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This comes as no surprise, but one of Canada’s vacation hot spots continues to oppose the province’s proposed speculation tax.
Legislation for the tax was tabled on Tuesday and the provincial government is hoping it’ll help turn empty properties into homes for British Columbians.
The City of Kelowna has already made its concerns known to the Premier and Finance Minister when the tax was proposed in March and will continue to do so.
A main concern is that the tax isn’t equitable due to its limited geographic nature, as the tax will only apply to properties in Kelowna and West Kelowna, along with various regions in the Lower Mainland and Vancouver Island.
These municipalities fear that, if passed, the tax will just send people to neighbouring communities that aren’t impacted by the legislation.
The Union of BC Municipalities’ report, A Home for Everyone, provides well researched, data-based recommendations to manage actual speculative housing activity, rather than simply taxing homes that are vacant or used occasionally,” said Johannes Saufferer, the City of Kelowna’s director of strategic investment.
If it passes, the tax will range from 0.5% on secondary homes left vacant by B.C. residents to 2% on foreign-owned properties.
The City of Kelowna believes some of the new revenue generated from the eventual speculation tax should remain in the community to deal with the growing issue of housing affordability and homelessness.
On Tuesday, the Government of B.C. did confirm that all revenue raised would be used to fund affordable housing for British Columbians.
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