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British Columbia NDP Leader David Eby has unveiled a new tax targeting unsold condominiums left vacant by developers, as part of a broader housing affordability push during the province’s snap election campaign. Eby made the announcement on Friday at a campaign stop in Burnaby, with a condo development under construction visible behind him.
The proposed tax on unsold condos would apply to finished units sitting empty for more than one year. Eby pointed to a report from Real Property Data estimating that thousands of unsold units worth $4.4 billion are currently sitting vacant across Metro Vancouver. “They are brand new,” he said. “They are ready for people to move in. They have been built.”
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How the New Condo Tax Would Work
Under the plan, the tax would start at two per cent and rise by one per cent for each additional year a unit remains unsold. Eby said the measure could unlock approximately 5,000 condominiums for buyers and renters across the region.
He argued that B.C. residents should not face sky-high housing costs while developers hold finished units and wait for prices to climb further. “We will intervene,” Eby said. “We will stand up for British Columbians, just like we stand up to Trump, stand up to developers. We will stand up for the families who are struggling with affordability.”
Speculation and Vacancy Tax Also Set to Rise
In addition to the new condo tax, Eby announced plans to increase the existing speculation and vacancy tax. The rate for domestic owners would rise to two per cent, while foreign owners would face a five per cent rate.
The NDP government originally introduced the speculation and vacancy tax to convert empty homes into housing and to ensure foreign owners contributed fairly to B.C.’s tax base. The tax currently applies to municipalities in Metro Vancouver, the Capital Regional District in Greater Victoria, and 26 other municipalities across the province.
Friday’s announcement also comes amid ongoing questions about a separate joint federal-provincial plan. That plan, announced in June alongside Prime Minister Mark Carney, aims to purchase more than 2,220 vacant condominiums in B.C. and convert them into affordable housing. Eby had promised further details in the fall, but the snap election call this week moved that timeline.
Election Context and Conservative Response
Eby called the snap election for October 24, and the campaign is now in its first week. When asked about polls showing his NDP trailing the Conservatives under interim leader Lorne Doerkson, Eby remained measured. “There are going to be a lot of polls,” he said, noting it was still early in the campaign.
Meanwhile, the B.C. Conservatives have held no official campaign events since Tuesday, the day Eby called the election. A party spokesperson said Doerkson had been conducting interviews from his home riding of Cariboo-Chilcotin and was expected to appear in the Lower Mainland on Friday.
The housing affordability proposals mark a central theme for the NDP as the campaign gets underway. Eby is seeking re-election on a platform that frames government intervention in the housing market as essential for working families across British Columbia.
