BC Conservatives promise to scrap Speculation Tax despite admitting that housing costs are coming down under Eby
BC Conservative Leader John Rustad has called for the Speculation and Vacancy Tax (SVT) to be cancelled, even after acknowledging that Eby’s housing policies are bringing down housing costs.
Rustad said on Tuesday that lower housing costs meant speculators should get a tax break:
“With housing prices dropping and the federal government cancelling their underused housing tax, we believe it’s time for B.C. to follow suit and axe its speculation and vacancy tax.”
The Canada Mortgage and Housing Commission has determined that the tax brought about 20,000 empty homes back into the housing market in Metro Vancouver.
Home prices in BC continue to hold steady or decline slightly instead of going up, while rents are down 10% in the last two years.
This comes after years of David Eby’s unprecedented action on housing, including restrictions on short-term rentals and scrapping red tape that blocked construction of duplexes and triplexes. When previously asked about Eby’s housing policies, Rustad said “I would repeal all of that.”
BC NDP Housing Minister Christine Boyle:
“The Speculation and Vacancy Tax has turned tens of thousands of empty units into long-term homes for people. It’s a key element of David Eby’s housing action plan, which has helped lower rent by 10% and stopped housing prices from skyrocketing. Just as we’re having an impact, the BC Conservatives are doubling down on cancelling it. They would take us back to when speculators cashed in and everyone else paid for it. We have a long way to go on housing costs, but we can’t stop now.”