It鈥檚 been almost a year since the speculation and vacancy tax took effect in several municipalities across the province.

And 琉璃神社 Mayor Colin Basran is still not a fan.

鈥淔rom our position in 琉璃神社, it hasn鈥檛 gone well,鈥� he said.

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Basran, along with West 琉璃神社 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 鈥渁rbitrary nature鈥� in which the tax is being imposed on municipalities.

鈥淗ow were we selected? Why were some selected while others weren鈥檛?鈥� said Basran. 鈥淭here is no policy that states which municipalities should have this and which shouldn鈥檛. We don鈥檛 know any of these criteria.鈥�

The Mayor said the tax has stopped or delayed housing projects, resulting in a loss of jobs. He cited a Canadian Home Builders鈥� Association of the Central Okanagan report, which put the job loss at a 22 per cent reduction in jobs related to residential construction in 琉璃神社.

In total, the tax raised $115 million in its first year and around $2 million of that came from 琉璃神社.

Despite the revenue being promised to come back to each community, Basran said there鈥檚 still no means or planned method for that money to re-enter 琉璃神社.

鈥淲e do not yet know how (the money will come back to 琉璃神社),鈥� said Basran. 鈥淪o, we鈥檙e waiting on how we鈥檙e going to receive that $2 million and when.鈥�

The city鈥檚 marketability as a place to retire has also taken a blow due to the tax, according to the mayor.

鈥淲e rely on our prairie friends to come and visit, to invest in our community and to one day want to retire here,鈥� he said. 鈥淎nd now they鈥檙e saying 鈥榳ell, because of this speculation tax we鈥檒l just find somewhere else where we don鈥檛 have to pay it.鈥�

鈥淚t has hurt our reputation as a place to retire and a place to invest as well.鈥�

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鈥� main wishes for the tax was to implement an opt-in/opt-out system so municipalities can choose whether or not they鈥檇 like to participate.

鈥淣ow, we just wait,鈥� said Basran. 鈥淲e鈥檒l see if she took away any other feedback and will make any changes.鈥�

West 琉璃神社 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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