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The Speculation and Vacancy Tax is a huge detriment to development and tourism in our valley, first enacted in 2017. Now, for the first time it applies to the entire Okanagan.
The UDI, CHBA, City of Kelowna, developers, and second home-owners have all fought against this law since its inception.
Our NDP government used a chainsaw-approach to a miniscule problem in Vancouver, where off-shore buyers held empty homes as investments — affecting less than 1% of the new-home stock - but making big headlines.
Overhead costs to run B.C.’s Spec Tax Group are huge for the return, but in typical virtue-signalling of socialist governments, they’ve doubled down, under the false theory this will improve overall long-term housing supply.
But an opposite effect occurs. Investors don’t buy pre-sale units in large developments. They can’t meet pre-sale financing, projects stall - and we get fewer new homes.
Only in B.C. are we prevented from the freedom to use one’s property as one sees fit. It’s unconstitutional. Twisted socialist logic says they are “helping the people.” It’s not true.
Nick Frost, Castanet founder and past owner, member of FourChange in 2012
