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B.C. will implement a new 20% 'flipping tax' on homes: What you need to know (bc.ctvnews.ca)

submitted 9 months ago by [email protected] to c/[email protected]

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[–] Ledivin 15 points 9 months ago* (last edited 9 months ago) (1 children)

flipping usually is done by flippers looking to repair run down houses

This isn't really the case. Yes, a lot of it may be on really run-down houses that are upgraded to decent or nice, it's actually pretty common for flips to be cheap and decent houses turned into top-of-the-line. Flipping almost always prices out lower/middle class incomes.

More importantly, it will eliminate the requirement for every goddamn house on the market to go for a full-cash offer.

[–] [email protected] 1 points 9 months ago

Really run-down houses will have lots of room for profit as they buy them for cheap and invest in renovating them. Taking 20% off the top just alters the economics of it, and leaves it for someone who would buy the house to repair/renovate it so they can live in it.