The City of Colwood expressed support for the province’s speculation tax earlier this week. (Gazette file photo)

Colwood throws support behind speculation tax

City hopes tax will help bring housing prices down

The City of Colwood has thrown its support behind the province’s speculation tax as a way to help cool off housing prices in Greater Victoria.

During a meeting earlier this week, council voted not to send a letter as requested by the Victoria Real Estate Board, asking the province to take a sober second look at the unintended consequences the tax could have before it’s implemented later this year.

RELATED: Speculation, foreign buyers’ tax won’t solve B.C.’s housing crisis: economist

Coun. Cynthia Day supported the speculation tax, noting in other cities around the world where a similar tax was implemented, it was of benefit to the local market.

“It didn’t solve all their housing affordability problems, but it did a lot towards bringing down prices in a very volatile market,” she said. “I wouldn’t want to see anything that supports speculation in housing. It’s very important that we keep housing as affordable as possible.”

Coun. Jason Nault saw first-hand the effects of people purchasing properties as investments only to have them sit vacant. While waiting for his current house to be built, he rented a house in Colwood and said almost half of the other homes on the street were unoccupied for a majority of the year.

He hopes that will change once the tax is implemented.

“There were no people living there and they were not people who contributed much to Colwood,” he said. “I understand this might drive down in the short term prices of existing homes. They’re ridiculously priced as it stands.”

RELATED: Speculation tax a ‘job killer’ says Langford mayor

While Colwood is in support of the tax, some municipalities throughout the region are not.

Langford Mayor Stew Young blasted the tax recently calling it a job killer that will only drive housing prices up.

Last week the municipality voted to ask the province to opt out of the tax. Sidney also voted unanimously to ask Premier John Horgan to reconsider the tax and an exemption as well.

Like us on Facebook and follow us on Twitter


Just Posted

Highlands seeks public input on secondary suites

Open house to take place sometime in the summer

Canada Junior Development team qualifies for World Cup in Japan

Nolan Thoroughgood finished the tourney fifth overall for Canada

Elements Casino offers space, resources to charities and community groups

New Platinum Room will be available free of charge

Get your smile on, Free Smile Day is coming up

Two dental clinics in View Royal and Sooke are offering free services on Monday

Parents grieving teen’s overdose death say it started with opioid prescription

Elliot Eurchuk, 16, died at his Oak Bay home Friday, after taking street drugs

VIDEO: Moose found licking salt off B.C. man’s pickup truck

Tab Baker was in his garage in Prince George when the small moose gave his truck a clean

Ballet Victoria soirée fundraiser a prelude to final show of season

Company winds up its 15th season in the city with Peter Pan next month

Half-naked shooter guns down four, runs away in Nashville Waffle House shooting

Nashville police say they are looking for Travis Reinking in connection with the shooting

Child’s body found in river downstream from where boy went missing during flood

Three-year-old Kaden Young was swept out of his mother’s arms in February

B.C. VIEWS: Eliminating efficiency for farm workers

Don’t worry, NDP says, the B.C. economy’s booming

UVic’s Gustavson goes carbon neutral for air travel

As a way to offset the frequent airplane travel that comes with… Continue reading

B.C. student makes short-list for autism advocacy award

Brody Butts honoured for his role as a mentor and self-advocate

Austin Powers ‘Mini-Me’, Verne Troyer, dies at 49

Facebook page confirmed his death Saturday afternoon

Alberta man dead after snowmobile collision on B.C. mountain

The incident occurred on Boulder Mountain Friday morning

Most Read