B.C.’s Eby says NDP would tax new, unsold condos, raise speculation, vacancy fees

British Columbia's NDP leader David Eby announced a new tax on unsold condominiums during a campaign stop in Burnaby on Friday. The tax would apply to finished units left empty for more than a year, with a starting rate of two percent that increases by one percent for each additional year the units remain unsold. Eby highlighted a report from Real Property Data estimating thousands of unsold units worth $4.4 billion are currently sitting empty across Metro Vancouver.

By taxing these empty units, Eby claimed his government could unlock around 5,000 condos and address housing affordability. He also proposed increasing the existing speculation and vacancy tax to two percent for domestic owners and five percent for foreign owners. Eby emphasized that B.C. residents shouldn't have to pay exorbitant prices to rent or buy homes while developers sit on thousands of unfinished units waiting for prices to rise.

The NDP leader pledged to intervene and support British Columbians, particularly families struggling with housing affordability.