Email re: BC Speculation Tax from Jeffrey & Emily Myers
Email from out-of-province owners expressing how the speculation tax punishes families who have invested in vacation properties.
From: Jeffrey Myers
Sent: April-02-18 12:49 PM
To: aboyd@langford.ca; admin@cityoflangford.ca; mayor@victoria.ca; mayor@sidney.ca; mayorandcouncil@esquimalt.ca; mayor@saanich.ca; Mayor And Council Email mayorandcouncil@viewroyal.ca; admin@northsaanich.ca; mayor@colwood.ca; obcouncil@oakbay.ca; jranns@metchosin.ca; mtait@sooke.ca; kwilliams@highlands.ca; municipalhall@csaanich.ca
Subject: BC Speculation Tax
Dear Mayors Young, Desjardins, Price, Helps, Atwell, Screech, Finall, Hamilton, Jensen, Ranns, Tait, Williams, and Windsor,
I am writing to you today to pass along a note (please see below) I sent to Premier Horgan and Minister James regarding the proposed BC Speculation Tax.
I know there are many in my position who find this tax unfairly targets fellow Canadians who have made a choice to spend time and money in your communities. I believe strongly that although we are unable to be in the greater Victoria area full-time, we add diversity and support your local economies. We are not speculators, we are friends, neighbours, customers and clients.
It is my hope that you will pass along this message to Premier Horgan and Minister James and help prevent this unfair tax against Canadians.
Sincerely, Jeff and Emily Myers
Mr Horgan and Ms James,
I am writing to you as an out-of-province property owner in the Langford-Juan De Fuca riding to let you know how your proposed Speculation Tax will negatively impact my family and threaten our ability to reap the rewards of years of hard work and living below our means that finally allowed us to purchase a small piece of land on Vancouver Island. Our plan was to enjoy the property and small (400 sqft), old (100 years) cabin as a vacation spot, a home away from home, and eventually build a house and move there permanently. This letter will not focus on the (in)effectiveness of the proposed tax, or the fact that it misses its mark (speculators who "treat the housing market as a stock market" according to Ms James), but to open your eyes to the economic and emotional damage it will do to your friends, neighbours, and potential future constituents.
My wife and I have worked as professionals for the last 10 years with the goal of one day being able to buy a piece of property on Vancouver Island, to spend time with our immediate and extended families there, and create the types of memories that we can cherish in the future. After scrimping and saving for what seemed like a very long time, we were able to begin realizing our dream in 2016 and purchased an overgrown 3.8 acre plot with an old, run down cabin.
We immediately got to work rehabbing the cabin by replacing rotting wood, removing garbage and old appliances and fixing it up enough to prevent further degradation. As there is no running water or electricity and the walls are uninsulated, we are challenged to use it in the winter but have come to very much enjoy our "offgrid" cabin in the summertime.
We have also spent countless hours removing invasive plants (primarily Blackberries, Ivy, St Johns Wort and Scotch Broom) from the property and restoring native plants - we have planted over 400 native trees, shrubs and flowers.
We are not "rich oil executives" as some proponents of this tax have claimed non-resident owners to be. We are firmly middle class people that have made sacrifices to spend time and money in your province. Our rural property, located in the CRD does not have a dwelling suitable for full-time living making it impossible for us to rent it as a way to avoid this tax. Your proposal will make this property unaffordable for us and will result in a significant loss of capital when we sell due to fees, transfer taxes and mortgage penalties.
We have made friends with our neighbours, supported the local economy, introduced other Canadians to Vancouver Island and it's beauty, worked hard to maintain a piece of history and restore the natural environment on our property over the last two years. Your proposed legislation destroys the investments of time and resources we have made and makes our dreams impossible - this is not just about our money, it is about the life we have worked for.
We sincerely hope you reconsider this "asset-tax" on your fellow Canadians as it does not punish speculators, it punishes vacation property owners who are your friends and neighbours. A true speculation tax would be triggered upon sale or transfer of title and would punish those who are treating the housing market as a stock market.
Jeff and Emily Myers