23.91°C Vancouver 23.91°C Vancouver
Jan 2, 2025 5:39 PM - Connect Newsroom
A new home-flipping tax in British Columbia will go into effect on January 1, 2025. Under the new rules, profits from homes sold within two years will be taxed. If a person buys and sells a new home within one year, they will be required to pay a 20% tax on their profits. If the home is sold after 18 months, the tax will be reduced to 10%.
Homes sold after two years will be exempt from the home-flipping tax. Exemption will also be made in cases of divorce, job loss, or changes in family circumstances.
The provincial government introduced this measure to crack down on speculators who purchase homes for profit. According to the BC government, the goal is to help families access affordable homes.
