Condo king calls for tax on flipping homes

Bob Rennie, the ‘condo king’ of Vancouver, says that there should be a new tax on those who speculate on the property market.

CBC is reporting that Rennie suggested the idea to an audience at the Urban Development Institute saying that there could be a sliding scale of tax rates depending how quickly properties were flipped.

He said that since banks won’t finance condos until the development is 60 per cent sold and it then takes some time to build, by the time the owners are able to move in they choose to sell up instead due to the rise in market value.

Rennie told reporters later that he did not agree on taxing foreign ownership but that speculation should be discouraged.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Market update:

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release


Do you invest in commercial properties?