Real estate board declares opposition to proposed spec tax

Another local business is hopping onto the 'Scrap the Speculation Tax' coalition. 

The Okanagan Mainline Real Estate Board is joining up with others like the Kelowna Chamber of Commerce to oppose the province's proposed tax. 

Board President Tanis Read says their numbers showed a market that was taking care of itself.

"Our market, interestingly enough, was already starting to normalize. They (province) were trying to address rentals - well, I think we have, between planned and in the works, something like 2800 rentals in our region being built. So, the developers, the economy, the demand was already addressing those issues."

Numbers recently released from the city show that number to be correct.

She says the threat of a tax has created uncertainty in the market, as well as animosity toward people who own more than one property.

"I keep seeing this animosity towards people who have second homes. People who have second homes - they're fortunate, they've probably worked really hard, and they've been successful in their real estate endeavours, but it doesn't mean they're rich people with money to throw around," she said.

"They're choosing to spend their money buying a vacation home rather than maybe going on annual vacations."

Read says she's also hearing people who are losing faith in their government.

"It's undermined the government, because you look to your government for leadership. And leadership makes sure that they are doing what's in the best interest, using data that you gather from reliable sources, and you do a lot of work before you implement changes," she said.

"You don't just do a shotgun approach, and let's see what it looks like, and then make some policies and plans later."

The coalition has said it wants the province to suspend its plans, until a full economic impact assessment has been completed.