Langford Mayor Stew Young and Bear Mountain chief financial officer David Clarke decided to re-zone Bear Mountain as a resort in oreder to be exempt from the speculation tax, but the province said it doesnB次元官网网址檛 work that way.
Young said the goal was to designate Bear Mountain as a resort area so, like Whistler, it wouldnB次元官网网址檛 be affected by the provinceB次元官网网址檚 speculation tax.
B次元官网网址淲e said look, at least get Bear Mountain out right now because thatB次元官网网址檚 where my jobs are,B次元官网网址� Young said. B次元官网网址淢y staff agreed to meet with ministry staff and find a way for Bear Mountain to be a resort and have the same designation as Whistler.B次元官网网址�
Clarke said he had meetings with provincial representatives about the matter as well, and was able to confirm that Bear Mountain was re-zoned as a resort for this purpose.
READ MORE: Langford mayor says City threatened during meeting over speculation tax
However, a spokesperson from the PremierB次元官网网址檚 Office said Bear Mountain does not qualify for an exemption the same way Whistler does, because Whistler is a standalone resort municipality, whereas Bear Mountain is still part of Langford.
B次元官网网址淢unicipalities cannot remove sub-sections of the Speculation Vacancy Tax area, such as the request to remove Bear Mountain,B次元官网网址� said Jen Holmwood, deputy communications director with the Office of the Premier. B次元官网网址淚t would not be appropriate for any city to pick and choose which neighbourhoods or corporate developments the tax applies to.B次元官网网址�
Holmwood said the speculation tax applies to the largest urban centres in B.C. that have the most significant housing affordability challenges. She said Langford has been B次元官网网址渟everely impacted by the housing crisisB次元官网网址� with rental vacancy rates of 0.7 per cent for the West Shore, according to the Canada Mortgage Housing Corporation.
For three-bedroom family homes the vacancy rate is zero.
Holmwood said Langford has also seen assessment price hikes of 21 per cent in the last year and a 51 per cent increase in the benchmark price of a home in the last five years.
READ MORE: Letters on way to all homeowners in B.C. speculation tax communities
B次元官网网址淥ur governmentB次元官网网址檚 focus is on ensuring that all British Columbians can afford a place to call home,B次元官网网址� Holmwood said. B次元官网网址淲e are turning vacant properties into homes for people to actually live in.B次元官网网址�
Young has been outspoken about his opposition to the tax and last week, said he will continue to fight it.
B次元官网网址淭his is a resort community,B次元官网网址� Young said about Bear Mountain. B次元官网网址淚tB次元官网网址檚 good for LangfordB次元官网网址tB次元官网网址檚 a big employerB次元官网网址angford gets good taxes out of itB次元官网网址 have to fight for that.B次元官网网址�
Homeowners in Greater Victoria will be able to apply to opt out of the speculation tax and will be receiving instructions in the mail from the province on how to do so.
According to the province, the speculation tax is supposed to target foreign and domestic speculators who own residences in B.C. but donB次元官网网址檛 pay taxes in the province.
shalu.mehta@goldstreamgazette.com
Like us on Facebook and follow us on
