B.C. To Introduce Home Flipping Tax

The province has more information on how it’s going up against home flippers.

A new home-flipping tax will deter speculators, giving families looking for a place to live an advantage in the housing market.

“Families shouldn’t have to compete with house-flipping investors when they’re trying to buy a home,” said Premier David Eby.

“This tax will deter speculators and give families looking for a place to live an advantage in our housing market.”

Legislation to introduce the B.C. tax will be introduced this spring.

If passed, the new law would take effect January 1st of next year.

At that time, any home sold within the first year of purchase will be taxed at 20 percent of the profit, with the revenue funding new homes.

Exemptions to the home-flipping tax will be available to people who face unavoidable life changes, including death and divorce, job relocation or loss, and people who are adding to B.C.’s housing supply.

To learn more, visit Government of British Columbia.