Quote:
Originally Posted by Winsor_Pilates
New Anti Flipping Tax added to books:
https://vancouversun.com/business/re...-worth-trouble
Home owners who sell their property in the first 2 years will be subject to the tax (with demising amounts from 1-2 years); even on federally exempt principal residences.
Should further reduce home supply in the province, which will be great for prices. |
This is actually one of the few taxes I agree with. Under the current system, a speculator can buy a property, declare it their primary residence, and sell it 6 months later for profit, having never set foot in it. The result is no taxes on what is clearly a commercial enterprise.
IMO this move will have a bigger effect on decreasing demand from flippers than it will on supply. How many people who genuinely live in a place are flipping it within two years? The only people who are doing that are likely people who are forced to sell the house due to changes in life/financial circumstances, which is going to occur regardless of this tax.