The City of West Kelowna is continuing its efforts to be removed from the speculation and vacancy tax (SVT).
A resolution passed by West Kelowna council calling to opt-out of the tax is being sent to the Ministry of Finance.
In fall 2019, council and staff met with B.C. Finance Minister Carole James attempting to provide justification for allowing West Kelowna to opt-out of the tax.
“Council remains committed to be removed from the SVT, which continues to be damaging to our community,” said Mayor Gord Milsom. “We are awaiting justification from the Ministry of Finance as to why West Kelowna remains mandated into this tax. We are also requesting a meeting with the minster this spring as we continue to seek an opt-out option from the SVT.”
According to the city, significant funds collected from those subjected to the SVT in West Kelowna have not yet been received or reinvested into the West Kelowna housing market as promised by the tax.