New Democrat Leader David Eby is defending plans to increase British Columbia’s speculation tax on empty homes because he says it works.
He says the tax saw 20,000 vacant homes in Metro Vancouver rented out since its introduction in 2017 and he expects more rental opportunities will result from the increase.
The NDP’s election platform calls for the tax on vacant second properties to increase to one per cent of assessed value for Canadian owners from the current .5 per cent.
The New Democrats say the tax will increase to three per cent of assessed value for foreign property owners from the current 1.5 per cent.
Eby says they don’t actually want people to pay the tax and the best loophole people can use is to rent our their home.
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