I can’t think of a policy more destructive for the development industry than this. Forced liquidations into an already illiquid market.
Today in Burnaby I committed to turning more empty condos into homes people can afford.
Our housing plan is working. Home prices are falling faster in B.C. than anywhere else in Canada, rents have dropped 26 months in a row, and the speculation and vacancy tax has turned 20,000 empty units into homes. But too many finished condos are still sitting empty or unsold.
So we'll raise the speculation and vacancy tax by one point and bring in a new Unsold Condo Tax on finished condos left empty for more than a year, climbing every year they sit. That could unlock up to 5,000 homes for British Columbians.
The conservative parties have opposed nearly every measure we've taken on housing. They'd rip up the plan and hand the market back to the speculators.
With Trump's trade war driving up costs, we have to keep pushing yours down. That's how we build B.C. strong. 🇨🇦