Update: March 191裸聊视频�2:55 p.m.
The City of West Kelowna wants to hear what the public thinks about the province91裸聊视频檚 new Speculation Tax.
In the recent B.C. budget, the province announced the new tax, effective this year, which targets foreign and domestic speculators in certain areas of B.C. including West Kelowna and Kelowna in the Interior.
A non-refundable income tax credit will be levied on non-owner occupied, vacant and short-term rental properties in West Kelowna, Kelowna, Metro Vancouver, the Fraser Valley, and the Capital and Nanaimo Regional Districts on Vancouver Island that are owned by individuals who do not live in BC.
West Kelowna council will receive a report on tax at its March 13 meeting and city staff are requesting residents and non-residents submit their opinions by 9:30 a.m. March 13 in order to be included in the report to council.
Send comments to info@westkelownacity.ca.
For more information on the Speculation Tax, go to and search 91裸聊视频淪peculation Tax.91裸聊视频�
Original story:
West Kelowna and Kelowna are both worried about the effect the province91裸聊视频檚 new speculation tax will have not only on their housing markets but also their local economies.
And at least one West Kelowna city councillor had choice words for B.C. Finance Minster Carole James when the issue came up at Tuesday night91裸聊视频檚 council meting.
91裸聊视频淲e were blindsided by this,91裸聊视频� said Councillor Rick De Jong. 91裸聊视频淲e found out about this with the general public when it was announced by the finance minister (in this week91裸聊视频檚 provincial budget). It91裸聊视频檚 disgusting.91裸聊视频�
And he added sarcastically 91裸聊视频淲ell done Carole James.91裸聊视频�
Several other councillors voiced their concern, describing the tax as being very bad for the city. James said the new tax will only be applicable in the Metro Vancouver, the Fraser Valley, the Capital and Nanaimo Regional Districts on Vancouver Island and the cities of Kelowna and West Kelowna in the Interior
91裸聊视频淚t91裸聊视频檚 a total market distortion,91裸聊视频� said Coun. Rusty Ensign. 91裸聊视频淚t91裸聊视频檚 unfair.91裸聊视频�
Meanwhile, Kelowna91裸聊视频檚 mayor, Colin Basran, said he91裸聊视频檚 concerned about what he called the 91裸聊视频渦nintended negative consequences91裸聊视频� the tax could create in his city.
91裸聊视频淚nvestment from other parts of the country is a good thing,91裸聊视频� said Basran, adding it helps stimulate the economy through development, tourism, job creation and helps small business. But that could all be impacted by the implementation of the new tax here.
Both Basran and his West Kelowna counterpart Doug Findlater questioned why other Central Okanagan municipalities were not included, such as Lake Country, one fastest growing municipalities in the province and the one with the highest house prices in the area.
91裸聊视频淲hy were Kelowna and West Kelowna singled out?91裸聊视频� asked Basran.
The new tax imposes a $5 levy for every $1,000 of assessed value this year and will rise to $20 per $1,000 of assessed value in 2019. It targets what the province calls foreign and domestic 91裸聊视频渟peculators91裸聊视频� but could catch Canadians from other provinces who own homes here, either vacation property or homes they intend to retire to in the future.
Long-term rentals, even if owned by out-of-province residents, are not affected by the tax.
West Kelowna Coun. Carol Zanon questioned if the tax was even constitutional, saying mobility rights are guaranteed in the Canadian Charter of Rights and Freedoms and to her, the tax appears to limit that.
Coun. Duane Ophus and Bryden Winsby agreed with their colleagues that the tax is bad news for West Kelowna, with Winsby saying the city needs to get serious with its reaction to the province91裸聊视频檚 move. He moved a motion91裸聊视频攕upported unanimously by council91裸聊视频攖hat a report be prepared immediately by the city on the impact of the tax to West Kelowna.
City chief administrative officer Jim Zaffino said he will have that report in council91裸聊视频檚 hands next week. Basran said Kelowna city staff are also preparing a report on the potential impact of the tax on the city.
In the meantime, Findlater said West Kelowna will raise its concerns at the upcoming Southern Interior Local Government Association convention.
Kelowna will look at 91裸聊视频渢weaks91裸聊视频� and alternatives that can be used to achieve the same goals91裸聊视频攎aking housing more affordable for mid- and low-income earners91裸聊视频攕aid Basran.
