20 Percent BC Home Flipping Tax Targeting ‘Bad Actors’ to Begin in 2025
Published on February 23, 2024
British Columbia has implemented a new tax that targets the quick sale of residential properties in a bid to “discourage speculators” from driving up housing costs. The province’s home-flipping tax, unveiled Feb. 22 as part of the 2024 budget, will single out people who sell homes two years or less after purchasing. It is set to take effect Jan. 1, 2025. B.C. Finance Minister Katrine Conroy said the tax will be levied on home flipping profits with revenues going to build “middle-class homes” throughout the province. She described the tax during her Feb. 22 presentation of the provincial budget as a way to target “bad actors” who put “profits ahead of people.”...