Itsa国际传媒檚 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.

sa国际传媒淔rom our position in Kelowna, it hasnsa国际传媒檛 gone well,sa国际传媒� 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 sa国际传媒渁rbitrary naturesa国际传媒� in which the tax is being imposed on municipalities.

sa国际传媒淗ow were we selected? Why were some selected while others werensa国际传媒檛?sa国际传媒� said Basran. sa国际传媒淭here is no policy that states which municipalities should have this and which shouldnsa国际传媒檛. We donsa国际传媒檛 know any of these criteria.sa国际传媒�

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

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

The citysa国际传媒檚 marketability as a place to retire has also taken a blow due to the tax, according to the mayor.

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

sa国际传媒淚t has hurt our reputation as a place to retire and a place to invest as well.sa国际传媒�

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

sa国际传媒淣ow, we just wait,sa国际传媒� said Basran. sa国际传媒淲esa国际传媒檒l see if she took away any other feedback and will make any changes.sa国际传媒�

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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