Starting January 1, 2025, a new tax in British Columbia aims to curb short-term property flipping and stabilize the housing market. The BC home flipping tax applies to any profit made from selling a property (including presale contracts) that has been owned for less than 730 days.
This tax, imposed under the Residential Property (Short-Term Holding) Profit Tax Act, is part of the provincial Homes for People Plan to address housing affordability. It's important to note that the BC home flipping tax is distinct from federal property flipping rules and is administered separately.
If you’re considering selling a property you’ve owned for less than two years, be aware of the potential tax implications. Properties purchased before January 1, 2025, could still be subject to the tax if sold after this date. However, exemptions may apply in certain cases.
For detailed information and exemptions, click here for the official government website. Disclaimer: This information is believed to be accurate, but please refer to the government website to confirm all details.
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