The provincial government has announced more actions to address the housing crisis.
Finance Minister Carole James and Housing Minister Selina Robinson unveiled 3 new measures to address both housing demand and supply.
James says the Province will crack down on pre-sales of condominiums, which can be flipped several times by buyers without anyone ever living in them. During the flipping buyers avoid paying the capital gains tax, and the price of the condo is driven higher.
As well, local governments are being given the power to protect rental buildings, encourage the building of rentals, and will require communities to assess their housing needs.
Robinson says proposed legislation is aimed at giving local governments zoning tools to create rental zones, protect existing rental stock, and improve the rental housing supply.
If the legislation passes developers will be required to collect and report buyer information on the purchases of pre-sale condominiums, to ensure the proper amount of tax is paid when the units are sold.
Victoria Mayor Lisa Helps says by pre-zoning lands for rental the city will be creating certainty for the development community. She says developers will know if they build on that land they won't have to jump through hoops and can just get their shovels in the ground. Helps calls it "significant enabling legislation."