British Columbia's new home-flipping tax will take effect on January 1, 2025, targeting income from residential units sold within two years of ownership. The tax rate is 20% for sales within the first year, decreasing over the second year, with exemptions for primary residences owned for at least 365 days. Certain life circumstances may also exempt sellers from the tax. The government aims to discourage speculation and improve housing affordability, though the BC Real Estate Association warns it may reduce housing supply and listings.