Skip to Main content

16.24°^C Vancouver

News Entertainment Sports Videos Shows Podcast Contact Us

Jan 2, 2025 5:39 PM - Connect Newsroom

BC's New Home-Flipping Tax Goes Into Effect on Jan. 1, 2025

Share On

bcs-new-home-flipping-tax-goes-into-effect-on-jan-1-2025

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.

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.

Latest news

motorcyclist-seriously-injured-after-surrey-police-attempted-traffic-stop-iio-investigating

Motorcyclist seriously injured after Surrey police attempted traffic stop; IIO investigating

A motorcyclist was taken to hospital with serious but non-life-threatening injuries after a collision in Surrey early Friday following an attempted traffic stop by the Surrey Police Service. According to a Surrey Police Service news release, an officer attempted to stop a speeding motorcycle at about 3:30 a.m. near the Trans-Canada Highway and the 104 Avenue off-ramp. Police said the rider fled into oncoming traffic before colliding with a civilian vehicle. The motorcyclist was transported to hospital by BC Emergency Health Services for treatment. Police said no other people were injured in th

canadian-dairy-farmers-urge-ottawa-not-to-make-dairy-concessions-in-u-s-trade-talks

CanadaAug 07, 2026

Canadian dairy farmers urge Ottawa not to make dairy concessions in U.S. trade talks

Canadian dairy producers are urging the federal government not to offer any concessions on the dairy sector or Canada's supply management system as trade negotiations with the United States continue ahead of a key tariff deadline. In a statement, Dairy Farmers of Canada said the country's food sovereignty "is not for sale" and warned that any agreement weakening the dairy sector would not be in Canada's national interest. The organization said Canada has already made several concessions in recent months in an effort to advance discussions with the United States, but argued that the Trump admin

punjab-seeks-centres-intervention-over-canadian-work-permit-issues-affecting-students

IndiaAug 07, 2026

Punjab seeks Centre's intervention over Canadian work permit issues affecting students

Punjab NRI Affairs Minister Dr. Ravjot Singh says the state government is making efforts to protect the interests of Punjabi students in Canada who are facing work permit-related difficulties. According to the minister, about 1,500 students have been affected. He said the Punjab government is closely monitoring the situation to better understand the challenges faced by the students and to identify measures that could support them. Dr. Ravjot Singh said he has written to External Affairs Minister Dr. S. Jaishankar seeking an urgent meeting on the issue. In the letter, he urged the Central gover

rcmp-investigating-five-suspicious-brush-fires-near-shuswap-lake-amid-extreme-wildfire-danger

RCMP investigating five suspicious brush fires near Shuswap Lake amid extreme wildfire danger

RCMP are investigating five suspicious brush fires reported in the Shuswap Lake area after multiple fires broke out within a short period Wednesday evening while the region was under an extreme wildfire danger rating. According to the Columbia Shuswap Regional District, three fires were reported along Squilax–Anglemont Road, each approximately 100 metres apart. Shortly afterward, two additional fires were reported in the nearby Anglemont Estates area. Officials said the fires were contained quickly due to the prompt response of local residents and firefighters, preventing significant damage.

CanadaAug 07, 2026

Canada weighs trade concessions as it seeks relief from U.S. tariffs

The federal government is considering a series of trade concessions as it seeks relief from tariffs imposed by the Trump administration, according to sources familiar with the discussions. The measures under consideration reportedly include easing restrictions on the sale of U.S. liquor in some provinces, removing Canada's retaliatory tariffs on automobiles and expanding market access for U.S. dairy products. According to the sources, Prime Minister Mark Carney's government is attempting to demonstrate to the United States that Canada is committed to improving bilateral trade relations. One of

Related News

Motorcyclist seriously injured after Surrey police attempted traffic stop; IIO investigating

Motorcyclist seriously injured after Surrey police attempted traffic stop; IIO investigating

A motorcyclist was taken to hospital with serious but non-life-threatening injuries after a collision in Surrey early Friday following an attempted traffic stop by the Surrey Police Service. According to a Surrey Police Service news release, an officer attempted to stop a speeding motorcycle at about 3:30 a.m. near the Trans-Canada Highway and the 104 Avenue off-ramp. Police said the rider fled into oncoming traffic before colliding with a civilian vehicle. The motorcyclist was transported to hospital by BC Emergency Health Services for treatment. Police said no other people were injured in th

RCMP investigating five suspicious brush fires near Shuswap Lake amid extreme wildfire danger

RCMP investigating five suspicious brush fires near Shuswap Lake amid extreme wildfire danger

RCMP are investigating five suspicious brush fires reported in the Shuswap Lake area after multiple fires broke out within a short period Wednesday evening while the region was under an extreme wildfire danger rating. According to the Columbia Shuswap Regional District, three fires were reported along Squilax–Anglemont Road, each approximately 100 metres apart. Shortly afterward, two additional fires were reported in the nearby Anglemont Estates area. Officials said the fires were contained quickly due to the prompt response of local residents and firefighters, preventing significant damage.

B.C. adds 17,800 net jobs in July as unemployment rate falls to 6.2%

B.C. adds 17,800 net jobs in July as unemployment rate falls to 6.2%

British Columbia added a net 17,800 jobs in July, bringing the province's unemployment rate down to 6.2 per cent, according to employment figures highlighted by B.C. Jobs and Economic Development Minister Ravi Kahlon. Kahlon said the province recorded the largest increase in full-time employment in Canada during the month, with 32,500 full-time jobs added. The increase included 16,200 new full-time positions held by women, according to the provincial government. The minister also said B.C.'s manufacturing sector gained 3,100 jobs in July, while employment in the agriculture sector increased 43

Legals

Journalism code of ethics

© 2021 AKASH Broadcasting Inc.

MANAGED BY STRATWIT

useful links

Accessibility Plan

Broadcasting Notice of Consultation

BC Children's Hospital