British Columbia will impose a new home-flipping tax of up to 20% on people who flip homes within two years of buying them, starting January 1. #cdnpoli #peipoli www.cbc.ca/news/canada/... - ThreadSky

peipolitical.bsky.social • 56 days ago

British Columbia will impose a new home-flipping tax of up to 20% on people who flip homes within two years of buying them, starting January 1. #cdnpoli #peipoli
https://www.cbc.ca/news/canada/british-columbia/bc-home-flipping-tax-2025-1.7421298

Comments

raven-design.bsky.social•55 days ago

Good

jtross0101.bsky.social•55 days ago

YES! About time.

fifthdentist.bsky.social•56 days ago

Well intentioned, but I wonder if 20% will be enough of a deterrence.

kwigleet.bsky.social•55 days ago

It simply moves the investment horizon - https://www.investopedia.com/terms/i/investment_horizon.asp - from the date of completion to two years in the future. I don't see it making any difference and possibly even worsening the rental situation depending on local laws. Meow.

voscovery.bsky.social•55 days ago

This is Probably right. If we get serious about housing and ban all foreign ownership, unless you have a visa etc, and ban all short term rentals, then give me a call.

kwigleet.bsky.social•55 days ago

I expect every liberal democracy is struggling with the same issues (We are in the UK) as governments beholden to Capital are unwilling to upset international wealth. Transparency of ownership is the first step towards sorting out the issues. All land in a country should belong to the people. Meow.

globalinterest.bsky.social•54 days ago

And there you have it , international money flowing to best returns, and crypto has now entered the picture.

kathyclarke55.bsky.social•54 days ago

The key is to stay informed, adaptable, and forward-thinking. This is just the beginning of a larger financial shift, and those who position themselves wisely now could be the leaders of tomorrow. Keep your eyes on the big picture innovation always rewards the bold

kathyclarke55.bsky.social•54 days ago

Absolutely! The flow of international money has always sought out the best returns, and now crypto has become a powerful player in that equation. It’s a testament to how global financial landscapes evolve with technology, offering opportunities for anyone willing to embrace the future of finance.

vetoveto.bsky.social•54 days ago

Ohhhh now yes. Never bevore. What a genius. Fucking dum dum

voscovery.bsky.social•54 days ago

Gotta hand it to Trump, he is preparing the crime of the century. It’s gonna make Bankman Fried and Madoff look like they shoplifted candy bars.

voscovery.bsky.social•55 days ago

Being the only the only animal that owns land hasn’t exactly been a catalyst for peace on earth.

kwigleet.bsky.social•55 days ago

Can I recommend urinating on the boundaries of your perceived territory instead of written Land Law? Meow.

honestcanadian.bsky.social•55 days ago

There is a similar Federal program in place too.

robsm1951.bsky.social•55 days ago

I looked at the life circumstances exemptions, seems a lot of additional paperwork especially for estate situations which may not be able to be resolved within 90 days. Again this is going to be a nightmare to monitor.

madhat59kenwood.bsky.social•55 days ago

It's overdue. Situations can be handled.

robsm1951.bsky.social•55 days ago

Had they mirrored the federal legislation I think that would be palatable, but 2 years seems at odds. I do not think there was any public consultation on this. I can foresee a lot of problems as it currently stands.

newhendrix92.bsky.social•55 days ago

So if I were a remodeler and I buy an old trap house and renovate it to be beautiful to then sell it before 2 years is up then it’s a 20% tax?! That’s asinine, a lot of home remodels are done pretty quick therefore the home would have to be listed, unless it sits on the market forever

aquamom2.bsky.social•56 days ago

Great move... what took them so long?

maryland-royal.bsky.social•56 days ago

Does this mean Canada is not an oligarchy just yet? I cannot imagine something like this flying in the US.

kckirsch.bsky.social•55 days ago

What happens when you lose your job can’t afford the place and have to sell before 2 years?

madhat59kenwood.bsky.social•55 days ago

There are exceptions. This is a good policy.

kckirsch.bsky.social•55 days ago

Awesome, that’s great for Vancouver

dh-web.bsky.social•56 days ago

Same should go for the STOCK MARKET. Given that the entire purpose of the stock market was to INVEST in companies, expecting to achieve profits due to the IMPROVEMENTS the "investment" was intended to provide. So no stock should be able to sell within at least two weeks of purchase.

joyfulnesstoo.bsky.social•56 days ago

They should make it 3 years…

proudlycanadian.bsky.social•55 days ago

Many years too late - in every city, Why does it always take politicians so long to wake up?

tomsin.bsky.social•55 days ago

Because politicians are followers, not leaders.

They follow whatever path will lead them to power.

proudlycanadian.bsky.social•55 days ago

And we don't get involved & demand anything from them - we don't use our power of numbers.

shakedown514.bsky.social•55 days ago

Flipping about time

silvolitev2.bsky.social•55 days ago

There's so many ways to combat this, at least they're trying.
But hell, make the numbers higher.
Get. Serious.

Not just BC.. In the states too. My area (NW Arkansas) is totally out of control.

tiramisu1337.bsky.social•56 days ago

it should be longer and higher. alot of the dirty money from like china for instance they dont care they will just wait longer and look at it like an investment. make it like hawaii where only a resident can but a house

jeremyvesely.bsky.social•55 days ago

Anyone that’s a US resident can buy land/home in Hawaii. It is a “foreign principle” that cannot, per the new law.

globalinterest.bsky.social•54 days ago

The land in Hawaii was a cultural thing, indigenous persons often didn't recognize that anyone owned one piece, they collectively owned and cared for the land,putting them at a huge disadvantage when the British came along to "civilize" them.

tiramisu1337.bsky.social•55 days ago

still a better system than we have here. tons of corrupted money coming in from eastern countries raising the cost for everyone here and they dont even live in them

globalinterest.bsky.social•55 days ago

Houses are homes, Canada doesn't want to keep people away who want to live in Canada, ensuring fair taxation is a good idea.

Canada needs immigration with a birth rate in decline.

Hawaii is tiny and I understand why indigenous Hawaiians need to get a foot in the door.

winedad.bsky.social•56 days ago

Interesting. But seems like a lot of older properties require significant renovation/remodeling before being sold... seems like putting a big tax on that will just jack up prices for anyone looking to buy a move in ready home.

nathanieljtking.bsky.social•56 days ago

People won’t pay that premium

They also need to end short term rentals and corp residential RE purchases

winedad.bsky.social•56 days ago

But these are homes on the market, so unless there's a law that caps profit margins how can you be sure?

nathanieljtking.bsky.social•56 days ago

Stupid people that pay that premium deserve to stay upside down in that property

winedad.bsky.social•55 days ago

You’re painting with a rather broad brush there.

Lotta younger families looking for their first home don’t have the time or inclination to buy a home that needs major structural work done.

nathanieljtking.bsky.social•55 days ago

Your assumption that non flipped homes need major work is extremely flawed

Let me guess, you flip homes or want to flip homes?

cdnmoose5.bsky.social•55 days ago

Should be a minimum 20%, not a maximum. Especially if not owned by Canadian citizens.

fernmacguffin.bsky.social•56 days ago

Take that, Property Brothers!

johnb85013.bsky.social•56 days ago

How ate they defining “flip” , just saying sounds tricky, I think it’s an excellent idea. Few here in my hood have flipped 3 or 4 times.

diogo-duarte.bsky.social•56 days ago

When the house is sold soon after being bought. That's the definition. And "soon" means under 2 years.

diogo-duarte.bsky.social•54 days ago

Sometimes people are garbage at reading comprehension, then ask stupid questions like this.

birdgirl444.bsky.social•55 days ago

That's a big idea.

jackframe.bsky.social•56 days ago

It wasn’t clear (I think?) whether the 20% would apply to capital gains on the flip OR the value of the property?

globalinterest.bsky.social•55 days ago

Presently you pay capital gains on the money made, thus wouldn't it be an increase on the capital gain?

craigdurling.bsky.social•55 days ago

Interesting. Seems good but should it be higher to have teeth? 20% might be tolerable to a buyer if priced in and in those cases would drive the market higher.

scotsgraymouser.bsky.social•56 days ago

We need a 50% tax on home equity holdings as well as 50% property tax on each home not the primary home of said home equity investors. They are the reason that people are sleeping in tents and cars - there are enough homes, just that 1% of people own them as investment.

dinosticchino.bsky.social•56 days ago

Great idea!

diogo-duarte.bsky.social•56 days ago

Houses are essential resources, not trading tokens.

spadesfur.bsky.social•55 days ago

Unfortunately our society in Canada and the US has decided homes are investment opportunities

silvolitev2.bsky.social•55 days ago

You want to see me turn into Dark Phoenix?
Get me on a tear about Airbnb, out of town entities gobbling up properties, yeah -flippers too.

Owning a house is a pipe dream it seems.

Oh, @jessiebahrey.bsky.social & @rubytuesday72.bsky.social ..this article may interest you

greeny111.bsky.social•55 days ago

Does this effect people who repair/fix up damaged homes. This really does not sound like a good thing. and a large part of the problem is people who hold on to homes, not people who resell homes. I worry all this will do is get rid of the business of buying damaged homes and fixing them.

comidus-cornstalk.bsky.social•55 days ago

You literally just described home flipping.

unleashes.bsky.social•55 days ago

If you buy damaged houses, fix and resell it's called flipping! Do you speak English? 🙄

drmaz.bsky.social•55 days ago

Great idea. I hope they succeed.

mrcarpool.bsky.social•55 days ago

Great idea

handle.invalid•55 days ago

Does BC allow single family homes to be rented? I find that a puzzle, as (at least in the USA) SFHs are regarded as the building blocks of community but as rentals, they are held off the market, preventing people from investing their lives in their communities.

globalinterest.bsky.social•55 days ago

During the banking fiasco of 2008 thousands, or millions of homes were foreclosed, investors made off like bandits. So SFH's do get sold in US.

somejunkgotsunk.bsky.social•55 days ago

yes. The issue here is often what municipalities call illegal suites often in the basements of SFH's.

handle.invalid•55 days ago

Or allow homeowners to become landlords through the construction of ADUs or "cottages." We don't need more landlords. Ideally, a city would have one…itself. All land would be rented/leased and taxed for the benefit of the community that created the value.

somejunkgotsunk.bsky.social•55 days ago

At least in BC we now see municipalities allowing more 'cottages' on city lots, which does add more rentals to the pool, which in turn should to lead to lower rents. Doesn't seem to be working though. And still many muni's which wont allow it even on acreages.

handle.invalid•55 days ago

No, more landlords charging market rents for ADUs is not the solution. The municipality should be developing housing, using land it deems underused or disused (cities have more than we think) and renting to developers…lower upfront cost/open to more competitors.

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