It香蕉视频直播檚 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.

香蕉视频直播淔rom our position in Kelowna, it hasn香蕉视频直播檛 gone well,香蕉视频直播� 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 香蕉视频直播渁rbitrary nature香蕉视频直播� in which the tax is being imposed on municipalities.

香蕉视频直播淗ow were we selected? Why were some selected while others weren香蕉视频直播檛?香蕉视频直播� said Basran. 香蕉视频直播淭here is no policy that states which municipalities should have this and which shouldn香蕉视频直播檛. We don香蕉视频直播檛 know any of these criteria.香蕉视频直播�

The Mayor said the tax has stopped or delayed housing projects, resulting in a loss of jobs. He cited a Canadian Home Builders香蕉视频直播� 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香蕉视频直播檚 still no means or planned method for that money to re-enter Kelowna.

香蕉视频直播淲e do not yet know how (the money will come back to Kelowna),香蕉视频直播� said Basran. 香蕉视频直播淪o, we香蕉视频直播檙e waiting on how we香蕉视频直播檙e going to receive that $2 million and when.香蕉视频直播�

The city香蕉视频直播檚 marketability as a place to retire has also taken a blow due to the tax, according to the mayor.

香蕉视频直播淲e rely on our prairie friends to come and visit, to invest in our community and to one day want to retire here,香蕉视频直播� he said. 香蕉视频直播淎nd now they香蕉视频直播檙e saying 香蕉视频直播榳ell, because of this speculation tax we香蕉视频直播檒l just find somewhere else where we don香蕉视频直播檛 have to pay it.香蕉视频直播�

香蕉视频直播淚t has hurt our reputation as a place to retire and a place to invest as well.香蕉视频直播�

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香蕉视频直播� main wishes for the tax was to implement an opt-in/opt-out system so municipalities can choose whether or not they香蕉视频直播檇 like to participate.

香蕉视频直播淣ow, we just wait,香蕉视频直播� said Basran. 香蕉视频直播淲e香蕉视频直播檒l see if she took away any other feedback and will make any changes.香蕉视频直播�

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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