VICTORIA — Starting now, the provincial government has announced, the B.C. home-flipping tax is in place to discourage investors from buying housing to turn a quick profit.
People who sell their home within two years of buying will be subject to the tax, unless they qualify for an exemption, such as divorce, job loss or change in household membership.
It is expected approximately 4,000 properties will be subject to the tax in 2025, the release reads. “All revenue from the tax will go directly into strengthening housing programs and building new affordable homes in B.C.,” it continues.
The province is also supporting the delivery of more rental homes. New purpose-built rental buildings of four units or more, purchased between Jan. 1 and Dec. 31, 2030, may also qualify for an exemption from the general property transfer tax.
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