By Canadian Press

B.C. ringing in new year with new rules, including 20 per cent home-flipping tax

Dec 31, 2024 | 9:09 AM

VICTORIA — A maximum 20-per-cent home-flipping tax is among a number of new regulations coming into effect in British Columbia starting Jan. 1.

The previously announced tax, to be levied against non-exempt people who sell homes within two years of purchase, is aimed at discouraging investors “from buying housing to turn a quick profit,” the province says.

Exemptions to the new tax include cases involving divorce, job loss or other changes in household membership.

The province has estimated that about 4,000 properties will be subject to the tax in the new year, with the revenue going toward “strengthening housing programs and building new affordable homes” in B.C.

The province also says a new maximum annual allowable rent increase rate of 3 per cent comes into effect Wednesday, down from 2024’s rate of 3.5 per cent.

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Other regulations coming into effect in the new year include new rules to cut methane emissions in B.C.’s oil and gas sector, as well as a possible general property tax exemption for buyers of qualifying purpose-built rental housing.

Later in January, the province says qualifying residents should also receive payments from the quarterly climate action tax credit as well as income support that will include a temporary 25 per cent cost-of-living bonus.

This report by The Canadian Press was first published Dec. 31, 2024.

The Canadian Press