Effective Jan. 2023 the Government has introduced an “anti-flipping tax” to reduce the speculative demand and to help cool the housing market.

To avoid paying tax on the profit, you will have to live in the home for a minimum of 365 days, before being able to sell.

There are some exceptions to this new rule such as death of the individual, work relocation, breakdown of relationship etc.

Previous to this new tax rule , a Principle Residence exemption was available to shelter the capital gains if you or your spouse/ child, lived in the home for at least part of the year, and the home did not provide income (rental income).

Mortgage Sisters West are licensed mortgage brokers who serve all of Alberta, with a focus on our local Edmonton, Sherwood Park, St. Albert, Fort Saskatchewan, Spruce Grove, Stony Plain, Beaumont, Leduc and surrounding areas!

We are mortgage brokers franchised with our National Brokerage Mortgage Architects and can broker your mortgage in other provinces as well. We would love to work with you!