British Columbia has tabled legislation to enact a 20% flipping tax on those who sell their home within the first year of ownership.
Finance Minister Katrine Conroy told the legislature that the tax is aimed at speculators who use housing only to turn a quick profit and it will make “profiteers think twice about a practice that inflates housing costs during a housing crisis.”
The tax rate starts out at 20% of income earned from a property sold within 365 days, falling to zero at 730 days when the tax no longer applies.
Conroy told reporters Wednesday that her office estimates the tax will apply to about 4,000 home sales a year.
“Wealthy investors are using housing as a short-term investment to make a fast profit, while people looking for homes can’t get into the market,” she said.
“Buying a home is one of the biggest decisions…
