The BC Home Flipping Tax, introduced under the Residential Property (Short-Term Holding) Profit Tax Act, came into effect on January 1, 2025. This tax applies to profits made from the sale of properties owned for less than 730 days and is designed to discourage speculative property sales, supporting long-term housing stability in British Columbia. This tax is distinct from federal property flipping […]
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BC Home Flipping Tax
This info was originally provided by www.bcrealestatelawyers.com Tony Spagnuolo British Columbia Home Flipping Tax The B.C. Government has recently proposed a home flipping tax (the “Home Flipping Tax”) that will take effect starting January 1, 2025, subject to approval by the legislature. This tax, when passed, will apply to income from the sale of a […]
Property transfer tax changes
The following changes were announced to the Property Transfer Tax Act:
Why an independent mortgage broker
In the realm of securing a mortgage, the decision to partner with a mortgage broker versus a traditional bank can make all the difference in your financial journey. Let’s delve into the reasons why entrusting your mortgage needs to a broker might be your smartest move. 1. Access to a Diverse Lender Network One of […]
Trigger rates and trigger points
“trigger rates” and “trigger points”….something you will be hearing of with more changes in the Bank of Canada rate. Let’s start with a few definitions: NOW, WHICH MORTGAGES WILL BE AFFECTED FIRST?Quick answer, VRMs from March 2020 to March 2022. During the month of March 2020, the prime rate dropped three times in quick succession from […]