The Government of British Columbia is enacting new measures to address housing affordability and discourage speculative practices in real estate. Starting January 1, 2025, the B.C. home-flipping tax will apply to properties sold within two years of purchase, with exemptions for specific circumstances like divorce or job loss. The government anticipates that approximately 4,000 properties will be subject to this tax in its first year, with all revenue allocated toward housing programs and affordable home construction.
Since April 1, 2024, the province has expanded affordability programs, including raising the first-time homebuyers’ program threshold from $500,000 to $835,000. This adjustment has helped over 22,000 first-time buyers in 2024, more than double the 9,500 supported in 2023. Eligible buyers now save up to $8,000 in property transfer tax on homes valued up to $835,000.
To further promote affordable homeownership, the newly built home exemption threshold was increased from $750,000 to $1.1 million. This change supported approximately 10,300 buyers in 2024, an increase of nearly 3,000 from the prior year. Additionally, new purpose-built rental buildings of four or more units purchased between January 1, 2025, and December 31, 2030, may qualify for property transfer tax exemptions, further enhancing rental housing availability.
