Eby Announces New Tax on Empty Condos in B.C.

B.C. NDP Leader David Eby announced during a campaign stop in Burnaby that, if re-elected, his government would introduce a new empty condo tax targeting developers who leave completed condo units unsold and vacant for more than a year.

Under the proposed measure, the tax would increase by one percentage point for each additional year a unit remains vacant. Eby said just 10 developers are holding more than $2 billion worth of completed condos that they are unwilling to sell at what he described as reasonable prices. He warned developers that they would have to either sell the units or pay the tax.

Eby also said his government would increase the speculation tax by one percentage point.

The announcement comes after the B.C. government stepped back from its controversial condo purchase program announced in June, under which the province and Prime Minister Mark Carney’s government had planned to purchase about 2,200 vacant condos from developers and offer them through a rent-to-own model.