A young mother and baby.

Stabilizing Demand

A plan for affordability

Stabilizing B.C.’s out-of-control real estate market is essential to addressing the housing crisis. We are taking immediate action to crack down on speculators who are driving up housing costs so that more homes are available for people who live and work in B.C. We are also closing loopholes people use to avoid paying their fair share for the services we all enjoy.

Expanding the Foreign Buyers’ tax

Affordability for B.C. residents comes first. That’s why we are expanding the Foreign Buyers’ tax to more regions across the province, including cities such as Kelowna, Victoria, and Nanaimo, and raising it from 15 to 20 per cent.

Speculation and vacancy tax

The new speculation and vacancy tax tackles speculation in B.C.'s housing market and helps turn vacant properties into homes for people.

Increasing taxes on homes worth over $3 million

Speculation has distorted our housing market, leading to windfall profits for some homeowners. Those who have benefited from speculation will now have to pay more property transfer tax and school tax on the value of their homes over $3 million.

Cracking down on pre-sale tax evasion

For too long people have been using loopholes to hide their identities and avoid paying proper taxes when buying and selling condos before they are built. We will require developers to collect and report on pre-sale condo purchases so we can make sure everyone pays their fair share.

Making sure short term rentals contribute their fair share

We are taking bold action to make sure businesses pay their fair share towards provincial services, no matter what their platform. That’s why we have come up with an agreement with Air BnB to collect sales taxes and the municipal and regional district tax.

Ending hidden ownership

We are going to close the loopholes people and companies use to avoid paying their fair share for services, giving us a clearer picture of who owns residential property in B.C. and helping us develop new ways to tackle speculation in the future.