Starting today, a new provincial tax aims to help people find homes they can afford.
The BC Government has announced the BC home-flipping tax, a tax that focuses on discouraging investors from buying homes to make a quick profit, while helping people find a home.
They say you’ll be subject to the tax if you sell your home within two years of buying, with the only exemptions being you’ve been divorced, lost your job or there has been a change in household membership.
Minister of Housing and Municipal Affairs Ravi Kahlon says this tax is another tool to help people find affordable housing.
“We’re working to deliver more homes so the people who keep our communities working, like teachers, nurses and construction workers, can find a place to live they can afford in the communities they love,” said Kahlon.
They expect 4,000 properties to be subject to the tax this year, with all of the money going to housing programs and to build more affordable homes.
