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
Work stoppage possible as WestJet issues lockout notice to maintenance engineers' union
A lockout notice issued by WestJet to a union representing aircraft maintenance engineers could result in a work stoppage next week.
'I just can't believe that it took so long': Body found in wreckage 3 months after deadly fire
A man accused of arson in a January Old Strathcona apartment fire is expected to be charged with manslaughter after a body was discovered in the burned building late last month.
No proof man lied to brother about number of kittens born in litter, B.C. tribunal rules
A man was denied a $5,000 payout from his brother after a B.C. tribunal dismissed his claim disputing how many kittens were born in a litter.
Bodies recovered in Mexico likely 2 Australians, 1 American who went missing: officials
Three bodies recovered in an area of Baja California are likely to be those of the two Australians and an American who went missing last weekend during a camping and surfing trip, the state prosecutor’s office said Saturday.
BREAKING London Drugs begins 'gradual reopening' on 7th day after cyberattack
Almost a week after all London Drugs stores across Western Canada abruptly closed amid a cyberattack, they began a "gradual reopening" on Saturday.
Quebec police hand out hundreds of tickets to Hells Angels and other bikers before 'first run' meeting
Quebec provincial police handed out hundreds of fines to Hells Angels members and other supporting motorcycle clubs who met for their 'first run' in a small town near Sherbrooke, Que.
Auston Matthews skates ahead of Game 7, status unclear with season on the line
Auston Matthews was back on the ice with his teammates Saturday.
Russia puts Ukrainian President Zelenskyy on its wanted list
Russia has put Ukrainian President Volodymyr Zelenskyy on its wanted list, Russian state media reported Saturday, citing the interior ministry’s database.
Snakes almost on a plane: U.S. TSA discovers a bag with small snakes in passenger's pants
According to an X post by the Transportation Security Administration, officers at the Miami International Airport found the small bag of snakes hidden in a passenger's trousers on April 26 at a checkpoint.