The proposed tax on speculative home buyers in British Columbia is facing growing opposition.
Elected officials in the province have been hit with a flood of calls from angry residents, construction firms and developers, the Vancouver Sun reports.
Several areas are intending to put pressure on provincial officials to exclude them from the new tax; these include Nanaimo, Kelowna, and West Kelowna.
“We’re very concerned about the overall economic impact,” said Mayor Doug Findlater. “We are fundamentally concerned this would push property values below the amount of equity people have in their homes. It’s a potential financial crisis,” West Kelowna Mayor Doug Findlater told the Vancouver Sun.
Although the proposal includes a tax credit to offset the tax for local residents, it’s feared it won’t necessarily cover the whole cost.
Former Conservative senator Pat Carney also opposes the tax and has written to BC premier John Horgan. She says it will hit local residents, especially those in rural communities.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: