A new Condo and Strata Assignment Integrity Register (CSAIR) has been introduced by the BC Ministry of Finance to track condominium pre-sales throughout the province.
How the register will work
The BC Land Title and Survey Authority will administer the online register which will be a database for assignments of purchase agreements for all residential condo and strata lots in BC, including both pre-sale lots and completed lots.
A pre-sale purchase agreement refers to acquiring the right to purchase a condo or strata lot from a developer before the building is completed and registered with the land title office.
An assignment is the transfer of the right to purchase the condo or other strata lot.
Information collection
Developers are responsible for collecting and reporting this information on all assignments of purchase agreements entered into on or after January 1, 2019.
Developers will be required to report quarterly:
- all developments; and
- comprehensive assignment information such as the identity and citizenship of all parties to the assignment.
The first quarterly assignment report, for January 1 to March 31, 2019, is due April 30, 2019.
How will the government use this information?
The BC government will use information from developers in the CSAIR to ensure anyone assigning a condominium pays the applicable income tax, capital gains, and Property Transfer Tax.
Information in the CSAIR will be kept confidential, but will be shared with other agencies including the Office of the Superintendent of Real Estate and Canada Revenue Agency.
The goal is to ensure assignment transactions are reported and the appropriate taxes assessed.
Information collected will also be used to inform future housing and tax policy.
From REBGV.ca
