BC launches registry aimed at cracking down on hidden home ownership

The BC Government has launched a publicly accessible registry aimed at tracking who owns real estate in the province.

According to the province, the registry is an effort to crack down on tax evasion through home ownership and is designed to improve transparency in the real estate market.

“British Columbia has developed a reputation as an attractive place to anonymously invest and hide wealth. Right now in B.C., real estate investors can hide behind numbered companies, offshore and domestic trusts, and corporations,” said Carole James, Minister of Finance.

“Ending this type of hidden ownership in real estate will help us fight tax evasion, tax fraud and money laundering. Our goal is to return fairness to the housing market.”

As part of BC's 30-Point Plan for Housing Affordability, we are taking initial steps to end the hidden ownership of real estate and to make sure people are paying their fair share of taxes. #bcpoli #vanre https://t.co/BvEbqWFofH

— BC Government News (@BCGovNews) June 20, 2018

The registry comes alongside a new speculation tax and an increased foreign buyers tax aimed at tackling housing speculation in B.C.

The province has posted information online about the proposed changes, giving British Columbians until August 19, 2018, to provide feedback.

Legislation is expected to be put forward in the fall that would officially establish the database. When established, it will be the first database of it’s kind in Canada.