New actions will crack down on speculators, developers leaving units vacant

BURNABY–David Eby has committed to take more action to crack down on speculators and developers who leave units vacant or unsold, turning them into homes British Columbians can afford.

“At a time when Trump’s trade war is increasing prices here, we need to do everything we can to bring down people’s everyday costs – starting with housing costs,” said David Eby, BC NDP leader. “Our plan is making a difference: housing prices are falling faster here than anywhere else in the country, and we need to keep going. Conservatives would rip up our plan and send rents skyrocketing. We can’t afford that, especially right now.”

Eby says he will increase the speculation and vacancy tax by one percentage point, from 1% to 2% for domestic speculators and from 4% to 5% for foreign speculators. The change will help put more empty units into the long-term rental market, while any additional revenue will go to building more affordable homes people need.

The BC NDP will also introduce a new Unsold Condo Tax on finished condos left empty for more than a year. Starting at 2 per cent, the tax will increase by 1 per cent for each additional year a condo remains unsold, pushing developers to sell finished homes at prices people can afford. The plan could unlock up to 5,000 condos for British Columbians.

According to a September 2026 report by Real Property Data, these unsold units are estimated to be worth $4.45 billion. Over 1,300 of these condos were finished over two years ago, with some dating back to 2019.

“People shouldn’t pay sky-high prices to rent or buy a home while developers sit on thousands of finished condos waiting for prices to go up,” said Eby. “In this election, British Columbians have a choice: a government that keeps pushing to lower home costs for working families or Conservatives who have always opposed our plan and sided with those who profit from higher prices.”

The Speculation Tax has already successfully turned 20,000 empty units into homes for British Columbians. Under David Eby and the BC NDP, starting rents in B.C. are down over 10% since the peak in 2023 – and have gone down for 26 months straight.

Background:

The Unsold Condo Tax would function as follows:

• Year 1: no tax
• Year 2: 2%
• Year 3: 3%....