NDP leader David Eby says an Eby-led government would tax unsold, long-empty condominium units and raise B.C.’s speculation and vacancy taxes if re-elected Oct. 24.
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British Columbia NDP Leader David Eby says the party would introduce a new tax targeting unsold condominium units that remain empty for extended periods, while also increasing B.C.’s existing speculation and vacancy taxes, if it is re-elected on Oct. 24.
Speaking at a campaign stop in Burnaby near a condo complex under construction, Eby said the proposed new levy would apply to finished units left empty for more than a year and would begin at two per cent. He said the rate would rise by one percentage point for each additional year those units remain unsold.
Eby argued the approach is meant to improve housing affordability by shifting pressure away from would-be buyers and renters and toward developers holding large numbers of unsold units. He said the plan could “unlock about 5,000 condos,” referring to the number of units expected to become available.
The NDP leader also said the party would increase the existing speculation and vacancy tax to two per cent for domestic owners and five per cent for foreign owners. He said the prior NDP government introduced the tax to encourage more vacant homes to be brought into the market and to ensure foreign owners or those with foreign income contribute fairly to B.C.’s tax system.
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