British Columbia has tabled legislation to enact a 20 per cent home-flipping tax on those who sell their home within the first year of ownership.
Conroy told reporters Wednesday that her office estimates the tax will apply to about 4,000 home sales a year. The tax was introduced in this year’s budget, which says it is expected to generate $43 million in the first full fiscal year, and the province has promised the money will go directly to building affordable housing.
“The result is they often vote against needed repair and maintenance or an increase in strata fees. This legislative change will support sustainable strata communities in B.C.”Conroy said it also wouldn’t apply to sellers who add to the housing market, such as those creating a basement suite.B.C. Housing Minister Ravi Kahlon said about seven per cent of the province’s housing sales in the last two years have been speculative in nature, meaning the federal tax is “not enough.