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
DEVELOPING Person on fire outside Trump's hush money trial rushed away on a stretcher
A person who was on fire in a park outside the New York courthouse where Donald Trump’s hush money trial is taking place has been rushed away on a stretcher.
Mandisa, Grammy award-winning 'American Idol' alum, dead at 47
Soulful gospel artist Mandisa, a Grammy-winning singer who got her start as a contestant on 'American Idol' in 2006, has died, according to a statement on her verified social media. She was 47.
Senators reject field trip to African Lion Safari amid elephant bill study
The Senate legal affairs committee has rejected a motion calling for members to take a $50,000 field trip to the African Lion Safari in southern Ontario to see the zoo's elephant exhibit.
CFIA monitoring for avian flu in Canadian dairy cattle after U.S. discoveries
The Canadian Food Inspection Agency is encouraging veterinarians to keep an eye out for signs of avian influenza in dairy cattle following recent discoveries of cases of the disease in U.S. cow herds.
She set out to find a husband in a year. Then she matched with a guy on a dating app on the other side of the world
Scottish comedian Samantha Hannah was working on a comedy show about finding a husband when Toby Hunter came into her life. What happened next surprised them both.
DEVELOPING G7 warns of new sanctions against Iran as world reacts to apparent Israeli drone attack
Group of Seven foreign ministers warned of new sanctions against Iran on Friday for its drone and missile attack on Israel, and urged both sides to avoid an escalation of the conflict.
'It could be catastrophic': Woman says natural supplement contained hidden painkiller drug
A Manitoba woman thought she found a miracle natural supplement, but said a hidden ingredient wreaked havoc on her health.
After hearing thousands of last words, this hospital chaplain has advice for the living
Hospital chaplain J.S. Park opens up about death, grief and hearing thousands of last words, and shares his advice for the living.
Vancouver firefighter in rehab at home after losing leg to flesh-eating infection overseas
A family trip took a frightening turn for Christopher Won when he was diagnosed with flesh-eating disease while in Hong Kong and now, after weeks of treatment overseas, the Vancouver firefighter is back home recovering.