Bryant Stooks and his family have been coming to B.C. for nearly a quarter century.
The residents of the Scottsdale, Ariz., area have spent dozens of summers on southern Vancouver Island and planned to enjoy dozens more B次元官网网址� until they heard about the B.C. NDP governmentB次元官网网址檚 new speculation tax.
B次元官网网址淭he speculation tax, when you get to two per cent year after year, becomes so onerous that it just becomes too expensive as compared to where you might otherwise have a vacation home,B次元官网网址� Stooks told Black Press Media by phone from Arizona.
B次元官网网址淚t kind of forces you out.B次元官网网址�
The NDP . Finance Minister Carol James said it would start at 0.5 per cent on the value of the home this fall, and rise to two per cent the following year, hitting everyone who owns property B次元官网网址� but doesnB次元官网网址檛 pay provincial income taxesB次元官网网址� in the Lower Mainland, the Capital Regional District, the Nanaimo Regional District, Kelowna and West Kelowna.
The plan is so far short on details, but James later confirmed the tax will B次元官网网址� and non-Canadians, like Stooks.
Stooks belongs to one of eight families who settled in Sidney more than two decades ago and spends nearly half the year there. Because heB次元官网网址檚 not a resident, he can legally only stay in the country for those six months.
B次元官网网址淪o weB次元官网网址檝e got a federal government whoB次元官网网址檚 restricting us and weB次元官网网址檝e got a provincial government that says because this is not your principal residence, youB次元官网网址檙e a speculator now.B次元官网网址�
In an email to Black Press Media, a finance ministry spokesperson said up-front exemptions will be available for principal residences and people who put their homes in the long-term rental market. None of that applies to Stooks.
The spokesperson declined to provide more details about vacation homes, saying only B次元官网网址渟pecific technical detailsB次元官网网址� will be coming in the next few months.
Stooks said heB次元官网网址檚 concerned the tax is pushing out people who bring money into B.C.B次元官网网址檚 economy without actually tackling the real problem of housing affordability.
B次元官网网址淲hen you apply (the tax) broadly to everyone who has a second home thatB次元官网网址檚 not their principal residence, then youB次元官网网址檙e not really addressing the speculators who are causing this problem,B次元官网网址� he said.
B次元官网网址淵ouB次元官网网址檝e broadened it so significantly and put such a large tax on it that youB次元官网网址檝e forced them out of the province.B次元官网网址�
The average single family home in Greater Victoria was recorded last month as being worth $840,300. A two-per-cent speculation tax on that value comes out to $16,806, and thatB次元官网网址檚 on top of any other property taxes levied by the municipality.
Stooks doesnB次元官网网址檛 want to leave a place he and his family treasure.
B次元官网网址淚 usually go down to the Deep Cove Market and have a coffee and my wife is a volunteer in the Sidney Art Show,B次元官网网址� he said. B次元官网网址淲e really try to be good neighbours. WeB次元官网网址檙e not ugly Americans who stick in a little clique.B次元官网网址�
But theyB次元官网网址檙e now considering selling their property if it becomes cheaper to simply vacation somewhere else.
B次元官网网址淭hat is such a beautiful, beautiful area on Vancouver Island, both from the scenery and the people that live there. (But) itB次元官网网址檚 just too expensive.B次元官网网址�
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