Downfall of government

The new property tax laws dreamed up by John Horgan and his government are one of the most narrow-minded ideas that I have ever seen a government dream up. This rivals Donald Trump as far as outrageously stupid legislation. This tax law’s ability to destroy this provinces economy is epic in scale!

We have thousands of out of province owners here in Kelowna alone who have been supporting our City and Province for years with their property taxes and tourism dollars that are now going to sell their properties simply because of this ridiculous tax grab.

Over the years out of province developers have built many multi-family properties in B.C. that now generate property tax cash flow to the province to the tune of hundreds of millions of dollars, far more than the Horgan government will ever see from this narrow minded and unfair policy. Without these developers’ initiatives over the years those lands might still have the original houses on the property generating next to no income from property taxes.

There are many new developments underway in the Okanagan Valley and the rest of B.C. that have pre-sales from outside B.C. buyers and these are at risk of not being completed (those buyers will most certainly rescind their deals before closing when they find out their property taxes are quadrupling). The new proposed projects and the ones under construction employ hundreds if not thousands of local trades people and support local small businesses that supply tubs, sinks, flooring, furniture and other construction related products. These innocent people are going to suffer now that these projects are at risk of being cancelled due to the out of province buyers taking their money out of the development and the province!

Not only has the Horgan Government launched war against these Canadian developers and BC small businesses but these out of province owners are going to sell their homes here and never again come into this province to build or spend money. As a matter of fact, the Alberta owners I have spoken to take this proposed new law as a personal attack against them and their families and they may never come to B.C. to vacation ever again! And these people spend a lot of money while they are here at their second home.

This province has launched a war against investors across the rest of Canada. Last week this Premier was upset when the Alberta Government was trying to attack our wine industry?  How does he think the tens of thousands of people who own property from outside B.C. feel about this tax law? Do you think these people are going to feel a little bit of resentment against this province and its actions? You bet they are! Do you think it will cost these owners money? You bet it will! Do you think it will affect our tourism dollars? You bet it will! Fewer developments means fewer places to rent for vacationers.

It’s developers, regular home owners, all the hockey players who own on Hobson, all the baby boomers who are retiring in the next 5-15 years across Canada who are looking for a warmer place to have a second home will take their money elsewhere. Even if the government changes the law in a few years the damage will already be done. The second homes for these out of province people will already have been bought elsewhere. B.C. will be screwed and the property values will fall significantly which is the first step towards a recession in the province. B.C. will go from a successful province to the land of the poor again. The NDP government is going to kill this province just as it did in the 90’s.

If you want to penalize out if province owners people for owning in B.C. fair enough but don’t do it at the expense of other Canadians! There are some very powerful people who are going to heavily influence the outcome of the next provincial election and Mr. Horgan is going to find himself out on the street again!

My comment to Mr. Horgan is simply this, you have been properly notified - govern yourself accordingly (and properly).

Bill Ferguson

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