A new report from CMHC concludes that the NDP’s Speculation and Vacancy Tax contributed to an historic increase in condo units being used for long-term rental in Metro Vancouver.
The CMHC’s Vancouver Rental Market Report shows the number of condos in long-term rental increased by 11,118 in 2019. The report indicates that policies including the Speculation Tax “have impacted the behaviour of investors who may previously have used their units for different purposes.” (CMHC Rental Market Report, Pages 4-5)
The report says that for the first time since CMHC started collecting this data, more condos were added to the rental market than were constructed, showing conclusively that units have been repurposed for long-term rentals.
Housing Minister Selina Robinson:
“The old government stood by as renters were priced out of their communities. It’s clear our government’s efforts to reduce speculation and support new rental supply are starting to pay off and move things in the right direction. There’s more work to do, but we need to keep going.
“The Opposition’s approach would put the progress we’ve made on housing at risk by eliminating the speculation and vacancy tax, turning the more than 11,000 new condo rentals this year back into empty homes and cancelling new affordable housing projects. We’re going to continue our efforts to curb speculation and increase rental supply so that more people can find a home they can afford.”
