Real Estate Speculation Tax

Whereas in Budget 2018 the provincial government introduced a real estate speculation tax to target foreign and domestic speculators who are deemed to have removed their units from BCs long-term housing stock meaning they are not owner-occupied or a qualifying long-term rental property; And whereas the speculation tax will initially apply to the Metro Vancouver Regional District, excluding Bowen Island and Electoral A except for UBC and the Endowment lands; the Capital Regional District, excluding the Gulf Islands and Juan de Fuca; Kelowna-West Kelowna; Nanaimo-Lantzville, excluding Protection Island; and Abbotsford, Chilliwack, and Mission; And whereas the speculation tax was introduced without consultation with affected local governments, despite the fact that it will unfairly penalize small and rural communities whose tourism-based economies rely on secondary residences, some of which have been owned by the same families for generations: Therefore be it resolved that UBCM urge the Province of British Columbia to: - Delay the introduction of the speculation tax in municipalities that request it; - Engage affected local governments and UBCM in the development of measures to address the foreign and domestic speculation problem; and - Provide enabling legislation to allow local governments to address such problems without resorting to a one-size-fits-all approach that the speculation tax embodies.