BC Government Budget Affecting Real Estate

One of the measures being introduced by the Government aimed at addressing the ongoing housing crisis in British Columbia is the BC Home Flipping Tax.

Starting January 1, 2025, a new tax will be implemented on the sale of residential properties within two years of purchase, targeting speculative real estate practices. This move is expected to contribute to stabilizing housing prices and increasing the availability of affordable 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.