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
'They needed people inside Air Canada:' Police announce arrests in Pearson gold heist
Police say one former and one current employee of Air Canada are among the nine suspects that are facing charges in connection with the gold heist at Pearson International Airport last year.
House admonishes ArriveCan contractor in rare parliamentary show of power
MPs enacted an extraordinary, rarely used parliamentary power on Wednesday, summonsing an ArriveCan contractor to appear before the House of Commons where he was admonished publicly and forced to provide answers to the questions MPs said he'd previously evaded.
Leafs star Auston Matthews finishes season with 69 goals
Auston Matthews won't be joining the NHL's 70-goal club this season.
Trump lawyers say Stormy Daniels refused subpoena outside a Brooklyn bar, papers left 'at her feet'
Donald Trump's legal team says it tried serving Stormy Daniels a subpoena as she arrived for an event at a bar in Brooklyn last month, but the porn actor, who is expected to be a witness at the former president's criminal trial, refused to take it and walked away.
Why drivers in Eastern Canada could see big gas price spikes, and other Canadians won't
Drivers in Eastern Canada face a big increase in gas prices because of various factors, especially the higher cost of the summer blend, industry analysts say.
Doug Ford calls on Ontario Speaker to reverse Queen's Park keffiyeh ban
Ontario Premier Doug Ford is calling on Speaker Ted Arnott to reverse a ban on keffiyehs at Queen's Park, describing the move as “needlessly” divisive.
'A living nightmare': Winnipeg woman sentenced following campaign of harassment against man after online date
A Winnipeg woman was sentenced to house arrest after a single date with a man she met online culminated in her harassing him for years, and spurred false allegations which resulted in the innocent man being arrested three times.
Woman who pressured boyfriend to kill his ex in 2000s granted absences from prison
A woman who pressured her boyfriend into killing his teenage ex more than a decade ago will be allowed to leave prison for weeks at a time.
Customers disappointed after email listing $60K Tim Hortons prize sent in error
Several Tim Horton’s customers are feeling great disappointment after being told by the company that an email stating they won a boat worth nearly $60,000 was sent in error.