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 reports 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 as 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 that 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.