8. Spec, Vacancy & Flipping Taxes What Do They Mean???

In this episode of the 'Keeping it Real' podcast, Jacquie McCarnan delves into a fascinating discussion on the impact of emerging technologies on society, exploring the ethical considerations and potential challenges that lie ahead.  

Jacquie dives into the challenges of responsible AI development and uncovers the speculation and vacancy taxes impacting homeowners, plus a new flipping tax coming in 2025 with a 20% hit on quick property sales. While addressing housing affordability, Jackie also delves into exemptions, unintended consequences, and realtor opposition.

Don't miss a beat —tune in now! 

BC Gov Speculation and Vacancy Tax webpage: https://www2.gov.bc.ca/gov/content/taxes/speculation-vacancy-tax/exemptions-speculation-and-vacancy-tax/individuals/tenancy-requirements

BC Gov Flipping tax webpage:
https://www2.gov.bc.ca/gov/content/taxes/income-taxes/bc-home-flipping-tax

What was covered:

• (00:50) BC taxes (Speculation Tax, Vacancy Tax, and new BC Flipping Tax).
• (01:14) Speculation on the BC government's aim to make housing more affordable.
• (01:53) Overview of Speculation and Vacancy Tax, requiring yearly declarations.
• (03:21) Statistics on revenue generated from the Speculation and Vacancy Tax.
• 05:37 - Example of tax exemption for a house co-owned by spouses with parents living in it.
• (08:16) Introduction to the new BC Flipping Tax starting January 1, 2025.
• (08:29) Explanation of the Flipping Tax targeting quick property sales.
• (15:29) Noting exemptions to the Flipping Tax, including divorce or job relocation.
• (17:23) Long-term goal to make housing affordable in British Columbia.
• (18:08) Promotion of a local venue, the Polygon Gallery in North Vancouver.
• (19:03) Book recommendation: "Demon Copperhead" by Barbara Kingsolver.