Being a Kamloops resident, we have always seen our Okanagan neighbor Kelowna as that douchebag old neighbor who calls city bylaw when you don't cut your lawn for a month and has the NO SOLICITING sign on the door.
So of course, when the idea of a speculation tax finally reached city council they immediately ran off crying to the media that it will destroy the economy. Can't be scaring away those Albertan weekend warriors now, can we?
Quote:
https://www.kelownacapnews.com/news/spec...on-hit-for-west-kelowna-property-owners/
Speculation tax a $10 million hit for West Kelowna property owners
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The report, by chief administrative officer Jim Zaffino, says not only will the tax directly affect property owners, it could also have a tremendous economic impact on the city by slowing development, reducing property values, result in the loss of tourism revenue, cost jobs, slow the city’s economy and create an uneven playing field when it comes to West Kelowna and other area municipalities–with the exception of Kelowna which is also subject to the tax.
“The intended purpose of this tax is to reduce or eliminate speculation, which in turn will control and ultimately reduce prices and make housing affordable,” writes Zaffino. “This tax was implemented without consultation with West Kelowna council or City of West Kelowna staff.”
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Zaffino cited a number of examples of people who would be affected by the tax in both Kelowna and West Kelowna, including a Red Deer, Alberta, couple who built a second home in the South Bay Landing area of Kelowna in 2006.
He said their property was assessed at just under $2 million before the B.C. real estate crash in 2008. After that, the property never reached the same value again.
“They are not speculators and believe it is unfair that they would be subjected to a speculation tax,” says Zaffino.
“They visit their property up to 10 times a year, support the local community and feel connected to the community in Kelowna just as they do to their community in Red Deer, Alberta. They are not willing to pay an additional $36,000 per year to live for up to 80 days in Kelowna.”
He said the couple plan to put their home up for sale if there are not significant changes made to the current speculation tax. They are also shocked that the tax is retroactive, as this does not even let owners have the opportunity of making a decision to buy a property with the knowledge of the tax they would have to pay.”
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Among other things, they want West Kelowna to be excluded from the tax.
IMHO:
Kelowna, you wonder why we hate you. It's not because your hockey team keeps whipping our butt.
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