It91裸聊视频檚 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.

91裸聊视频淔rom our position in Kelowna, it hasn91裸聊视频檛 gone well,91裸聊视频� 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 91裸聊视频渁rbitrary nature91裸聊视频� in which the tax is being imposed on municipalities.

91裸聊视频淗ow were we selected? Why were some selected while others weren91裸聊视频檛?91裸聊视频� said Basran. 91裸聊视频淭here is no policy that states which municipalities should have this and which shouldn91裸聊视频檛. We don91裸聊视频檛 know any of these criteria.91裸聊视频�

The Mayor said the tax has stopped or delayed housing projects, resulting in a loss of jobs. He cited a Canadian Home Builders91裸聊视频� 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 there91裸聊视频檚 still no means or planned method for that money to re-enter Kelowna.

91裸聊视频淲e do not yet know how (the money will come back to Kelowna),91裸聊视频� said Basran. 91裸聊视频淪o, we91裸聊视频檙e waiting on how we91裸聊视频檙e going to receive that $2 million and when.91裸聊视频�

The city91裸聊视频檚 marketability as a place to retire has also taken a blow due to the tax, according to the mayor.

91裸聊视频淲e rely on our prairie friends to come and visit, to invest in our community and to one day want to retire here,91裸聊视频� he said. 91裸聊视频淎nd now they91裸聊视频檙e saying 91裸聊视频榳ell, because of this speculation tax we91裸聊视频檒l just find somewhere else where we don91裸聊视频檛 have to pay it.91裸聊视频�

91裸聊视频淚t has hurt our reputation as a place to retire and a place to invest as well.91裸聊视频�

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 mayors91裸聊视频� main wishes for the tax was to implement an opt-in/opt-out system so municipalities can choose whether or not they91裸聊视频檇 like to participate.

91裸聊视频淣ow, we just wait,91裸聊视频� said Basran. 91裸聊视频淲e91裸聊视频檒l see if she took away any other feedback and will make any changes.91裸聊视频�

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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