Home flipping has been a focus for policy makers in recent years, with both the federal and B.C. governments introducing tax measures to rein it in — all in the name of trying to address housing affordability.
But how significant is the issue, and to what degree does it contribute to the housing crisis in the province?
New data from Statistics Canada sheds some light on home flipping, focusing on the period from 2019 to 2021.
According to the report released Tuesday, 2.8 per cent of homes sold in the province during that time had been owned by the seller for less than one year — the definition of home flipping.
“I don’t think property flipping is a major cause of the housing difficulties we’ve had in British Columbia. In some ways, it’s a consequence,” said Tom Davidoff, an associate professor at the Sauder School of Business at the University of British Columbia.
WATCH | Is home flipping impacting affordability in B.C.? Statistics Canada …