B.C. government introduces new home-flipping tax legislation [Video]

The British Columbia government has introduced legislation enacting its new home-flipping tax on Wednesday.

The province says the tax will target speculators and improve housing supply.

“Wealthy investors are using housing as a short-term investment to make a fast profit while people looking for homes can’t get into the market,” Finance Minister Katrine Conroy told media after introducing the bill in the B.C. legislature.

“Buying a home is one of the biggest decisions and milestones in people’s lives, whether it’s their first apartment or a new home to make space for their growing family, and we don’t think families should have to compete against speculators when they are making such an important decision, so we are making profiteers think twice about their flipping behaviour.”

Under the proposal, first announced in the 2024 budget, anyone who buys a home and then sells it within two years of purchase will be taxed.

Profits on homes sold within …