VANCOUVER – 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.
Green Party Leader Sonia Furstenau is in Cowichan Bay with two of her candidates to announce what they’re calling “a new vision for B.C.’s forests,” which includes a ban on old-growth logging and making big firms pay their fair share in taxes, while stopping industry subsidies.
The announcement comes after she spent Thursday promoting her party’s promise to increase social and disability assistance rates to $2,400 per month, and provide a guaranteed income for youth aging out of care.
B.C. Conservative Leader John Rustad is in Kelowna to make an announcement after the Conservatives said they would eliminate B.C.’s nearly $9-billion deficit within two terms of government.
British Columbia’s election day is on Oct. 19.
This report by The Canadian Press was first published Oct. 4, 2024
