The BC Speculation Tax has certainly caused a stir. There have been countless news pieces, articles and opinions shared about the NDP government’s decision to introduce the measure, and rightly so, it is BIG news.
I myself have publicly stated that I’m not a fan of the tax. Ostensibly, because I believe it impacts the wrong people and also because I do not believe that we can tax our way to lower cost housing, certainly not in any meaningful way.
To my mind, the best way to create more affordable housing is to increase the supply. The BC Speculation Tax may help with this a little, but I have my doubts as to whether it will truly make BC a more affordable place to live.
Since the announcement, I’ve seen some comments that suggest Realtors shouldn’t be allowed to have an opinion on the tax. The folks espousing this opinion seem to see real estate agents commenting on the tax as a complete conflict of interest. I can understand the logic, but it is entirely misguided.
As real estate agents, we’re experts on the sector. If anything, we’re ideally placed to comment on issues around BC real estate, to speak to the market conditions and to give an educated opinion on what impact proposed changes may have. In my opinion, I dare say we know more than the politicians.
We should actually be consulted on this issue, not ignored. We shouldn’t be the only voice in the conversation, that’s for sure, but we should certainly have a voice.
Contrary to what many think, we’re not all in it to line our pockets. Do we want to make a good living? Of course, who doesn’t in any field or sector? However, we don’t want to do it at the expense of our community. Many of us have integrity and are passionate about this city and this province.
I believe Kelowna – and BC – needs more affordable housing, but I have genuine reservations about this tax because I don’t think it will deliver what we need. It’s going to be interesting to see what pans out. I will continue to watch closely, and one thing’s for sure, I’m going to carry on sharing my opinion.
Ultimately, no matter what you’re reading or watching, regardless of what side of the debate it comes down on, be sure to ask questions and apply critical thinking.
Thanks for reading. If you’d like an expert opinion on anything to do with the Kelowna real estate market, please contact me directly. Whether you have questions, or you’re looking to buy, sell or invest, we can help! You can reach the Walker Real Estate office at 250-764-4344.