Send B.C.’s NDP a map of Canada

Although built with good intentions, the NDP’s proposed speculation tax on real estate has raised the ire of Albertans, the business community, and now Okanagan mayors.

In last month’s budget, Finance Minister Carole James announced a tax for those who do not pay income tax in B.C. and who own homes here that they don’t live in. It’s an effort to “stabilize” the housing market. In Kelowna, an out-of-province person who owns a $500,000 condo would face an additional $10,000 annually with this new tax.

Specific regions of the province are being targeted including Kelowna, Metro Vancouver, Victoria, Nanaimo and the Fraser Valley.

Kelowna Mayor Colin Basran and his counterpart in West Kelowna, Doug Findlater, fear their cities will lose out on some major developments to neighbouring Peachland and Lake Country, which are both exempt from the speculation tax.

Basran warned the tax could have a “disastrous” effect on Kelowna’s economy, if it lessens the appeal of the city for out-ofprovince investors. West Kelowna Coun. Rick de Jong, brother to Liberal MLA Mike de Jong, called the tax “disgusting.”

Heated rhetoric aside, the speculation tax does seem to be a populist bit of politicking that will do little or nothing to actually make housing more affordable. What it will do — indeed, judging from initial reactions, what it is already doing — is build a needless barrier between B.C. and the rest of the country.

Out-of-province investment brings construction jobs and many economic spinoffs. Although it’s got a crude reckoning of the revenues to be gained from the speculation tax, the NDP has probably not even bothered to estimate its negative impact.

But bashing the rich, or the people perceived to be rich, is built right into the NDP’s DNA.

The tax is a lively conversation in the Central Okanagan, so we decided to try get an answer to at least one obvious puzzlement.

Why will this new tax not apply to Lake Country and Peachland when its coverage area is based on regional districts elsewhere?

We emailed the question to the Ministry of Finance, and didn’t get a straight answer.

What was returned to The Courier on Tuesday was a non-answer that trumpeted the benefits of the speculation tax. We were told the government is presently drafting legislation and regulations and to stay tuned for further announcements.

“The new speculation tax is intended to help deter people from treating B.C.’s housing market like the stock market,” a communications liaison wrote in a brief email.

With respect, we knew all this last week. The fact the ministry could not provide a clear answer to a simple question makes you think they didn’t realize Lake Country and Peachland are right next door to Kelowna and West Kelowna.

Someone should send the NDP government a map of Canada, to remind them what country they’re part of. They might need a map of B.C, as well.