It乌鸦传媒檚 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.

乌鸦传媒淔rom our position in Kelowna, it hasn乌鸦传媒檛 gone well,乌鸦传媒� 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 乌鸦传媒渁rbitrary nature乌鸦传媒� in which the tax is being imposed on municipalities.

乌鸦传媒淗ow were we selected? Why were some selected while others weren乌鸦传媒檛?乌鸦传媒� said Basran. 乌鸦传媒淭here is no policy that states which municipalities should have this and which shouldn乌鸦传媒檛. We don乌鸦传媒檛 know any of these criteria.乌鸦传媒�

The Mayor said the tax has stopped or delayed housing projects, resulting in a loss of jobs. He cited a Canadian Home Builders乌鸦传媒� 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乌鸦传媒檚 still no means or planned method for that money to re-enter Kelowna.

乌鸦传媒淲e do not yet know how (the money will come back to Kelowna),乌鸦传媒� said Basran. 乌鸦传媒淪o, we乌鸦传媒檙e waiting on how we乌鸦传媒檙e going to receive that $2 million and when.乌鸦传媒�

The city乌鸦传媒檚 marketability as a place to retire has also taken a blow due to the tax, according to the mayor.

乌鸦传媒淲e rely on our prairie friends to come and visit, to invest in our community and to one day want to retire here,乌鸦传媒� he said. 乌鸦传媒淎nd now they乌鸦传媒檙e saying 乌鸦传媒榳ell, because of this speculation tax we乌鸦传媒檒l just find somewhere else where we don乌鸦传媒檛 have to pay it.乌鸦传媒�

乌鸦传媒淚t has hurt our reputation as a place to retire and a place to invest as well.乌鸦传媒�

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乌鸦传媒� main wishes for the tax was to implement an opt-in/opt-out system so municipalities can choose whether or not they乌鸦传媒檇 like to participate.

乌鸦传媒淣ow, we just wait,乌鸦传媒� said Basran. 乌鸦传媒淲e乌鸦传媒檒l see if she took away any other feedback and will make any changes.乌鸦传媒�

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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