Eby proposes higher vacancy tax and new levy on unsold condos

B.C. NDP Leader David Eby says a re-elected government would take additional measures to bring vacant and unsold housing units onto the market, including higher taxes on speculators and a new tax on completed condos that remain unsold.

Eby says the Speculation and Vacancy Tax would increase by one percentage point, from 1% to 2% for domestic speculators and from 4% to 5% for foreign speculators. According to the BC NDP, additional revenue would be directed toward building affordable housing.

The party also proposes an Unsold Condo Tax on completed condos that remain vacant for more than a year. The tax would start at 2% and rise by one percentage point for each additional year a unit remains unsold.

The BC NDP says the measure could bring as many as 5,000 completed condos onto the market.

The party cites a September 2026 Real Property Data report estimating the value of the unsold units at $4.45 billion. It says more than 1,300 of the condos were completed more than 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,” Eby said.

Eby also pointed to the existing Speculation and Vacancy Tax, saying it has helped move more than 20,000 empty units into the long-term rental market. The B.C. government has previously reported that more than 20,000 units were added to Metro Vancouver’s long-term rental market through the tax and other measures.

The current provincial tax rates are 1% for Canadian citizens and permanent residents with empty or underused homes and 3% for foreign owners and owners with most of their income unreported in Canada.

The proposed increases and new condo tax are part of Eby’s housing platform for the 2026 B.C. election.