B.C.’s premier has sold a condo in Victoria that was popular among Airbnb users. Opposition politicians have suggested that he may have been profiting from the very practices he is trying to curb.
Two political parties drew the line on short-term rental laws in Victoria on Tuesday as the issue became personal.
B.C. Premier David Eby responded to BC United MLA Karyn Kirkpatrick (West Vancouver-Capilano) calling him a condominium “finner” while also introducing proposed changes to short-term rental laws. , was forced to explain his real estate purchase history. Prime Minister Eby called it “Swiss” cheese. “
Kirkpatrick first proposed in Congress that new proposed restrictions on things like Airbnb listings should include an exemption for one additional investment property to address the needs of medical travel. Additionally, short-term rentals should be allowed for major events such as the 2026 Gray Cup and FIFA World Cup.
Mr Eby countered that the opposition was trying to turn the bill into “Swiss cheese” and allow trucks to slip through such loopholes.
Kirkpatrick also called Eby a hypocrite for selling his condo in 2019, which advertised “unlimited rentals.”
Kirkpatrick said Eby “personally profited from selling his condo as an Airbnb opportunity.”
There was no mention of Airbnb or short-term rentals in the property listing at the time, but Kirkpatrick said the building would accommodate such rentals. She did not suggest that Evie rent her own home as a short-term rental.
BC United spokesperson Andrew Reeve provided Glacier Media with documents regarding the assets. They show Eby bought a one-bedroom condo on Johnson Street in August 2013 for $216,500. Eby sold the property in January 2019 for $365,000, making a profit of $148,500.
Eby explained that she bought the condo while working in Victoria. Otherwise, he rented a house in Vancouver because his wife was attending medical school. Two children were born to them. He told Congress that the proceeds from the sale helped pay for tuition.
After selling the condo, Eby rented it in Vancouver until March 2022, after which the couple purchased a $2.2 million townhome.
glacier media Analysis of disclosure content According to a May 2022 survey, 93 percent of MLAs own a home, higher than the state average homeownership rate of 68 percent, and more than half (41 of them) own a second property. , far exceeding the state’s secondary home ownership rate of 15 percent. Cited by Statistics Canada.
Records show Eby has never owned more than one property at a time.
When asked about the use of the term “flip” given that Mr. Eby had made the condominium his second home for six years, Mr. Reeve said that Mr. Eby profited from the sale of a “non-home residence.” He defended the party’s terminology.
Reeve said the former Eby building had a dedicated short-term rental management service and suggested the Airbnb opportunity would increase its value.
“When selling the property, he personally agreed that the building’s nonconforming use exemption would allow for unlimited rentals and the added value of his sale and the possibility of Airbnb being part of the marketing of all units at 760 Johnson. This has helped drive up real estate values,” Reeve said.
Opposition parties have criticized Mr. Eby’s condo sales in the past, suggesting he sold them to avoid speculation and vacancy tax, the tax’s stated purpose for moving units into primary residences. .
Eby sold the condo at a time when land prices were rising. And if Evie had kept the Victoria condo until today, based on the current listing of a one-bedroom condo that explicitly advertises the building as a “vacation haven,” this condo would be It was sold for approximately $475,000.
Eby this month introduced short-term rental legislation to free up rooms for long-term residents as one way to address housing affordability. The law limits short-term rentals to primary residences in most municipalities with more than 10,000 residents, but excludes secondary suites and back alley homes.
The legislation has been criticized by BC United, which says it doesn’t go far enough to address the issue.
gwood@glaciermedia.ca
