The Okanagan Mainline Real Estate Board has added its voice to concern over the province’s new speculation tax on property owned by out-of-province residents.
“While indicators suggest we are in a typical point in the market cycle, we have yet to see impacts arising from the B.C. government’s recent announcement of an impending array of residential property-related taxes,” said OMREB president Tanis Read in OMREB’s latest real estate statistics report.
“While we appreciate that the intent of these new taxes is to cool the B.C. housing market and curb perceived speculation, we are concerned about the unintended consequences that are likely to arise.”