Foreign buyers tax in the Okanagan

[Catri]

It's pathetic that our mayor thinks foreign speculators are "part of our community". He's specifically referencing foreigners here, not Canadians from other provinces. Sad if we've come to a point where we have so little going for us economically that foreign investment in housing is important to our local economy.

Our "Mayor's" fore-fathers were once "Foreigners", and I'm sure he wouldn't even be here now if the same rules applied to them at that time - he would be cleaning out outhouses in the old country!

Nope, as much as I think our mayor is being an idiot on this issue, I can't agree with you on this. This tax is about foreign ownership, not immigrants. Immigrants have the same property rights as those of us born here and unless you're 100% First Nations, your forefathers were foreigners too.

[wisdom01]

I see two problems here ...

The first is the foreign ownership of property in Canada. Note I said foreign ownership, not immigrant ownership ... if you immigrate thru traditional channels (ie: not arriving on a rusty boat or sneaking over a fence), you get a job and buy a house I applaud you for being a contributor to your new country, welcome ... what I am opposed to is non-citizens from out of country buying pieces of our country and our economic generators ... as one day it will hit critical mass and as I pointed out in a previous post you will be speaking a different official language and have a new value set thrust on you that you probably won't like. Bottom line, unless you are a Canadian citizen you can not own dick in this country.

Second is this notion that people have a"right" to live where they want ... well, wake up and smell the coffee, you don't. I personally can't afford to live in North Van either but it's not my "right" to ... I live in the Okanagan because it is affordable, to me. If it's not affordable to you then you need to consider going somewhere that is. Sure, there may be no one to make me a latte on the corner cause the owner can't get anyone for $15/hr ... but you know what ... then market forces take over ... the owner wants to stay in business so is forced to pay $20/hr and I pay an extra 50 cents for my latte, and I'm ok with that ... if it gets to expensive for me to live in the Okanagan cause lattes are $20 then I guess I have the same options ... suck it up or move ... I do not have a "right" to live wherever I want, only where I can afford.

Seems pretty simple to me ...

[W105]

right you are wisdom...if you can't afford your vaca home here then suck it up and sell it...and thanks for thinking of all the small business owners in this town (maybe you would prefer if TFW's took over most of the workforce ??) who can't find employees because the cost of living here is so high..cause they too should just suck it up and pay their employees more cause we gotta make sure those vaca home owners here only have to contribute what they think is fair to "them"..

thriving cities have diversity...we aren't Vancouver and for the love of god we shouldn't want to even try to be...

[kgcayenne]

Empty houses are not economy-builders. People who live, work, and play YEAR-ROUND here are.

[alanjh595]

Here's a brilliant idea.

Let's make Kelowna an area that affluent investors will not like, let's force them into other areas where they will be welcomed with open arms and all the money they bring with them.
Let's encourage those that either can't afford to be here or will have no money left after expenses to spend within the community.
We can kill both businesses and homelessness at the same time. Who would start a business in an area that was full of poor people and still have to pay high wages, high property taxes, and still have to pay high commercial rents?

I was just down at my local building supply retailer today, and I ran into 3 of larger builders. They all told me the same thing, they are all pulling up stakes and are moving on. They don't see any future here in Kelowna and it is too hard to find decent employees. It is just not worth it anymore.

For those that found it hard to find a tradesman to come and service their repair/construction needs in the past, it's going to get much harder here in the very near future. When these contractors leave, all the sub trades will too. They will follow the work.

The vacancy left behind will be filled in with "fly-by-nighters" that are willing to work for 1/2 the pay and not carry WCB or proper insurance.

[kgcayenne]

I assume that you also feel that we, as Canadians, should not be able to purchase a second home or recreational property in other countries? US (Hawaii, California, Arizona etc), Mexico or other areas where loads of Canadians currently own property?

Perhaps we should not if it puts a burden on their economy like Bernie428 says below:
(bolding by me)

Where foreign ownership restrictions worked = Australia
Where no restrictions failed = Canada

To a point free market is good, but once it tips the scales so that;
families can't afford rent
families loose the dream of purchase
employers can't find employees due to no affordable housing

then it becomes (in my opinion) a burden on the economy, with only a few people benefiting, and that is where Vancouver and Toronto are now. And Kelowna sees some of that I'm sure.

I know nothing, but advertise for an employee that you can't find in town. Plan to house them at your house ;-)

Anecdotally, I learned there is one donut shop whose owner has a large home where his TFW employees all live together.

[Jack DeBear]

Hi vegas1500,

I see several posts where you say, "If this tax goes through . . .."

Has it not 'gone through?"

According to this, "The speculation tax will be effective for the 2018 tax year. Homeowners will receive their first tax notice in the fall of 2018."

http://www2.gov.bc.ca/assets/gov/taxes/ ... on-tax.pdf

It’s my understanding that the details haven’t been “ironed” out. I have spoken to a couple of real estate attorneys that have told me there is a lot of pushback from all levels and there is the possibility that it may not go through. Maybe it’s partly wishful thinking. I have even been reading of class action lawsuits a possibility. I know many people on here think “good for them if they can afford two homes”. What people don’t know is how they became to own Two Homes. Also, when one buys a vacation property they do so with a budget in mind. When you all the sudden add 10, 20 or even 30k a year to that budget, it can have disasterous effects. And yes, even people that can afford two homes have budgets.

It’s been a few months since this article came out.

http://globalnews.ca/news/3914763/john- ... ry-budget/

Perhaps people here would be interested in seeing links to the pushbacks you mentioned.

And I know what it takes to own ‘Two Homes.’

One of the things I have considered in buying a second home anywhere, is if you buy a second home outside of your home province / country, no matter what price you pay for it, you’d better realize, as a non-franchised citizen, you are ‘speculating’ against any unforeseen circumstances such as political change beyond your control (even at a level as low as a change in strata policy to reflect government wishes). So don’t buy above a ‘throw-away’ cost you can’t afford.

I wish you good luck.

[Jack DeBear]

I’ve often looked at the Okanagan and saw much to compare it to (on larger scale housing wise) to our National Parks.

Check out the reasoning behind these Eligible Residency requirements.

http://www.pc.gc.ca/en/pn-np/ab/banff/i ... -residency

[Glacier]

Anecdotally, I learned there is one donut shop whose owner has a large home where his TFW employees all live together.

Speaking of which, I have a client that owns 2000 acres of fruit trees, and he hires hundreds of Mexican fruit pickers for two months in the summer, and houses them in buildings. Now, for 10 months of the year these houses are totally vacant, and would be an excellent place for UBCO students, but guess what -- the government says he's not allowed to use the houses for anything but housing farm workers.

[kgcayenne]

Anecdotally, I learned there is one donut shop whose owner has a large home where his TFW employees all live together.

Speaking of which, I have a client that owns 2000 acres of fruit trees, and he hires hundreds of Mexican fruit pickers for two months in the summer, and houses them in buildings. Now, for 10 months of the year these houses are totally vacant, and would be an excellent place for UBCO students, but guess what -- the government says he's not allowed to use the houses for anything but housing farm workers.

Bloody ‘ell. Untapped resources abound. Imagine the increased quality of accommodations with the additional revenue. Do you know and understand the reasoning behind the denial? I sure don’t.

[GrooveTunes]

The war on wealthy is orgasmic in BC. The new coalition Dipper government decided to use the cloak of ‘affordable housing’ to launch an assault on money. The best example is the ‘speculation tax’ equal to 2% annually of a property’s value. At first it was applauded as a poke in the eye of rich offshore Chinese dudes who bought YVR houses, paid no Canadian tax on their incomes, and stuck student-kids in them, irritating everyone. Then it became clear it was also a tax on Albertans, Ontarians and other beavers who owned rec properties in the province – just because they can afford a secondary residence. Now we find out it’s also a tax on BCers who live there full-time, but are rich enough to have a cabin or cottage or waterside vacation home.

greaterfool.ca

[LANDM]

Anecdotally, I learned there is one donut shop whose owner has a large home where his TFW employees all live together.

Speaking of which, I have a client that owns 2000 acres of fruit trees, and he hires hundreds of Mexican fruit pickers for two months in the summer, and houses them in buildings. Now, for 10 months of the year these houses are totally vacant, and would be an excellent place for UBCO students, but guess what -- the government says he's not allowed to use the houses for anything but housing farm workers.

No you don’t......he has nowhere near 2000 acres of fruit trees. And yes, I am accurate, unless your client is in Washington state and wants to house UBCO students.
But I agree with the rest of your post. Sorry....just being accurate and I know every possibility of whom you speak of.

[vegas1500]

Anyone against this nonsense, please sign this. Thanks



https://www.change.org/p/british-columb ... on.control

[sublime]

Anyone against this nonsense, please sign this. Thanks



https://www.change.org/p/british-columb ... on.control

Just reading reasons why on that page sums it up. It's a lot of people who currently leave their properties vacant the majority of the year and then plan to retire here that have an issue with it. Honestly so much me first mentality is that what we want moving to our communities permanently in the future? Not one mention of the people who live and work in this community 365 and what might possibly help them. The way the government chose to do this aside, there's so much entitlement on the opposition side it makes me wonder where this community is heading.

[vegas1500]

Anyone against this nonsense, please sign this. Thanks



https://www.change.org/p/british-columb ... on.control

Just reading reasons why on that page sums it up. It's a lot of people who currently leave their properties vacant the majority of the year and then plan to retire here that have an issue with it. Honestly so much me first mentality is that what we want moving to our communities permanently in the future? Not one mention of the people who live and work in this community 365 and what might possibly help them. The way the government chose to do this aside, there's so much entitlement on the opposition side it makes me wonder where this community is heading.

I’m sure I’ll regret asking this, but Why are they putting themselves first? They are watching out for their investment. What’s wrong with that.