Okanagan realtors add voices to anti-speculation tax coalition

This speculation tax is likely to harm the very people the government is trying to protect

The Okanagan Mainline Real Estate Board joins Scrap the Speculation Tax, a campaign by a coalition of B.C. business groups to demand that Premier John Horgan and the government reverse their decision to implement a Speculation Tax on B.C. and Canadian taxpayers.

“This speculation tax is likely to harm the very people the government is trying to protect and support,” said Tanis Read, OMREB immediate past president, in a press release.

She added that federal government regulation in the form of stiffer mortgage qualifications and higher interest rates is already having the predictable effect of curbing housing demand.

“The proposed speculation tax is already spooking those who aren’t even targeted and could be the tipping point that takes a market that is normalizing into a steep decline,” said Read, noting that the impacts could be severe for all B.C. residents, not just those directly affected by the tax.

“A significant drop in housing demand could result in job loss, mortgage hardship, or even mortgage foreclosures if market values drop below current mortgage loans. Home construction would be curtailed, slowing expansion of housing supply and leading to more critical shortages in future. Ironically, lower property values would also mean fewer tax dollars to pay for much-needed services.”

None of this spells affordability, which is why OMREB is compelled to speak up on behalf of its almost 1,300 members – real estate professionals who see the impacts, first-hand.

The coalition recommends the B.C. government immediately scrap the Speculation Tax and do the following to address housing affordability:

  • Target real speculators, not long-term homeowners, including many out-of-province residents;
  • Protect our local tourism dependant economies, like Kelowna and West Kelowna;
  • Reduce the cost of delivering housing units by exempting vacant development land from this tax;
  • Exempt Canadian and British Columbian taxpayers from this unfair tax measure.

The campaign aims to spread the word about the unfair and ineffective Speculation Tax. Their website allows concerned citizens to learn more and write to their local Member of the Legislative Assembly (MLA) to express their concerns.

To report a typo, email:
newstips@kelownacapnews.com
.


@KelownaNewsKat
kmichaels@kelownacapnews.com

Like us on Facebook and follow us on Twitter.

Just Posted

World Community Film Festival returns to Kelowna

The festival celebrates its 16th anniversary

Line-up for Kelowna Fan Experience 2019 to be announced

The line-up will be announced Feb. 22

2019’s “status quo” budget accepted cautiously by Kelowna Chamber

“(This budget) is to appeal to an NDP base.”

Teresa May talent agency opens in Kelowna

The agency will be holding an all ages open casting event Feb. 24

Niedermayer jersey retirement ceremony a dream come true

Penticton minor hockey players bring home memories of a lifetime from Niedermayer jersey retirement

Students give two thumbs up to no more B.C. student loan interest

Eliminating the loan interest charges could save the average graduate $2,300 over 10 years

Ontario man accused of killing 11-year-old daughter dies in hospital, police say

Roopesh Rajkumar had been hospitalized with what police described as a self-inflicted gunshot wound

Larch Hills junior skiers top Teck BC Midget Championships

Multiple top-five finishes contribute to aggregate team trophy

Manitoba ‘pauses’ link with ex-B.C. premier Gordon Campbell after allegations

Campbell had been hired to review two major hydro projects

Heritage minute features Japanese-Canadian baseball team, internment

The Vancouver Asahi baseball team won various championships across the Pacific Northwest

UPDATE: Woman, off-duty cop in critical condition after stabbing outside B.C. elementary school

The officer was interceding in an alleged assault when he and the woman were stabbed

Vehicle fire on Coquihalla near Kamloops

A large plume of smoke could be seen rising into the sky over Highway 5

Pool plans disappoint Shuswap swim clubs

Salmon Arm mayor assures options for city rec centre only preliminary

$10-a-day child care not in 2019 budget, but advocate not irked

Sharon Gregson with the Coalition of Child Care Advocates of B.C. says NDP on track to deliver promise

Most Read