Okanagan Mayors make last ditch attempt to opt out of BC's speculation tax

Politicians are gearing up for a run at municipal government this fall, however, several B.C. Mayors were in Whistler on Wednesday fighting a lasting effect of B.C.’s last provincial election.

Kelowna Mayor Colin Basran and West Kelowna Mayor Doug Findlater where both on hand at the Union of B.C. Municipalities convention to discuss several issues impacting municipalities across the province.

A hot button topic was a resolution put forward at the convention to once again urge the province to modify the impending speculation tax.

The resolution, which passed almost unanimously, called for municipalities to be given the power to opt out, or adopt, a speculation tax in their respective cities.

A3-The motion, as amended, passes #speculationtax pic.twitter.com/zGR1d9uxLW

— UBCM (@UBCM) September 12, 2018

The speculation tax is intended to target real estate owned by non-residents in certain B.C. cities including Kelowna, West Kelowna, Victoria, Nanaimo and Vancouver.

Once implemented, B.C. residents with second homes in those cities will be subject to a 0.5% tax on the property's value for 2018 and beyond.

Canadians from other provinces would pay a 1% tax, with foreign investors and satellite families required to pay a 2% rate.

Both cities argued that the tax possesses unintended consequences and could affect people who had owned seasonal or vacation properties for years and hurt real estate value.

The BC NDP has rescinded the tax in Gulf Islands, Parksville, Qualicum Beach and rural Fraser Valley, but contends there is over 80% public support for the tax.