Changes to the BC Property Transfer Tax Rules – Are You In or Are You Out?

Changes to the BC Property Transfer Tax Rules – Are You In or Are You Out?

As part of this year’s provincial budget announced on February 22nd, the British Columbia government introduced three changes to the property transfer tax rules to improve housing supply and affordability.  First Time Home Buyers’ Exemption Threshold Increased from $500,000 to $835,000 The increased threshold means that properties with a fair market value up to $500,000…

British Columbia’s Home Flipping Tax

British Columbia’s Home Flipping Tax

The introduction of British Columbia’s Home Flipping Tax in the 2024 provincial budget has sparked discussion in the real estate community, particularly regarding its potential impact on the housing market, especially in areas like Metro Vancouver. This measure, which imposes a 20% tax on profits from selling residential properties within a year of purchase, gradually…