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The proposed punitive 2% annual speculation tax on non-resident owners of vacation or investment property in Kelowna and other identified locations is completely outrageous and unduly harsh.
The adverse impact on property prices (and the corresponding loss of property tax base for the affected communities) will massively hurt all homeowners in the designated communities as well as the communities themselves, not just non-resident owners. Most non-residents will have no viable option other than to sell their properties.
It would be one thing if the 2% annual speculation tax was imposed on and limited to offshore foreign owners that are buying and keeping vacant (rather than renting) such properties. But to impose such a discriminatory, brutal and inequitable tax on hard working Albertans and other non-resident Canadians that have in good faith invested in property in B.C. and supported B.C. communities is simply shocking and unacceptable.
Clearly little thought or study has gone into this incredibly misguided initiative. This B.C. government initiative needs to be withdrawn and rescinded immediately before permanent irreparable damage is done to the B.C. economy and elsewhere.
Bill Rosser
