RSS

B.C. Flipping Tax Coming

CBC News Vancouver has a great article that summarizes the new flipping tax the Provincial Government in BC is introducing later this year.

Click here for a direct link to the article BC to tax sellers who flip property after 2 years or less

Key points on this new tax mentioned in the article include:

  • tax rate will be 20% for properties sold within one year of purchase
  • the tax rate slides down to zero between 366 and 730 days after acquisition but would still be 10% even after a year and a half of ownership
  • The plan is to have it in effect for properties sold on or after Jan. 1, 2025 and will also apply to properties purchased before then.
  • The tax will apply to income from the sale of properties with a housing unit and properties zoned for residential use. It also applies to income made from condo assignments.
  • It does not apply to land or portions of land used for non-residential purposes, according to the government's budget documents.
  • Other exemptions under the tax include life circumstances such as separation, divorce, death, disability or illness, relocation for work, involuntary job loss, change in household membership, personal safety, or insolvency.
  • The tax is to be paid in addition to any federal or other provincial income taxes incurred from the sale of property.
Here's a video from Global News on the same topic:

Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.