The B.C. government will table a piece of legislation aimed at taxing housing market speculation and home flipping.
Government officials said the proposed legislation is meant to help increase housing supply and affordability.
“Families shouldn’t have to compete with house-flipping investors when they’re trying to buy a home,” said Premier David Eby. “This tax will deter speculators and give families looking for a place to live an advantage in our housing market.”
The B.C. government expects to introduce the home-flipping tax in the spring and, if passed, it will take effect on Jan 1, 2025.
“Any home sold within two years of purchase will be taxed, with the revenue funding new homes,” said B.C. government officials. “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.”
“We know that people are struggling to find homes to rent or buy in areas that are close to work and their families,” said Katrine Conroy, Minister of Finance. “We want people to know our government has your back. That’s why Budget 2024 takes further steps to deliver more housing for people faster and make sure homes are lived in.”
This comes after other measures taken by the provincial government aimed at strengthening B.C.’s housing supply.
“For many people, housing is their number one concern,” said Ravi Kahlon, Minister of Housing. “We are delivering results, but we’re not done. B.C. Builds is going to deliver thousands of middle-class homes in communities people want to live in.”