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- š Flipping tax and short-term rental rules
š Flipping tax and short-term rental rules
BC and Toronto implement new policies as of Jan 1, plus more news from across Canada.
Recap Team
January 03, 2025
Happy New Year! š
Ready to kickstart your day? Take 5 minutes to recap all the major news headlines from the holidays.
šBut first, fuel your mind: "If you are not embarrassed by the first version of your product, youāve launched too late." - Reid Hoffman
Top Story
BC Assessment Releases 2025 Property Values
British Columbia homeowners can now access their 2025 property assessments online, as BC Assessment has updated its portal. These assessments reflect property values from July 2024. Updated breakdowns by region and details on the provinceās most valuable properties will be released on January 2.
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BC News
BCās Home-Flipping Tax Comes Into Effect on January 1
Starting January 1, 2024, a new āhome-flippingā tax in British Columbia will affect profits from selling homes owned for less than two years. Initially, a 20% tax on profits will apply, decreasing to 0% over two years. Exemptions exist for significant life changes, relocation for work, and specific builder activities.
BC Property Flipper Fined Over $2M for Tax Evasion
On December 19, Balkar Bhullar, a property flipper from Richmond, was convicted of tax evasion and fined over $2 million. Bhullar failed to report $7.49 million in assignment fee earnings from flipping 14 properties between 2011 to 2014. A new home-flipping will start in BC on Jan. 1 to discourage similar scenarios.
Over 11,500 Units Launched in Metro Vancouver in 2024
In 2024, over 115 new strata market residential projects, featuring over 11,500 units, were launched in Metro Vancouver and the Fraser Valley, below the five-year average. Wood-frame constructions dominated, while concrete projects were delayed due to high interest rates. November saw a 24% pre-sale absorption rate.
Burnaby Approves Massive Development Featuring 4 Towers
Burnaby City Council granted conditional approval for Polygon Homesā Emerald Place, a multi-phase project in the Brentwood neighborhood. Spanning 6.5 acres at 2300 Madison Avenue, the development will feature four high-rise towers up to 42 storeys and a low-rise building, adding 1,461 homes and extensive amenities.
Development Plans Submitted for Kelowna Farmersā Market Site
Developers have submitted plans for the former Kelowna Farmersā Market site, proposing two six-storey buildings with 169 rental units and 125 condos featuring private balconies and a shared courtyard. The project includes ground-level retail space and a pet relief/dog run area, small playground, and fitness rooms.
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Ontario News
Two Carlyle Developments in Toronto Clear Hurdles
Carlyle Communities secured settlement offer approvals for two Toronto developments. For the 33-37 Maitland Street project, plans were adjusted to 62 storeys and 520 units, including heritage conservation. The second project at Lake Shore Boulevard East and Saulter Street South now includes 59 and 54-storey towers with 1,602 units.
3-Tower Project Proposed in Torontoās Leaside Area
Concert Properties has submitted plans for a mixed-use development in Toronto, replacing the former Sunnybrook Plaza with three towers of 32, 37, and 43 storeys. The project will include 1,201 residential units, a public park, 16,000 sq. ft. of retail space, and approximately 40,000 sq. ft. of amenities.
33-Story Tower Proposed Near St. Clair-Old Weston GO Station
Toronto-based Diamond Corp has applied for an Official Plan Amendment to develop a 33-storey mixed-use building with 429 residential units and 4,596 sq. ft of retail space in The Stockyards neighborhood. This proposal seeks exemption from office space requirements to provide more housing near transit.
UHN Acquires Downtown Toronto Office Tower
The University Health Network has acquired 522 University Avenue in Toronto for $80 million. The 15-storey building will expand cancer care, research, and education programs, supporting Princess Margaret Cancer Centre and Toronto General Hospital. This marks a shift from prior redevelopment plans for the site.
Ashcroft Homes Granted Creditor Protection
Ashcroft Homes has been granted creditor protection, as it owes $284.5 million to lenders. The Ontario Superior Court approved restructuring efforts while the company explores refinancing options. With $460 million in property value, Ashcroft believes it can resolve financial issues in the long-term.
Todayās Fun Fact
š Did you know the White House cost $232,000 to build in 1800? That is equivalent to about $4 million todayābut its current estimated value is $400 million.
National News
Canadaās GDP Grew by 0.3% in October
Canadaās GDP grew by 0.3% in October, driven by a 0.9% rise in goods-producing industries, notably mining and oil and gas extraction (+2.4%). Services-producing industries saw a modest 0.1% increase, led by real estate. Novemberās preliminary data suggests a 0.1% decline, marking the first monthly contraction this year.
Save These Dates
January 10, 5:30am | Unemployment Rate
January 21, 5:30am | Inflation Rate
Youāre all caught up. Enjoy the rest of your day!
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