Spec tax: we get nothing

Today, we present a series of letters from students at Kelowna Christian School

Welcome to the beautiful Okanagan, filled with crystal lakes and snow sprinkled mountains. In a place like this, it’s not uncommon for families to put a little money aside to buy a cabin on the water or a condo at a ski resort.  

Now, thanks to John Horgan's unreasonable decision to put a speculation tax on all second homes, families may think twice before purchasing their new hideaway. If you happen to own a second home in B.C,  and it is vacant for more than six months, you now have to pay 0.5 per cent of the value in taxes.

This is completely ridiculous. In places like ski condos, you can’t stay for six months because there is only snow on the ground for three months! So why would our premier choose to penalize people in this way? You may think that, compared to the total cost of a house, the amount of money may not seem like much. But in reality, with all those people paying the tax, it is expected to give the government up to $201 million a year.

What’s so bad about that? Well, the whole point of the tax was to target foreign and out of province buyers.  Unfortunately, it’s mostly hurting B.C. residents, from whom it is said about two thirds of the money will come from.

Real estate in our province is already pretty pricey, in Kelowna especially. As said by Brad Wall, the former premier of Saskatchewan: “B.C. is starting to mean ‘bring cash.”

People wonder why so many retirees live in the Okanagan – because it’s not affordable for young families! The speculation tax is destroying the housing market and scaring away future investors.

If the government gets an extra $201 million a year, what do we get? Nothing. In fact, thanks to them, we even lose money. The speculation tax is unfair to homeowners in B.C.

Jessica, Grade 8