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BC Home Flipping Tax

As of January 1, 2025, the BC Home Flipping Tax is in effect.

This new tax is distinct from the existing federal property flipping tax and specifically targets short-term property sales within British Columbia.

Here are some key points

– The tax applies to income from sales of residential properties, presale contracts, or assignments owned for less than 730 days (two years). This includes properties bought before January 1, 2025, if they are sold on or after that date and owned for less than two years.
– The rate is 20 per cent for sales within the first 365 days of ownership, gradually decreasing until it is eliminated at 730 days.
– This tax applies to any person or entity (individual, corporation, partnership, or trust) selling property within BC, regardless of residency
– Exemptions include certain primary residences, though exemptions are subject to specific conditions and filing requirements

Disclaimer: The information provided in this blog post is for general informational purposes only and should not be considered professional advice. No guarantees are being made, express or implied, regarding its completeness, accuracy, reliability or timeliness. Real estate markets, laws and regulations frequently change, and the content of this blog post may become outdated. The author and the website owner are not responsible or liable for any decisions, actions or losses arising from the use of the information contained herein. Use this information at your own discretion. For professional advise specific to situation, readers are encouraged to contact and setup a consultation.

10 Step Guide To Selling Your Property

Selling Your Property in British Columbia: A 10-Step Guide to Success

Thinking of selling your property in beautiful British Columbia?
Follow these 10 steps to maximize your sale price and ensure a smooth transaction:

1. Decide to sell: Choose the right time based on market conditions and your personal circumstances

2. Hire a REALTOR®: Find an experienced local agent to guide you through the process and provide market insights.

3. Price it right: Work with your agent to set a competitive price based on a thorough market analysis.

4. Prepare your home: Declutter, clean, and make necessary repairs to enhance your property’s appeal

5. Get a property evaluation: Obtain a professional assessment to support your asking price

6. List and market your home: Your agent will list your property on MLS and implement a marketing strategy

7. Host showings: Accommodate potential buyers’ requests for viewings and open houses.

8. Review and negotiate offers: Carefully consider all offers with your agent’s guidance.

9. Accept an offer and fulfill conditions: Once you’ve agreed on terms, work towards meeting any conditions.

10. Close the sale: Hire a lawyer or notary to handle legal documentation and complete the transaction.

By following these steps and working closely with your real estate professional, you’ll be well-positioned to achieve the best possible outcome for your BC property sale.