3 British Columbia Real Estate Updates
2023 is starting off with some changes!
Here are a few updates to know:
1. 🔸Updated anti-flipping tax 🔸
If you buy a property and flip it before one year, you will now be taxed on that entire amount as business income. The exceptions for this include job loss, divorce, or insolvency.
2. 🔸 Two year foreign buyer ban 🔸
This is a national purchasing ban that applies to both individuals and corporations. There will be exemptions for foreign workers, international students, or persons fleeing crisis.
3. 🔸 Cooling off period 🔸 This new rule provides buyers with a three day recession period to withdrawal from most real estate purchases. This means you can walk away from your purchase contract; however it will still cost you 0.25% of the entire purchase price. The exceptions to this rule include assignment contracts and leasehold purchases.