Real Estate Investment Canada

can you do house flipping in Canada?

I heard that If you do not reside in the property or if you buy it and sell it within 2 years you must pay capital gains tax. This is to stop people from flipping houses. as a business. Is it true? what province in canada are better to real estate stuff? don't take recession factor please!I know now is bad market but I want to know about flipping houses in canada

Public Comments

1. there is no market for flipping in this economy - for flips to work - buyer demand must be very high and selling prices must be on a rapid increase - Flipping might not be economically feasible again for many years if ever the RECESSION factor is CRITICAL - if there is lower demand for houses, you could be waiting many months to sell, and you have to be making mortgage payments and property tax payments while getting no rental income from the property - you could wind up losing money on the deal if you EVER sell it - you could buy a house, put $10,000 of work into it and still not be able to sell it for even a $10,000 increase - and you would actually have to sell it for more just to cover your sales commission costs also and every month that goes by that the house isn't sold is another mortgage payment YOU have to pay and that much profit is now gone for good - the average house is taking 7 months to sell, down from 11 months - Flippers only ever make money if they can buy, renovate and sell within 30-60 days and that is totally unrealistic anymore