‘Not well thought out:’ Arizona family slams B.C. speculation tax

American family spends half the year in vacation home on Vancouver Island

Bryant Stooks and his family have been coming to B.C. for nearly a quarter century.

The residents of the Scottsdale, Ariz., area have spent dozens of summers on southern Vancouver Island and planned to enjoy dozens more – until they heard about the B.C. NDP government’s new speculation tax.

“The speculation tax, when you get to two per cent year after year, becomes so onerous that it just becomes too expensive as compared to where you might otherwise have a vacation home,” Stooks told Black Press Media by phone from Arizona.

“It kind of forces you out.”

The NDP announced the tax as part of the 2018 budget in mid-February. Finance Minister Carol James said it would start at 0.5 per cent on the value of the home this fall, and rise to two per cent the following year, hitting everyone who owns property – but doesn’t pay provincial income taxes– in the Lower Mainland, the Capital Regional District, the Nanaimo Regional District, Kelowna and West Kelowna.

The plan is so far short on details, but James later confirmed the tax will also apply to vacation homes owned by Canadians from other provinces – and non-Canadians, like Stooks.

Stooks belongs to one of eight families who settled in Sidney more than two decades ago and spends nearly half the year there. Because he’s not a resident, he can legally only stay in the country for those six months.

“So we’ve got a federal government who’s restricting us and we’ve got a provincial government that says because this is not your principal residence, you’re a speculator now.”

In an email to Black Press Media, a finance ministry spokesperson said up-front exemptions will be available for principal residences and people who put their homes in the long-term rental market. None of that applies to Stooks.

The spokesperson declined to provide more details about vacation homes, saying only “specific technical details” will be coming in the next few months.

Stooks said he’s concerned the tax is pushing out people who bring money into B.C.’s economy without actually tackling the real problem of housing affordability.

“When you apply (the tax) broadly to everyone who has a second home that’s not their principal residence, then you’re not really addressing the speculators who are causing this problem,” he said.

“You’ve broadened it so significantly and put such a large tax on it that you’ve forced them out of the province.”

The average single family home in Greater Victoria was recorded last month as being worth $840,300. A two-per-cent speculation tax on that value comes out to $16,806, and that’s on top of any other property taxes levied by the municipality.

Stooks doesn’t want to leave a place he and his family treasure.

“I usually go down to the Deep Cove Market and have a coffee and my wife is a volunteer in the Sidney Art Show,” he said. “We really try to be good neighbours. We’re not ugly Americans who stick in a little clique.”

But they’re now considering selling their property if it becomes cheaper to simply vacation somewhere else.

“That is such a beautiful, beautiful area on Vancouver Island, both from the scenery and the people that live there. (But) it’s just too expensive.”


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Dump truck driver hurt after highway crash in Ladysmith

One man airlifted to hospital after collision between dump truck and pickup truck Friday

Ladysmith reservoirs full despite winter drought

Both reservoirs at or above capacity

Rickter Scale: Goodbye in the blink of an eye

Funny the impact a text can have — in more ways than one

Ladysmith council dropping paper agenda packages

Town expects to save 50,000 sheets of paper a year by using tablets

‘Families torn apart:’ Truck driver in fatal Broncos crash gets 8-year sentence

Judge Inez Cardinal told court in Melfort, Sask., that Sidhu’s remorse and guilty plea were mitigating factors

WestJet sticking with Boeing 737 Max once planes certified to fly

WestJet had expected to add two more of the planes this year to increase its fleet to 13

B.C. driver caught going 207 km/h on motorcycle along Okanagan Highway

A motorcyclist was caught by Kelowna RCMP going 207 km/h on Highway 97C

Protective human chain forms around B.C. mosque for Friday prayer

Vancouver Islanders stand arm-in-arm to show support in aftermath of New Zealand shootings

Motorcyclist dies after three-vehicle crash on old Island Highway

Accident happened at 12:15 p.m. Friday near Country Club Centre in Nanaimo

B.C. fire department offers tips to keep your home safe during wildfire season

With wildfire season getting closer, the Penticton Fire Dept. offer tips to keep your home safe

Fierce house cat spotted as ‘aggressor’ in face off with coyote in B.C. backyard

North Vancouver resident Norm Lee captures orange cat versus coyote in backyard showdown

Wilson-Raybould to reveal more details, documents on SNC-Lavalin affair

Former attorney general has written to the House of Commons justice committee

Anti-discrimination group wants to map offenders with cross-Canada hate atlas

Morgane Oger Foundation issues call for volunteers to help build Canadian Atlas of Populist Extremism

Most Read