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This measure is a part of broader efforts to prioritize householders over speculators, particularly throughout vital life milestones.
Launched on this 12 months’s price range, the tax is predicted to generate $43m in its first full fiscal 12 months, with proceeds earmarked for reasonably priced housing building.
Heidi Marshall of the Condominium Owners Affiliation of BC supported the laws, noting the destructive affect of speculators on strata firms and communities.
The laws contains exemptions for sure life occasions like separation, divorce, or demise, and doesn’t apply to sellers who contribute to the housing provide, akin to by including a basement suite.
This provincial tax enhances the federal flipping tax launched in 2023, which Finance Minister Conroy and Housing Minister Ravi Kahlon really feel is inadequate alone to curb speculative gross sales, which they are saying comprised seven p.c of BC’s housing gross sales during the last two years.
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