The tax rate on income from property sold within 365 days of purchase is 20%, dropping to zero between 366 and 730 days. There are exemptions from tax for reasons such as death, divorce, disability, job change, personal security and bankruptcy.
The tax applies to sellers regardless of their place of residence and is separate from federal real estate resale rules.
For the rest of British Columbia's budget, increased spending is expected to benefit families and small business owners, but the document projects a wider deficit of more than $7.9 billion and economic growth of less than 1 per cent.
The budget also promises to provide one free IVF treatment to anyone wanting to start a family.
British Columbia is Canada's economic leader, but with an economic slowdown and rising housing and food costs, people need help, Conroy said.
“At the end of the day, people have a lot on their plate right now and they feel stretched out,” she said in her budget speech in parliament.
She said the New Democrat government will not resort to cuts.
“This will only weaken the services we all rely on and raise costs through higher fees and fares,” Conroy said. “It will put people at risk from profiteers who put profits above people.”
The budget includes a one-year increase to the B.C. Family Benefit, providing eligible low- and moderate-income households with an average of an extra $445 per year, as well as a one-time energy bill credit that will save households an average of $100, she said.
The electricity credits will appear on customers' bills starting in April and will be in effect until March 2025, Conroy said.
He said the budget includes an increase to the payroll threshold for B.C.'s Employer Health Tax, which will result in an estimated 90 per cent of businesses being exempt.
Small businesses in the state have been lobbying the government to increase the threshold from $500,000 to $1 million, and their request is set to be acted upon.
“Our No. 1 request was an increase in the employer health tax rate,” said Bridget Anderson, president of the Greater Vancouver Chamber of Commerce.
“But we are concerned that the debt and deficit will increase significantly.”
Conroy said the home resale tax being implemented this spring would fund the construction of housing for middle-income earners.
“Things are about to get tougher for people looking to flip a home and make a quick buck,” she said. “If you sell your home within two years of buying it, you'll have to pay tax on the gain.”
Conroy also said everyone who wants to have children in British Columbia should have the opportunity to do so.
The budget also includes a program to provide one free IVF treatment to anyone wanting to start a family.
“No one should be denied the opportunity to have children because of how much they earn, who they love, or whether they have a partner,” she said at a press conference before delivering the budget. “This will be welcome news for people who want to start a family.”
As she announced her IVF program, Conroy choked up while talking about her own family. “Sorry about the menopause,” she said, drawing laughter from the chamber.
Manitoba, Ontario and Quebec already have similar programs in place, she said.
The budget projects economic growth will slow to 0.8 percent this year, before growing by 2.3 percent in 2025.
British Columbia's debt is expected to increase from $103.7 billion to $123 billion this year.
BC Union Opposition Leader Kevin Falcon said the budget presented Thursday was a “foolish” use of taxpayer money.
“This is a reckless, inflationary budget that will make things even more expensive for families,” he said after Mr Conroy's speech.
“When governments spend recklessly, it creates inflationary pressures that impact food, housing, all the things that are already impacting British Columbians.”
Falcon said the ballooning debt will be passed on to future generations and the spending risks lowering the state's credit rating.
He said the rising cost of living is driving young people out of the state.
“You're seeing young, working people fleeing British Columbia to Alberta, to Ontario, to just about anywhere outside of British Columbia because they're tired of living in an NDP world,” he said.
“Our jurisdiction has become the least affordable and most expensive jurisdiction in the nation, and I think that's very sad and tragic for families.”
British Columbia Conservative Leader John Rustad said the proposed budget deficit and projected increases in debt show British Columbians will soon face financial strain.
“Frankly, what we see in this budget is something that is completely unrealistic and designed simply to garner votes,” he said.
Green Party Leader Sonia Furstenau said the NDP missed an opportunity to help people struggling during a difficult time.
“At a time when we need bold investments for our people and our state's future, this administration has found a way to spend $89 billion to achieve the status quo,” she said. “It's a truly remarkable achievement.”
British Columbia voters will go to the polls in October.
Jim Huynh, a recruiter who lives in Vancouver with his wife and two daughters, ages 7 and 3, said he was happy to see the family allowance bonus and one-time energy bill credit.
But given recent increases in billings, they're unsure how much of this money will be available, and they worry that any short-term help will disappear after the election.
“If you can give it to me, I'll take it,” he said. “Anything helps. When I see these one-off promises right before an election, it makes me a little suspicious that they're being used to buy votes this year and then gone next year.”
Huynh, an owner of the two-storey house he has lived in with his family since 2019, said he understood the need for something like a resale tax but the province should be flexible.
“If you spend $2 million on something, you should be able to spend it how you want,” he said.
“We should be able to sell it if we want or need to.”
But Surrey renter Inderjit Ghuman praised the tax. A taxi driver who rents a basement apartment with his wife and son for $1,700, Ghuman said his previous home had been sold three times in 10 years.
Prices have risen from $700,000 to $2.2 million, he said.
“My credit card expired. [limit] “I started taking savings and even taking money out of my RRSP,” Guman said of his struggles to make ends meet.
With files from Chuck Chan, Nono Shen and Darryl Greer in Vancouver