VANCOUVER – David Eby announced his plan to increase the Speculation and Vacancy Tax and crack down on those using the housing market for profit, not homes. Eby slammed John Rustad’s plan to cancel the popular BC NDP tax measure that successfully turned more than 20,000 empty units into homes for people in Metro Vancouver alone.
“John Rustad wants to let real estate speculators buy up much-needed housing in B.C. and drive up costs for people. That’s just wrong,” said Eby. “It says everything about who he’s working for. If you’re a billionaire or in the 1% who have an extra empty home, John Rustad is your guy. If you’re struggling with housing costs, our plan will crack down on those looking to make a quick buck to get even more homes back on the market for people.”
John Rustad sat in government for 12 years and let speculators drive up housing prices. He called the Speculation and Vacancy Tax “a tax grab.” When the BC NDP took action to slow down the skyrocketing cost of homes, he attacked the tax measure for “stopping profits made on real estate.” Rustad has promised to cancel everything in B.C.’s housing action plan, which experts say will deliver 300,000 homes in the next decade.
Under David Eby’s plan, the Speculation and Vacancy Tax would be increased to 1% for residents of Canada and 3% for foreign owners starting in 2025. The tax is designed to turn vacant housing into homes for people and make speculators pay their fair share of taxes. Less than 1% of British Columbians pay the speculation tax.
“Letting wealthy investors buy homes and leave them empty is part of what got us into the housing crisis in the first place. Going back to that kind of thinking would only make things worse,” said Eby. “Only John Rustad, and the powerful interests he’s listening to, think repealing the spec tax is a good idea. But that’s what he’ll do if he gets the chance.”
