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

Hazmat team called to Surrey recycling centre

Witness at scene said several workers reported affects including coughing, headaches and chest tightness

Surrey killer foiled by cops’ suspicion he was underage in a bar

Birinderjeet Singh Bhangu was shot dead outside the Comfort Inn and Suites Hotel on Fraser Highway

Delta man charged after police surround Tsawwassen home

Troy Kevin Reimer, 52, is charged with one count of uttering or conveying a threat to cause death or bodily harm

Pitcher’s comeback highlights Canada Cup for longtime tournament chair

Event organizers now switch gears to prepare for 2019 Americas Olympic Softball Qualifier

‘DebuTheatre’ debuts at Surrey Little Theatre

One-acts run at Cloverdale community theatre until Saturday

VIDEO: Plant-based burgers may not be as healthy as they seem

Both the Impossible and Beyond Burger have more saturated fat than beef burgers

Thunderstorms forecast across B.C.

Environment Canada has issued a thunderstorm watch for B.C.’s central Interior

B.C. mom to go to Europe court in hopes of getting alleged abducted daughter back

Tasha Brown alleges her estranged wife abducted their daughter Kaydance Etchells in 2016

Driver who killed B.C. motorcyclist receives absolute discharge

Chase family speechless following decision by BC Review Board

Lower gas prices slow annual inflation rate to Bank of Canada’s 2% bull’s-eye

Prices showed strength in other areas — led by a 17.3 per cent increase in the cost of fresh vegetables

B.C. moves to preserve 54 of its biggest, oldest trees

Fir, cedar, spruce, pine, yew set aside from logging

Report of dead body in B.C. park actually headless sex doll

This discovery, made at Manning Park on July 10, led police to uncovering two other sex mannequins

Grand Forks fire chief found to have bullied, harassed volunteer firefighter: report

WorkSafeBC, third-party human resources investigation looking into allegations complete

Dog recovering after being drenched in hot coffee, B.C. man charged

Man was taken into custody, charged, and released pending a court date

Most Read