Speculators targeted with new B.C. home flipping tax

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Through this act, residential property resold within two years will be subject to the tax.

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“Homes are meant to be lived in by people in our communities, not used for speculation,” Ravi Kahlon, Minister of Housing, said.

“While some want to allow speculation in the housing market, allowing speculators to make a quick profit – we know that people can’t afford that. We will keep building up supply and take action on the driving forces behind rising prices, including speculation.”

Approximately 4,000 properties across B.C. are expected to be the subject to the tax within the next year.

Revenue from the act will go directly into programs aimed at building new homes in the province.

There will be exemptions to the tax for divorce, death, relocation for work, job loss, or a change in household membership.

Builders will also be eligible for exemptions if they are adding to the housing supply or adding a suite or housing unit to a property that has an existing home.

The tax will go into effect on January 1, 2025, once legislation has passed.