BC lays out housing plan, warns house-flippingtax imminent

The provincial government has introduced a multibillion-dollar, four-point housing plan aimed at cracking down on soaring real estate prices, increasing construction and creating more rental units.
Premier David Eby, Housing Minister Ravi Kahlon and State of Child Care Minister Grace Lore revealed the ‘Homes for People’ plan on Monday. It promises legislation that allows up to four units on a single traditional housing lot, and warns that a tax on the proceeds of house-flipping is coming.
“It has become a crisis for too many people, for example, in their 20s and 30s who are still living with their parents,” said Eby. “Even people making a good income are struggling to find a place to live.
“It’s holding back our entire economy. Businesses are struggling to attract workers who can’t afford to live in the communities where the jobs are.” The province’s latest budget earmarked $4.2 billion for a “refreshed” housing plan over the next three years, with more than $1 billion of it to be spent this year. Nearly half of that $1 billion targeting the construction of new units through Building BC and acquiring land near transit routes.
Monday’s announcement includes four pillars: opening more homes faster, building better and more affordable homes, supporting those with the greatest need, and creating a market that “works for people, not speculators.”
“For those thinking about buying a house to flip it, think again,” said Eby. “For those planning to flip a home they own, the tax is coming, this is your warning.”