Property owners and residents of Sidney have been calling the municipality about the provinceB次元官网网址檚 proposed new speculation tax and the Town could look to take action this week.
Councillor Tim Chad is expected to introduce a notice of motion Monday night about the proposed tax.
Already, out-of-country property owners have expressed concern about what the tax could meant for them, and how much more money theyB次元官网网址檒l have to pay in order to keep homes in places like Sidney. The B.C. NDP government has proposed the tax, which would stat at 0.5 per cent of the value of a home this fall, and rise two per cent the following year. The tax would hit everyone who owns property B次元官网网址� but doesnB次元官网网址檛 pay provincial income tax B次元官网网址� in the lower mainland, Capital Regional District (including Sidney), Nanaimo Regional District, Kelowna and West Kelowna.
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The speculation tax is, in essence, designed to punish those property owners who leave units vacant and, , B次元官网网址減arking their capital on our housing market simple to speculate, driving up prices and removing rental stock.B次元官网网址�
Arizona resident Carole Foster says the tax will unfairly penalize her to the tune of $26,000 for her Third Street property in Sidney.
Foster told the B次元官网网址 Review that sheB次元官网网址檚 owned the property for around 20 years and spends as much time as sheB次元官网网址檚 allowed to in Sidney, as a non-Canadian-resident, as she can. She said she doesnB次元官网网址檛 want to sell the home, but will likely have to if the tax is approved without any modifications.
Foster said sheB次元官网网址檚 been reaching out to the MLA and the real estate agent she purchased the house from.
B次元官网网址淚f anyone thinks IB次元官网网址檓 a speculator, they are mistaken,B次元官网网址� she said, adding when she is not in the house she hires local people to take care of it.
Foster added she may have to look at renting it out for part of the year, in order to avoid the taxB次元官网网址檚 proposed penalties. Even then, sheB次元官网网址檚 not sure if that would get around the rules.
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Sidney Mayor Steve Price stated in an email to the B次元官网网址 Review that the municipality is aware of out-of-province homeowners in town and the Saanich Peninsula.
B次元官网网址淭he Town has been receiving letters and calls from concerned citizens B次元官网网址次元官网网址� he said. B次元官网网址淎s a result, Council has a notice of motion coming forward for consideration B次元官网网址次元官网网址�
ChadB次元官网网址檚 motion asks B次元官网网址渢hat the mayor communicate with the Premier that Sidney respectfully request that the Town of Sidney be excluded from the proposed tax.B次元官网网址�
He noted in an email to council and staff that a second property worth $1 million would pay around $20,000 a year under the new tax.
B次元官网网址淭he action by the provincial government should be known as B次元官网网址楻EADY - FIRE - AIM,B次元官网网址橞次元官网网址� Chad noted in an email to the B次元官网网址 Review. B次元官网网址淭he action by our provincial government is full of unintended consequences, as a result of poor research attempted. There will be many Canadians and British Columbia residents alike, hurt, along with the economies of many B.C. towns and cities.B次元官网网址�
Price added he understands that Premier John Horgan and James have B次元官网网址渃ommitted to review and reconsider the implementation of parts of the speculation tax and we look forward to seeing what B次元官网网址� they come out within the coming weeks.B次元官网网址�
Foster said she hopes Sidney will fight the tax and help long-term property owners in their community.
editor@peninsulanewsreview.com
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