VICTORIA - The British Columbia government says it has launched Canada's first registry aimed at cracking down on pre-sale property flipping and tax evasion in B.C.'s real estate market.
The Ministry of Finance says the Condo and Strata Assignment Integrity Register will improve fairness and transparency in property transactions.
Finance Minister Carol James says in a news release that the register will take "real action to moderate the condo market," and is already starting to see results in Metro Vancouver.
Condo developers will be required to securely gather and report the identity and citizenship of anyone completing a contract assignment in a project.
A contract assignment occurs when a buyer sells, or "flips," their purchase contract…