Finance Minister Katrine Conroy tabled a new house-flipping tax, aimed at taxing homeowners who resell their property within two years. First announced in February during the unveiling of Budget 2024, Conroy officially tabled the bill Wednesday (April 3). Dubbed the Residential Property (Short-Term Holding) Profit Tax Act, it is also referred to as the house-flipping tax.
The bill aims to crack down on house-flipping in the province with a plan to tax homeowners who resell their property within two years of purchasing it. Beginning next year, the tax will apply to residential properties resold within two years. Homes resold within the first year will face a tax rate of 20 per cent if the property is sold. The tax rate will then decline to zero over the next 365 days. The tax is set to take effect on Ja
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