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Mayor Basran SVT Comments

PostPosted: Jan 19th, 2021, 1:30 pm
by Pappywinkle
It seems pretty silly for the Mayor to complain about lack of affordable rentals when city council approves mostly high end condo developments. What has Kelowna city council done to address affordable rental issues in its own community?

The Minister’s report says housing starts and vacancies are up overall in the province so why is Kelowna unable to do what other communities have done? Is our city council so incompetent they can’t achieve what other communities have? It seems much of the blame for what Basran is complaining about lies with himself and the rest of city council.

https://www.castanet.net/news/Kelowna/322358/Kelowna-s-mayor-says-the-province-s-speculation-tax-is-not-having-desired-affect

Re: Mayor Basran SVT Comments

PostPosted: Jan 19th, 2021, 1:51 pm
by Vacancyrate
Basran needs to move to Alberta so he can be with his constituents.

Seriously - MOVE TO CALGARY AND GET IT OVER WITH COLIN.

"And, based on the province's vacancy-conversion rate,' Basran says the local rental supply only increased by "a nominal 0.7 per cent."


When the Vacancyrate is 1-3 % - bringing it up 0.7% is significant.

I' amazes me how hard the Mayor of Kelowna is working for people who do not work or pay taxes in Kelowna.

Re: Mayor Basran SVT Comments

PostPosted: Jan 19th, 2021, 3:16 pm
by Glacier
How much did the vacancy rate change in Kamloops or Vernon where there is no SVT? If those didn't go up, the mayor is wrong. If they went up by 0.7%, the mayor is right. Too bad the *bleep* writing this article didn't include meaningful data like this.

Re: Mayor Basran SVT Comments

PostPosted: Jan 19th, 2021, 4:01 pm
by typhoon44
Glacier wrote:How much did the vacancy rate change in Kamloops or Vernon where there is no SVT? If those didn't go up, the mayor is wrong. If they went up by 0.7%, the mayor is right. Too bad the *bleep* writing this article didn't include meaningful data like this.

Kamloops and Vernon are not economically similar to Kelowna, so their vacancy rate is irrelevant.
The point is we can't know if the tax worked or not because we can't know what would have happened to rentals before if there were no SVT.
The big question is if the SVT is still needed since the pandemic has freed up tons of condo for sale and rent in Vancouver.

Re: Mayor Basran SVT Comments

PostPosted: Jan 19th, 2021, 8:32 pm
by cv23
IMO the vacancy tax is a joke from start to finish. Why isn't it province wide rather than in only select locations if it is so good at dealing with affordability issues? Why wait for issues to arise in the untaxed areas and not just stop them before they become issues? Why should a line on a map determine where the tax is collected and where not if affordability is a provincial issue. Whistler has a one of the worst affordability issues in the province yet they don't have the vacancy tax????
Why don't all the vacancy taxes collected go DIRECTLY to the communities where they were collected in as those are supposedly the communities with the very problem or at least worst cases of why the tax was implemented?
As Mayor Sugarplum whines the vacancy tax has only been very marginally effective in achieving its goals in Kelowna. The biggest negative concern of the tax was supposed to be on the construction industry yet the tax has done nothing to hurt the construction industry as it has enjoyed record years since implementation of the tax. Look at all the buildings in Kelowna being built and proposed that include a high percentage vacancy taxable STR's. It seems more like the tax actually helped rather than hurt the construction industry in Kelowna.
If there was a big problem with no vacancy tax in place and the problem got slightly better with a relatively small tax in place that must indicate that a much larger tax will have a larger effect and therefore achieve the desired results. Why not double, triple, quadruple or more the vacancy tax if a small tax has no ill effects and only marginally achieves its's goals? Or is the entire concept of the vacancy tax misguided and just another money grab, the reason why the tax is showing to be ineffective?

Re: Mayor Basran SVT Comments

PostPosted: Jan 19th, 2021, 11:18 pm
by Vacancyrate
typhoon44 wrote:The big question is if the SVT is still needed since the pandemic has freed up tons of condo for sale and rent in Vancouver.


Actually the question is "is real estate hard to sell in BC?"

At the end of the day that's what they are saying - even though it was the hottest year on record in terms of sales.

I guess "the best year on record" isn't enough and the Spec Tax is holding up the economy! (???)

Let's start thinking about selling our waterfronts to the Chinese and Toronto stockbrokers when poor, desperate BC land-developers have to sell their 5th property and actually park the Porsche for the winter because real estate is slow.

Right now real estate is on fire and the Mayor is literally whining that he can't throw foreign napalm on the blaze.

What a clown.

Re: Mayor Basran SVT Comments

PostPosted: Jan 20th, 2021, 1:09 pm
by Glacier
SVT worked. House prices in Kelowna and Victoria are up 2%. By contrast, they're up 5% in Kamloops, 9% in Merritt, and 20% in Slocan... https://questioningthedata.wordpress.co ... -columbia/

Re: Mayor Basran SVT Comments

PostPosted: Jan 20th, 2021, 3:44 pm
by Vacancyrate
Glacier wrote:SVT worked. House prices in Kelowna and Victoria are up 2%. By contrast, they're up 5% in Kamloops, 9% in Merritt, and 20% in Slocan... https://questioningthedata.wordpress.co ... -columbia/


Up +20% in Slocan lol.

Somewhere in the Slocan valley there is a real estate bull telling a 25 year old to lower their standards and telling them to move to a smaller city if they want to be a homeowner.

Re: Mayor Basran SVT Comments

PostPosted: Jan 20th, 2021, 7:20 pm
by Sparki55
Vacancyrate wrote:
Glacier wrote:SVT worked. House prices in Kelowna and Victoria are up 2%. By contrast, they're up 5% in Kamloops, 9% in Merritt, and 20% in Slocan... https://questioningthedata.wordpress.co ... -columbia/


Up +20% in Slocan lol.

Somewhere in the Slocan valley there is a real estate bull telling a 25 year old to lower their standards and telling them to move to a smaller city if they want to be a homeowner.


And here on castanet we have people telling others that it's everyone's right to live in Slocan Valley if they want. That prices should be the same in Slocan Valley as they are in Nunavut.

It's a popular place, same as Kelowna. Notice how there are cheaper properties in less desirable places?

Re: Mayor Basran SVT Comments

PostPosted: Jan 20th, 2021, 9:36 pm
by Vacancyrate
Sparki55 wrote:And here on castanet we have people telling others that it's everyone's right to live in Slocan Valley if they want.?


There's probably 10-20 decent jobs for "everyone" there too.