It害羞草研究所檚 been almost a year since the speculation and vacancy tax took effect in several municipalities across the province.

And Kelowna Mayor Colin Basran is still not a fan.

害羞草研究所淔rom our position in Kelowna, it hasn害羞草研究所檛 gone well,害羞草研究所� he said.

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Basran, along with West Kelowna Mayor Gord Milsom and mayors from other affected municipalities, met with B.C. Finance Minister Carole James on Sept. 12 to discuss the tax. The speculation and vacancy tax is meant to target vacant properties and properties owned by real estate speculators, and its revenue is intended to support affordable housing directly.

According to Basran, the majority of the mayors at the meeting spoke out against the tax. He cited one of his major issues as the 害羞草研究所渁rbitrary nature害羞草研究所� in which the tax is being imposed on municipalities.

害羞草研究所淗ow were we selected? Why were some selected while others weren害羞草研究所檛?害羞草研究所� said Basran. 害羞草研究所淭here is no policy that states which municipalities should have this and which shouldn害羞草研究所檛. We don害羞草研究所檛 know any of these criteria.害羞草研究所�

The Mayor said the tax has stopped or delayed housing projects, resulting in a loss of jobs. He cited a Canadian Home Builders害羞草研究所� Association of the Central Okanagan report, which put the job loss at a 22 per cent reduction in jobs related to residential construction in Kelowna.

In total, the tax raised $115 million in its first year and around $2 million of that came from Kelowna.

Despite the revenue being promised to come back to each community, Basran said there害羞草研究所檚 still no means or planned method for that money to re-enter Kelowna.

害羞草研究所淲e do not yet know how (the money will come back to Kelowna),害羞草研究所� said Basran. 害羞草研究所淪o, we害羞草研究所檙e waiting on how we害羞草研究所檙e going to receive that $2 million and when.害羞草研究所�

The city害羞草研究所檚 marketability as a place to retire has also taken a blow due to the tax, according to the mayor.

害羞草研究所淲e rely on our prairie friends to come and visit, to invest in our community and to one day want to retire here,害羞草研究所� he said. 害羞草研究所淎nd now they害羞草研究所檙e saying 害羞草研究所榳ell, because of this speculation tax we害羞草研究所檒l just find somewhere else where we don害羞草研究所檛 have to pay it.害羞草研究所�

害羞草研究所淚t has hurt our reputation as a place to retire and a place to invest as well.害羞草研究所�

Instead of the speculation tax, Basran said he would prefer a transactional tax, which would target real estate speculators and not those with summer homes or those planning to retire in the community.

The finance minister took the feedback of the mayors on the tax and if any changes are to be made, they will likely be done before the end of 2019.

One of the mayors害羞草研究所� main wishes for the tax was to implement an opt-in/opt-out system so municipalities can choose whether or not they害羞草研究所檇 like to participate.

害羞草研究所淣ow, we just wait,害羞草研究所� said Basran. 害羞草研究所淲e害羞草研究所檒l see if she took away any other feedback and will make any changes.害羞草研究所�

West Kelowna Mayor Gord Milsom will give his comments on the issue to the Capital News at a later date.

michael.rodriguez@kelownacapnews.com
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