Understanding the New BC Home Flipping Tax: What You Need to Know
Starting January 1, 2025, the BC Home Flipping Tax is officially in effect. This tax targets profits made from selling a property owned for less than two years (730 days). Its primary aim is to discourage speculative flipping that drives up housing prices, while also making more homes available for long-term residents. By addressing these issues, the tax is intended to improve affordability, curb rapid price increases, and stabilize BC's real estate market. Below is a concise overview of how the tax works. For full details, we recommend visiting the official BC government page on the Home Flipping Tax. Who Is Impacted by the Tax? The BC Home Flipping Tax applies to: Individuals and entities selling residential properties in BC, regardless of their residency status. Both freehold properties and pre-sale assignments (contracts for properties not yet built). Sales finalized on or after January 1, 2025, even if the property was purchased before this date. Ownership Duration and Tax Rates The tax is based on how long you’ve owned the property: Owned for less than 365 days: The maximum tax rate of 20% applies to the profit from the sale. Owned between 366–729 days: The tax rate decreases proportionally the longer the property is held, reaching 0% after two full years. Exemptions While the tax is designed to discourage short-term flipping, several exemptions exist to account for life events or unavoidable circumstances. Personal Circumstances Death: Sale of the property by an estate or surviving heirs. Divorce or Separation: Selling due to the breakdown of a marriage or common-law relationship. Health or Disability Needs: Sales necessitated by significant health or mobility challenges. Job Relocation: Required sale due to a job move beyond a specified distance. Household Changes: Events like the birth of a child or caregiving responsibilities. Job Loss: Financial hardship caused by involuntary unemployment. Safety Concerns: Sales required for personal safety, such as domestic violence situations. External Factors Bankruptcy or Insolvency: When financial obligations cannot be met. Property Damage: Sales following destruction caused by natural disasters or accidents. Expropriation: When a government or public body acquires the property. Developer and Builder Exemptions Builders or developers may qualify for exemptions, provided specific conditions are met. Note: Some exemptions require filing a tax return, while others are automatically applied. Visit the BC government website for a full list of exemptions and filing instructions. How the Tax Is Calculated The tax is applied to the profit made on the property sale, calculated as follows: Determine Taxable Income:Sale Price – (Purchase Price + Documented Improvements + Eligible Sale Costs) Primary Residence Deduction:If the property was your primary residence for at least one year, you may deduct up to $20,000 from the taxable profit. Apply Tax Rate: Properties owned for less than 365 days: Full 20% tax rate applies. Properties owned between 366–729 days: The rate decreases gradually the longer the property is owned. How It Differs from the Federal Property Flipping Tax It’s important to note that the BC Home Flipping Tax is a provincial initiative separate from the Federal Property Flipping Tax. The two taxes target similar practices but have distinct scopes and requirements. What Should You Do Next? This new tax could significantly impact property sales and investment strategies. To understand how it might affect your specific situation, we recommend consulting your local Whistler Real Estate Company agent or personal accountant. Their expertise can help you navigate these changes and make informed decisions tailored to your goals. Disclaimer: This information is current as of January 13, 2025. For the most accurate and updated details, please visit the official BC government Home Flipping Tax page.
Oh Golly Gee, Another Brokerage in Whistler!
"Oh Golly Gee, Another Brokerage in Whistler!" Yeah, but there's a difference. 10 Questions & 10 Answers 1. What sets eXp Luxury apart from traditional luxury brokerages like Leading Companies or Luxury Portfolio? eXp Luxury is more than a brokerage—it’s a revolutionary approach to real estate. Unlike traditional models, we’re cloud-based, which allows us to reinvest resources into advanced technology, global marketing, and direct client support. This modern structure ensures maximum exposure for luxury listings, giving homeowners an unparalleled edge in the market. 2. How does your cloud-based model translate into better service for homeowners? Being cloud-based means we can dedicate more time to our clients instead of managing office logistics. We have a virtual office in the cloud we call eXp World which is open 24-7. We have access to real-time data, innovative marketing tools, and a global network at our fingertips. This efficiency lets us focus on what matters most: selling your home at its highest value. 3. What unique marketing tools do you use to maximize exposure for luxury listings? We use immersive virtual tours, drone videography, and targeted digital advertising to showcase homes in their best light. When you list with an eXp Luxury professional, your home is showcased to an affluent audience through prestige media brands like the Wall Street Journal, The Robb Report, Mansion Global, Unique Homes and many more. This means that your home will be exposed to a targeted demographic of potential buyers who are actively seeking high-end properties. The broad reach of your home's marketing campaign ensures that your property will be seen by a vast audience, including international buyers. This increased exposure can help generate more interest in your property, leading to a faster sale at a higher price 4. How does eXp Luxury’s global network connect Whistler homes to international buyers? eXp Luxury operates in over 24 countries, giving us direct access to a global audience. Through this network, we can market Whistler properties to international buyers who are actively seeking luxury real estate in unique destinations like ours. 5. I hear you {Patricia Jones} specialize in "Downsizers".What makes your approach to the 55+ downsizing market unique in Whistler? I actually cover the whole Sea to Sky. I provide a concierge-level service designed specifically for downsizers. From financial planning to home staging, organizing, and finding the perfect new home. My downsizing team handles every detail to ensure our clients can downsize without feeling overwhelmed. 6. How do you incorporate local expertise into a global strategy for your clients? I have a deep knowledge of Whistler’s neighbourhoods, market trends, and lifestyle which makes me uniquely equipped to position properties in ways that appeal to both local and international buyers. I know what makes Whistler special, and I will highlight that in every listing. 7. What are the biggest challenges you help Whistler homeowners overcome when selling their properties? Luxury homes in Whistler often attract a niche market, so finding the right buyer is key. I help overcome this by using targeted marketing strategies and leveraging our global network to ensure the right audience sees each property. 8. How does eXp Luxury empower agents like you to provide top-tier service? eXp Luxury provides me with unparalleled tools, training, and resources, including cutting-edge technology and access to a global network of agents and buyers. This allows me to deliver world-class service to my clients every day. 9. Why do you believe the Whistler market is uniquely suited for the eXp Luxury model? Whistler is a world-class destination with a diverse real estate market, ranging from luxury chalets to investment properties. The global reach of eXp Luxury aligns perfectly with Whistler’s international appeal, helping me connect with buyers from around the world. 10. How do technology and innovation enhance the luxury real estate experience? Technology allows us to market homes like never before—through virtual tours, augmented reality, and AI-driven advertising. These tools help buyers visualize properties from anywhere in the world, making the process faster, more efficient, and ultimately more successful. Click the link below for a comprehensive home equity report and custom marketing plan presentation: https://patriciajones.ca/selling-in-whistler-squamish-pemberton-lions-bay
Haute & About - Whistler Lifestyle Blog
haute PRONOUNCED American (oat); French (ooat); and my pronunciations (hawt, ooat) Just pretend you are an American making fun of the Canadian accent and say “out”. Perfect, you’ve got it! ADJECTIVE 1. high; elevated; upper 2. high-class or high-toned; fancy pantsy. As in: an haute restaurant that attracts a discerning crowd So, you wanna know what’s all the rage when you are oooat and a-boat in Whistler and the Sea to Sky Corridor, do ya? You’ve come to the right place! My name is Patricia and I am a rainforest fanatic. Not so much the rain part, but I sure appreciate all the wet coast bounty - from deep powder in the winter months to lush forest-shaded trails in the summer, it’s the adventure in every nook & corner that keeps me hooked. I came to Whistler in 1995 to hang out for a season before heading overseas to continue my studies. But - like many - never left. I spent my mid-twenties to mid-thirties in Whistler, in what has been dubbed the “period of madness.” I had a lot of fun working really hard while living in many incredible Whistler communities - Nicklaus North, Whistler Cay, Emerald Estates, Alpine, and Brio. I created my own employment by making a language school, tourism marketing company, and snowboard camp company. Most recently, I've launched a real estate company. How’s that for diversity? Proven fact: If you have an idea or passion you’d like to launch, Squamish and Whistler are open for business. There are many people like me here - maybe you are just like us, too? I invite you to pop back weekly for all kinds of Haute Lifestyle tidbits: What not to miss - events and important dates Local business showcase Real estate market updates and trends Haute/Hot topics & interviews Community guides Places to explore (ideas and itineraries) Have a question or topic you would like us to cover? No worries, we’re always Haute & About! Patricia Jones https://patriciajones.ca/