on Mallory’s hopes and fears about ascending Everest.
Toxic testing standoff: Family leaves house over air quality
A Sherwood Park family says their new house is uninhabitable. The McNaughton's say they were forced to leave the house after living there for only a week because contaminants inside made it difficult to breathe.
An emergency slide falls off a Delta Air Lines plane, forcing pilots to return to JFK in New York
An emergency slide fell off a Delta Air Lines jetliner shortly after takeoff Friday from New York, and pilots who felt a vibration in the plane circled back to land safely at JFK Airport.
B.C. seeks ban on public drug use, dialing back decriminalization
The B.C. NDP has asked the federal government to recriminalize public drug use, marking a major shift in the province's approach to addressing the deadly overdose crisis.
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
Decoy bear used to catch man who illegally killed a grizzly, B.C. conservation officers say
A man has been handed a lengthy hunting ban and fined thousands of dollars for illegally killing a grizzly bear, B.C. conservation officers say.
'I was scared': Ontario man's car repossessed after missing two repair loan payments
An Ontario man who took out a loan to pay for auto repairs said his car was repossessed after he missed two payments.
First court appearance for boy and girl charged in death of Halifax 16-year-old
A girl and a boy, both 14 years old, made their first appearance today in a Halifax courtroom, where they each face a second-degree murder charge in the stabbing death of a 16-year-old high school student.