West Kelowna presenting speculation tax report to council
Roughly 600 homes in West Kelowna would fall into the province's proposed speculation tax, according to a report from the city.
That report will be presented to West Kelowna council at its meeting on Tuesday afternoon.
It says that slashed property values, a slumping construction industry, and other offsetting economic impacts would be felt if the move is carried out.
It's also estimated that the tax would net the province over $10 million from West Kelowna property owners alone.
Over a hundred property owners sent letters to the city, with many saying that tax would force them to sell homes they'd earmarked for retirement.
The city is proposing to ask the province to make it exempt from the tax, and strongly consider a true speculation tax that would come into effect on properties sold right after they're bought.