British Columbia NDP Leader David Eby has unveiled plans to address housing affordability issues by proposing new taxes on unsold condominiums. If re-elected on Oct. 24, Eby’s government would introduce a new tax targeting finished units left empty for over a year. The tax would start at two percent and increase by one percent annually for unsold units.
During a campaign event in Burnaby, B.C., Eby highlighted the need to tackle the housing crisis. He emphasized that the proposed measures aim to free up approximately 5,000 condos for potential buyers or renters. Eby criticized developers for holding onto unfinished units in anticipation of rising prices while residents struggle to afford homes.
In addition to the new tax, Eby’s government plans to raise the existing speculation and vacancy tax rates. Domestic owners would face a two percent tax, while foreign owners could see their tax rate increase to five percent. The goal is to incentivize the utilization of vacant properties for housing and ensure that foreign owners contribute equitably to British Columbia’s tax system.
