More groups join anti-speculation tax coalition

UPDATE:  The Canadian Home Builders Association Central Okanagan is adding it’s voice to the Scrap the Speculation Tax campaign.

It’s urging individuals and other organizations to contact their MLA’s to express their concerns about the proposed tax.

RE/MAX is also slamming the tax, saying it will have a negative effect on the real estate market.

Inventory levels and days on market are expected to increase, according to the 2018 Spring Market Trends report released by RE/MAX.

The Kelowna Chamber of Commerce is joining forces in an effort to convince the B.C. government to scrap the controversial speculation tax by joining a coalition.

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The tax was proposed as a way to deal with the ongoing housing affordability crisis.

In a news release, the chamber said the coalition is “demanding that Premier John Horgan and the provincial government reverse their decision to implement a Speculation Tax on B.C. and Canadian taxpayers.”

The coalition says the tax is going to kill jobs, damage businesses and make the housing affordability issue worse.

“We’ve joined this growing coalition on behalf of our many members, and the large group of businesspeople and visitors to the Okanagan who have let us know this tax could be ruinous to their businesses and to their personal plans to maintain a home in Kelowna. New housing stock, vacation properties, downstream retail purchasers by summer and winter visitors – all are threatened by this punitive tax,” Carmen Sparg, Kelowna chamber president said.

The coalition has launched a website called “Scrap the Speculation Tax.”