NDP: Wilkinson doubles down on ending speculation tax

THURSDAY night, BC Liberal Leader Andrew Wilkinson doubled down on his commitment to give tax breaks to people with multiple vacant homes, says the NDP

Wilkinson committed to eliminating the BC NDP’s Speculation and Vacancy Tax, which applies to owners with multiple houses in urban areas who decide to leave them vacant. 

Wilkinson described the speculation tax as “a greedy tax designed to hurt homeowners” and promised “we will get rid of their phony speculation tax.” (Facebook Live, 43:20)

The tax is not paid by people who choose to make their houses available for rent. 

The NDP notes that a Research Co. poll earlier this year showed 76% of British Columbians support the Speculation and Vacancy Tax. Only 16% of British Columbians oppose it. (Research Co. Jan 2020)

The tax is projected to bring in $80 million in 2020/21. This money is invested in new housing supply. 

The CMHC reported that long-term condo rental housing increased by a record 11,118 units in 2019, attributing the increase to policies including the Speculation and Vacancy Tax. (CMHC, Jan 2020, Pg. 4-5)