Finance Minister Katrine Conroy tabled a new house-flipping tax, aimed at taxing homeowners who resell their property within two years.
First announced in February during the unveiling of Budget 2024, Conroy officially tabled the bill Wednesday (April 3). Dubbed the Residential Property (Short-Term Holding) Profit Tax Act, it is also referred to as the house-flipping tax.
READ MORE: B.C. Budget 2024: targets home flipping with new tax on fast resells
The bill aims to crack down on house-flipping in the province with a plan to tax homeowners who resell their property within two years of purchasing it.