Vancouver developer donates flip fees
December 19, 2017
Metro Vancouver pre-sale condo buyers sometimes sell their sale assignments before the project completes for a number of reasons. Often, however, it is to flip the condo assignment for a profit because it is common for new Vancouver-area condos to appreciate in value between their start and completion.
Some developers charge a fee to pre-sale buyers for the right to flip their assignments, while others outlaw or restrict them. Assignment sales are controversial—both federal and provincial tax officials suspecting some sales are used to avoid foreign homebuyer capital gains taxes.
But one developer has found away to turn assignment sales into a community benefit.
Townline, a major B.C. developer, is contributing the assignment fees they collect to social groups and housing affordability programs in the community where a specific project is being built.
The first donation is from one of Townline’s sold-out condo project Calla in Richmond, a Metro Vancouver suburb. Calla condos pre-sold starting at around $350,000. Calla is anticipated to be complete in spring 2018. The assignment fees collected to date total $46,485, and will be donated to the City of Richmond’s Affordable Housing Reserve Fund by Townline.