New Measures in BC aim to Boost Home Construction

January 3, 2025

Starting Jan. 1, 2025, the B.C. home-flipping tax will be in place to discourage investors from buying housing to turn a quick profit.

People who sell their home within two years of buying will be subject to the tax, unless they qualify for an exemption, such as divorce, job loss or change in household membership. It is expected approximately 4,000 properties will be subject to the tax in 2025. All revenue from the tax will go directly into strengthening housing programs and building new affordable homes in B.C.

“The B.C. home-flipping tax is just one more tool in our toolbox to help people find affordable housing,” said Ravi Kahlon, Minister of Housing and Municipal Affairs. “We’re working to deliver more homes so the people who keep our communities working, like teachers, nurses and construction workers, can find a place to live they can afford in the communities they love.”

Other measures to help make homeownership more accessible and improve the supply of housing, which came into effect April 1, 2024, are new thresholds for the first-time homebuyers’ program and the newly built home exemption.

The threshold for the first-time homebuyers’ program was increased to $835,000 from $500,000. Qualifying individuals will receive an exemption on the property transfer tax on the first $500,000 of the home’s value. Since April 1, more than 22,000 first-time home buyers – an increase from approximately 9,500 in 2023 – were helped into their homes through this program, saving as much as $8,000 in property transfer tax.

To encourage the construction of new homes and support families to take the next step in home ownership, the threshold for the newly built home exemption was increased from $750,000 to $1.1 million. In 2024, this helped approximately 10,300 purchasers buy new homes, nearly 3,000 more than last year.

The Province is also supporting the delivery of more rental homes. New purpose-built rental buildings of four units or more, purchased between Jan. 1, 2025, and Dec. 31, 2030, may also qualify for an exemption from the general property transfer tax.

Learn More:

To read more about the B.C. home-flipping tax:
https://www2.gov.bc.ca/gov/content/taxes/income-taxes/bc-home-flipping-tax

To read more about the first-time home buyers program: 
https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/exemptions/first-time-home-buyers

To read more about the newly built home exemption:
https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/exemptions/newly-built-home-exemption

Source

Related Articles


Latest Articles


Changing Scene

  • SurgePure Corporation Expands into the Mid-West with New Representation Partner, Advance Electrical Agency

    SurgePure Corporation Expands into the Mid-West with New Representation Partner, Advance Electrical Agency

    August 1, 2025 SurgePure Corporation is proud to announce its new partnership with Advance Electrical Agency, who will represent the company across Saskatchewan, Manitoba, and Western Ontario. Led by principals Darren Churchwell and Bob Fiesel , the Advance team is part of a well-established agency known for representing some of the most respected manufacturers in… Read More…

  • Munden Partners with Valid Manufacturing in Atlantic Canada

    Munden Partners with Valid Manufacturing in Atlantic Canada

    August 1, 2025 Munden Enterprises has announced that they are back in the custom enclosure business through a new partnership with Valid Manufacturing Ltd. Expect Canadian-made, engineered solutions for industrial, utility, transportation, wastewater, renewables, and beyond. Whether you need a bare enclosure or a fully assembled panel, Munden is here to help. Reach out to… Read More…

  • JEHS Joins Forces with NOARK to Deliver Smarter Electrical Solutions in Ontario

    JEHS Joins Forces with NOARK to Deliver Smarter Electrical Solutions in Ontario

    August 1, 2025 NOARK Electric is pleased to announce a new partnership with Cambridge, Ontario based manufacturing representitive, JEHS. This strategic collaboration will expand NOARK’s reach and customer support across Ontario and beyond, bringing reliable and innovative electrical solutions to a wider audience. With over 50 years of combined sales experience, JEHS brings a strong… Read More…

  • BC Hydro Making it Easier and More Affordable to Connect New Homes

    BC Hydro Making it Easier and More Affordable to Connect New Homes

    July 24, 2025 BC Hydro is supporting the construction of new housing developments in growing communities by advancing changes to streamline upgrades and reducing the cost of new customer connections to BC Hydro’s electricity grid. “As communities across B.C. grow, so does the need for essential housing. We are committed to ensuring we’re ready to… Read More…