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ARTICLE · 12 JUNE 2018

Bill 25 – New Assignment Reporting Requirements Under REDMA: What Developers Need To Know

McCarthy Tétrault
McCarthy Tétrault
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McCarthy Tétrault

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On February 20, 2018, the B.C. government unveiled its Budget and Fiscal Plan 2018/19 – 2020/21[1] (the "Budget").

CanadaReal Estate and Construction
The Lay Of The Land
The Lay Of The Land
McCarthy Tetrault LLP
McCarthy Tetrault LLP
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On February 20, 2018, the B.C. government unveiled its Budget and Fiscal Plan 2018/19 – 2020/211 (the "Budget"). Coinciding with the Budget's release, the government announced its intention to amend the Real Estate Development Marketing Act2 ("REDMA") to "require developers to collect and report comprehensive information about the assignment of pre-sale condo purchases", with the objectives of "shar[ing] the information with tax authorities to support compliance with federal and provincial taxes", "helping ensure people pay their fair share of taxes", and "inform[ing] future housing and tax policies."3

Two months later, the government introduced Bill 254 with a view to implementing its earlier announcement. In a news release accompanying the introduction of Bill 25, the government emphasized that the central concern motivating the bill is the practice of pre-sale condo "flipping" – the primary goal is, according to the government, "to address both housing demand

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