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British Columbia Introduces 20% Tax on Home-Flipping

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British Columbia,Tax,Home-Flipping

The Canadian province of British Columbia has proposed a tax on those who sell their homes within the first year of ownership. The tax is aimed at speculators who use housing for quick profits and is expected to affect around 4,000 home sales annually.

British Columbia has introduced legislation to impose a 20% tax on home-flipping, targeting speculators who profit from quick property sales. The tax will apply to properties sold within the first year of ownership, with the rate decreasing to zero after 730 days.

Finance Minister Katrine Conroy stated that the tax aims to discourage practices that drive up housing costs during a housing crisis. It is estimated that the tax will affect around 4,000 home sales annually.

 

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British Columbia Introduces Home-Flipping Tax to Deter SpeculatorsThe province of British Columbia has tabled legislation to enact a home-flipping tax, charging 20% to those who sell their home within the first year. The tax aims to deter speculators and generate revenue for affordable housing.
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