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

Canwea

Wind Energy Industry will Continue to Deliver Economic and Community Benefits to Albertans

 

The Alberta Electric System Operator will secure an additional 700 megawatts (MW) of renewable power as part of its plan to add 5,000 MW of renewable energy capacity by 2030. The second round will procure 300 MW and will also require that projects be equity partnered with Indigenous communities.

 

 

EIN Skills ON logo 400

Skills Ontario Receives Generous Donation from Members of Prompt Payment Ontario

As a non-profit organization, Skills Ontario relies on the support of partners to continue delivering programming that builds the province’s future skilled workforce, and the charity is thrilled to have received a donation of $35,373 from a large majority of members representing PPO, further strengthening Skills Ontario’s ability to inspire the next generation of skilled trades and tech leaders. 

 

Latest Articles

  • EFC: Wrapping Up 2024 and Looking Ahead to a Bright 2025 

    EFC: Wrapping Up 2024 and Looking Ahead to a Bright 2025 

    January 3, 2025 Message from EFC President and CEO Carol McGlogan With 2024 coming to a close, we are taking a moment to reflect on the achievements and challenges of the past year.    Navigating the dynamic and evolving landscape of our industry, we are proud of the incredible progress our organization has shown over the… Read More…

  • Declines in Ontario and Manitoba Construction Intentions Push Down the Non-Residential Sector

    Declines in Ontario and Manitoba Construction Intentions Push Down the Non-Residential Sector

    December 16, 2024 The total value of building permits issued in Canada decreased by $399.1 million (-3.1%) to $12.6 billion in October. This comes on the heels of a strong September, during which construction intentions rose by $1.3 billion to the second-highest level in the series. Despite the monthly decline in October, the total value of building permits… Read More…

  • Lighting Control Basics for Home Automation

    Lighting Control Basics for Home Automation

    By Matthew Biswas Do your eyes roll when you hear terms like Smart home technology?  Or are you a true believer?  As it turns out controlling electrical devices via low-voltage technology can be easier to implement and use than many of us thought. The Lutron Caseta system uses the internet and Radio Frequency to instantly… Read More…

  • Grounded in Ontario: The Future of Energy Storage Systems

    Grounded in Ontario: The Future of Energy Storage Systems

    December 16, 2024 Technical Advisor Trevor Tremblay explains why following best practices and relying on licensed professionals will ensure a smooth and secure transition when integrating this exciting new technology. Energy Storage Systems (ESS) are revolutionizing the way individuals and businesses manage energy, providing cost-saving opportunities, increased energy reliability, and a pathway toward sustainability. In… Read More…

Changing Scene

  • Government of Yukon and Government of Canada Announce New Investments to Make heat pumps more Affordable for Yukoners

    Government of Yukon and Government of Canada Announce New Investments to Make heat pumps more Affordable for Yukoners

    January 3, 2025 The Government of Canada and the Government of Yukon are partnering to help Yukoners switch to smart electric heating systems, making life more affordable while reducing greenhouse gas emissions. The federal investment consists of $1.4 million from the Federal Oil to Heat Pump Affordability program (OHPA) and $287,000 from Canada’s Low Carbon… Read More…

  • IPEX Named One of Greater Toronto’s Top Employers 2025

    IPEX Named One of Greater Toronto’s Top Employers 2025

    January 3, 2025 IPEX is proud to announce it has been named to the prestigious Greater Toronto Top 100 Employer list by Mediacorp. Canada Inc. As part of the designation, IPEX was profiled in a special digital magazine, which can be found here and also on the Globe and Mail’s website. “We are honoured to receive this noteworthy award,” said… Read More…

  • Manitoba Introduces Permanent Cut to Provincial Fuel Tax

    Manitoba Introduces Permanent Cut to Provincial Fuel Tax

    January 3, 2025 The Manitoba government is bringing in a permanent 10 per cent cut to the provincial fuel tax, Premier Wab Kinew announced today. “Our government keeps our word. We said we’d cut the fuel tax and we did,” said Kinew. “We said it would last 12 months and it did. Now we’re going… Read More…

  • New Measures in BC aim to Boost Home Construction

    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… Read More…