Budget measures ensure homes are for people, not speculators (flickr.com)

Media Contacts

Jimmy Smith

Deputy Communications Director

Lisa Leslie

Media Relations
Ministry of Finance
250 213-7724


Facts about the home-flipping tax, homes for people
  • The home-flipping tax will apply to homes sold within two years.
  • Homes sold within the first year will face a tax rate of 20% of the profit, declining to zero over the next 365 days.
  • Between 2020 and 2022, an estimated 7% of residential house sales were resold within two years.
  • Starting April 1, 2024, people may be eligible for the First Time Home Buyers’ Program for homes valued up to $835,000, paying no property transfer tax on the first $500,000.
  • Partial exemptions are available on homes valued up to $860,000, which could result in savings of up to $8,000.
  • Also starting April 1, 2024, a Newly Built Home Exemption means property transfer tax will be waived on new homes worth up to $1.1 million, an increase from the previous $750,000 price limit, to encourage new home building.
  • Rental home construction is being encouraged through an enhancement to the exemption for purpose-built rentals.
  • Between Jan. 1, 2025, and Dec. 31, 2030, purchases of qualifying rentals will be exempt from the general property transfer tax.