B.C. Real Estate Association

Policy watchers are split on the value of British Columbia's upcoming provincial flipping tax targeting those looking to make a quick buck in the real estate market.

The British Columbia government announced a $500-million fund on Thursday, January 12, 2023, to help the non-profit housing sector purchase rental buildings and save them from "housing speculators and profiteers," whose property flips often lead to tenant evictions.

British Columbia has become the first province to require a three-day cooling-off period for buyers after they've signed an agreement to purchase a home.

A report that estimates $5 billion was laundered through British Columbia's real estate market last year also lifts the lid on the extent of illegal cash moving across Canada.