Really, all the stars are flashing different colors, because light is composed of all the colors of a rainbow, and the journey through our atmosphere breaks starlight into its component colors via refraction. But you don’t notice the colors of the other stars much, because they’re not as bright as Sirius (or Capella or Arcturus). Since our atmosphere is causing the light to break into its colors, and since Sirius is often seen low in the sky now (where you are peering at it through a thicker layer of atmosphere than when it’s overhead), the flashing colors of Sirius are very obvious.