After weeks of public debate, Kelowna city council will finally receive an official report on the proposed speculation tax.
The report is critical of the proposed tax, suggesting that the provincial government has not fully considered and analyzed the potential negative impact on the local real estate market
Announced in the 2018 BC Budget, a new “speculation tax” will impact homeowners in Kelowna and West Kelowna who rent or don’t live in their properties.
The tax also affects absentee homeowners in Metro Vancouver, the Fraser Valley as well as the Vancouver Island regions of Victoria and Nanaimo.
Last week, West Kelowna city council was presented with a report on the speculation tax that detailed the province could potentially collect over $10 million from absentee property owners impacted by the tax.
"Using 2017 assessments, it is anticipated that the Province will collect up to $10,330,000 from West Kelowna property owners for 2018," said the report's author Jim Zaffino.
"These are funds that are not intended to be returned directly to the community."
Today's report advocates that any new revenue generated from a real estate tax should stay within city limits to go towards affordable housing initiatives.
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