Carole James unmoved by B.C. speculation tax concerns

Speculation tax triggered local ‘recession,’ B.C. mayors say

Mayors of B.C. communities affected by the NDP government’s pending “speculation tax” on second homes got the support of delegates of their counterparts province-wide Wednesday, and urged Premier John Horgan to make affordable housing measures a local decision.

Mayors of Langford, Kelowna, West Kelowna, Radium Hot Springs and Parksville held a news conference outside the Union of B.C. Municipalities convention in Whistler to drive home the point that they are seeing unintended and negative consequences from the tax, due to take effect next year.

West Kelowna Mayor Doug Findlater said the prospect of the tax has caused “a bit of a recession” in his community. Single-family home starts are down 40 per cent since the tax was announced in February, and multi-family development proposals are off 45 per cent since the tax targeted vacant properties, he said.

Radium Hot Springs Mayor Clara Reinhardt said the announcement had an immediate effect on her resort community near the Alberta border, with housing developments cancelled.

Finance Minister Carole James confirmed after the vote that the speculation tax is going ahead in its amended form.

James rolled back the extent of the tax in March after protests from vacation homeowners, exempting the Gulf Islands, Parksville, Qualicum Beach, the Juan de Fuca region in Premier John Horgan’s constituency and rural areas of the Fraser Valley and Central Okanagan.

It applies to Metro Vancouver, Greater Victoria and the municipalities of Nanaimo, Lantzville, Abbotsford, Chilliwack, Mission, Kelowna and West Kelowna. It is to take effect based on 2018 assessed property values, at 0.5 per cent for B.C. residents and two per cent for foreign owners and “satellite families” who don’t pay income tax in B.C.

B.C. Liberal leader Andrew Wilkinson noted that the resolution to dump the tax had overwhelming support from local politicians at the UBCM convention. Kelowna Mayor Colin Basran endorsed Wilkinson’s argument that the tax doesn’t target speculation.

In May, Wilkinson proposed his own version of the tax, targeting capital gains of people who flip condominiums for a quick profit.


@tomfletcherbc
tfletcher@blackpress.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Proposed Boston Flats Eco-Depot hits rezoning amendment hurdle

TNRD now considering way forward after third reading of bylaw defeated

Conservative candidate Brad Vis speaks at Ashcroft Tiwn Hall

Puts family first, says Conservatives will work for all Canadians

New report on 2017 wildfires calls for better coordination with First Nations

Tsilhqot’in National Government documents 2017 disaster and lists 33 calls to action

In 1968, an Ashcroft Art Show was an idea whose time had come

Local artists got together to form a club in 1967, and a year later a show was born

Soccer week 2: League play gets underway

Warm-up time is over as the teams get down to work

VIDEO: Driver in bizarre hit-and-run at B.C. car dealership turns herself in

Police believe alcohol was a factor in incident causing estimated $15,000 in damages

Northern B.C. high school student reaches 100,000 followers on YouTube

Voice actor, animator, Jericho Fortune has more than 30-million views on his channel GTAGAMER222

University mourns student who died in B.C. canoeing accident

Andrew Milner, 19, was in his second year with the University of Calgary’s basketball program

RCMP arrest B.C. man following threatening Vaisakhi Facebook post

Post made reference to pressure cooker bomb at massive Surrey parade

B.C. woman pleads for people to stop stealing daffodils meant to honour cancer victims

Cynthia Bentley honours memory of those lost to cancer by planting 100 daffodils each year

Canfor temporarily shutting down lumber mills across B.C.

Low lumber prices and the high cost of fibre are the cause of curtailment, according to the company

Two in critical condition, several still in hospital after Langley deck collapse

Close relative Satwant Garcha makes daily trips to visit those injured at the wedding

Allegedly intoxicated man arrested after 3 paramedics attacked at Kamloops hospital

Paramedics had transported the man to Royal Inlands Hospital for medical treatment

Canadian privacy watchdogs find major shortcomings in Facebook probe

The probe followed reports that Facebook had let an outside organization use an app to access users’ personal info

Most Read