BC (PROVINCE)

The Province of British Columbia is introducing a home-flipping tax as part of Budget 2024 measures to increase housing supply and affordability.

• The home-flipping tax will apply to homes sold within two years, with a tax rate of 20% in the first year and declining to zero over the next 365 days.

• Starting April 1, 2024, the First Time Home Buyers’ Program will be available for homes valued up to $835,000, with partial exemptions up to $860,000.

• A Newly Built Home Exemption will waive property transfer tax on new homes up to $1.1 million to encourage new home building.

• Rental home construction is being encouraged through enhancements to the exemption for purpose-built rentals, with purchases of qualifying rentals exempt from property transfer tax between 2025 and 2030.