NDP Speculation Tax Fears Grow In Fraser Valley

CHILLIWACK (March 26, 2018) – Chilliwack MLAs Laurie Throness and John Martin are speaking out on behalf of constituents against the NDP’s controversial Speculation Tax.

“There are a great number of communities here in the Valley that rely on tourism and secondary residences to support the local economy,” says Martin. “My office is getting calls, letters, and emails, all afraid that this tax on second homes is going to scare off potential homebuyers, harm our local economy, and barely make a dent on tackling the issue of a lack of affordable housing in BC.”

Several municipalities across the province have expressed opposition to the tax. Approximately one third of home owners in Cultus Lake are not full-time residents.

“A lot of folks have purchased homes in Cultus Lake or condos in Harrison Hot Springs as recreation properties. Many of them may have planned to retire there at some point. Now they are being targeted as speculators and some may have to give up a smart investment along with their retirement dreams because of the financial burden being imposed by this new tax,” added Throness.

Throness raised the issue at the Legislature on March 12th, asking Finance Minister Carole James if she considered a man who inherited a 1967 cabin in Nanoose Bay to be a speculator. No firm answer was given.

 

Since the Budget’s introduction, the BC Liberal Caucus has been pushing the NDP to change or retract their damaging tax policy.