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Home Flipping Tax in BC to Take Effect January 1, 2025
BY Connect Newsroom, Dec 23, 2024 7:23 PM - REPORT AN ERROR
The primary goal is to discourage investors from buying properties solely to resell them for a quick profit.
The home flipping tax in British Columbia will come into effect on January 1, 2025. This tax targets individuals profiting from real estate speculation.
The primary goal is to discourage investors from buying properties solely to resell them for a quick profit. Finance Minister Brenda Bailey stated that real estate speculators drive up housing prices, making it harder for others to afford homes, and this new measure aims to address that issue.
Real estate speculators are defined as those who purchase property or land with the intent to sell it for a profit. According to the provincial government, the tax will apply to homeowners who sell their property within two years of purchase.
Exceptions will be made for individuals selling their homes due to divorce, job loss, or changes in family membership.
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