“Council has just learned that the province intends to implement a speculation tax in Penticton to take effect in a year and it is extremely disappointing that this action has been taken with zero consultation.
“While this Council shares the province’s goals of addressing the need for affordable housing as demonstrated by the work of our housing task force, we question the province’s lack of recognition of Penticton’s unique needs. That this unilateral decision to expand the speculation tax to our community has come at the same time we’re still trying to understand the consequences of the changes to the short-term regulations is especially concerning. We are very worried about the unintended consequences for our local economy by these actions.
“We will be seeking more information from the provincial government on how this decision was reached in order that we can fully understand the impact before it is imposed in 2025.”