Originally published in The Vancouver Sun on July 2, 2026

In February of 2026 the BC NDP announced a long overdue reform of the BC Property Tax Deferral scheme. It was established in 1973 to help ‘cash poor/house rich’ people retire in place, but this newspaper showed how it became a housing subsidy exploited by many wealthy homeowners for personal profit. Through this program homeowners over 55 could access an almost interest free loan from the taxpayer. It was reformed in February to charge a market rate of interest. The Council of Seniors Organizations of BC (CSOBC) is now calling to reverse these reforms. This tone-deaf activism plays well to their base, but demonstrates how out of touch so many seniors are to the plight of youth today and the perils facing the future of this province.

The youth in BC are rightfully discouraged and despondent. They suffer high taxes, low wages, high prices, low economic growth and see an ever-increasing burden of government debt. Modest middle-class goals of owning a home and raising a family are out of reach. Meanwhile over half of government spending benefits seniors who enjoy massive housing wealth, low unemployment, and never-ending tax holidays. At the same time, Governments are using tax-payer dollars and state authority to protect homeowner’s private investments; keeping youth priced out of owning a home. While Seniors and Youth occupy the same geographic space, economically we live in different countries.

The CSOCBC rightfully notes a significant portion of seniors have low incomes. This is true but fails to provide the entire economic picture: seniors today are the wealthiest generation in Canadian history, and some of the wealthiest people in the world. Not only have older homeowners benefitted from the housing crisis, on average seniors enjoy healthy incomes, the lowest unemployment, lowest poverty rates and net worth 20x that of youth. The Property Tax Deferral subsidy specifically benefits the most successful of this blessed generation: older homeowners.

This newspaper demonstrated examples of massive wealth exploiting this scheme for personal profit. But even the average household benefitting is still very wealthy. In Vancouver, the average household receiving this subsidy in 2024 was worth $3.4M. In leafy West Vancouver, almost 15% of the homes were deferring their property taxes with an average value of $4M.  The overwhelming majority benefitting from this subsidy are very wealthy. When almost everyone under the age of 40 cannot afford a home it is economically and socially repugnant to subsidize such wealth.

Some argue the latest reforms don’t go far enough. All other provinces exclude wealthy households from benefitting. Even with the latest reforms, there is nothing to prevent billionaire Chip Wilson from exploiting this subsidy for his $60m waterfront estate. 

I applaud the BCNDP in their reforms of the program. I am hopeful it spurns on a greater discussion about the subsidies and economic benefits Canada provides to seniors. Most senior subsidy programs only exclude beneficiaries based on income; often these thresholds are absurdly high. 98% of seniors receive cash handouts from Old Age Security. They only begin to claw-back this benefit at $95k of personal income and it isn’t eliminated until $153k. Net worth is completely ignored resulting in billions of taxpayer dollars pocketed by wealthy seniors, with working families and youth footing the bill.

The housing crisis has minted a generation of multi-millionaires. Meanwhile our youth question Canada’s meritocracy. The most likely pathway to homeownership and success is  inheritance, not education or hard work. Choosing your parents is the most important economic decision today. The CSOCBC campaign highlights how out of touch most seniors are to the challenges we have created for youth and our future. Their campaign will only fan the smoldering embers of frustration felt by working families and youth. Hopefully this frustration does not ignite.

I urge them to stop.

Phil Webb is a Vancouver-born resident, businessman, taxpayer and father of two. He has no affiliation to any political party or industry lobby and is appearing here as a private citizen.