Province rakes in $ from speculation, vacancy tax

Sep 12, 2019 | 12:18 PM

(File photo/ID 25752262 © Wenling01 | Dreamstime.com)

The province has been raking in cash from the controversial speculation and vacancy tax slapped on out-of-province-homeowners last year but Central Okanagan homebuilders don’t like it.

Finance Minister Carole James says $115 million was collected in the 2018/19 financial year.

James was meeting Thursday with mayors hit with the tax, including those from Kelowna and West Kelowna, as well as from Vancouver, Victoria and Nanaimo.

The Canadian Home Builders’ Association of the Central Okanagan has blamed the tax on a 22 per cent reduction in construction jobs in Kelowna and a 17 percent drop in West Kelowna.

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The association claimed Kelowna has over 3,000 fewer jobs overall since the tax was introduced.

“We are highlighting the job reductions in our industry since the Speculation Tax was introduced to show its impact,” says Cassidy deVeer, president, CHBA CO. “It has harmed specific areas like Kelowna and West Kelowna and has driven growth in other communities like Kamloops and Penticton.”

With more than 1.6 million declarations completed, 99.8 per cent of British Columbians were exempt, James said.

“Our government inherited a province at the peak of a housing crisis and committed to tackling this crisis head-on,” said James. “The speculation and vacancy tax is helping to make sure homes are being used for people, not speculation or money laundering. I look forward to meeting with the mayors to further discuss the first year of this tax and how it is working to make life better for British Columbians.”

by Beach Radio