Kamloops realtors expect to see benefits of being largest city to escape speculation tax | iNFOnews | Thompson-Okanagan's News Source

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Kamloops realtors expect to see benefits of being largest city to escape speculation tax

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April 09, 2018 - 1:00 PM

KAMLOOPS - The Tournament Capital is the largest city left out of the province’s speculation tax and many realtors believe that exemption will bring more buyers this way - but some say this could also mean potential supply issues in the future.

Kamloops Re/max agent Torrey Hough expects to see more people buying in the Kamloops area when looking into B.C.’s interior region. But he is concerned about the potential high demand it could bring.

“What scares me is that once people do catch wind of Kamloops and how good cap rates are, prices will start to climb and we lose the novelty of being a city of value,” Hough says.

The B.C. NDP has proposed a new tax for people who are not residents of British Columbia but hold unrented property in markets where prices have skyrocketed and vacancy rates have plummeted including the greater Vancouver, greater Victoria, Nanaimo, Abbotsford, Chilliwack, Mission, Kelowna and West Kelowna. 

Kamloops is the largest municipality exempted from the taxes which were brought into place to help with the province’s competitive housing market. Hough says Kamloops’ housing market hasn’t been as heated as other areas in the province.

“I’ve noticed if you compare Kamloops to a few other cities, the market has always been stable here,” he says. “Kamloops has been a safe place to invest in.”

Recently, the Kamloops and District Real Estate Association published reports from March 2018, which showed the total number of units sold last month were down 24.2 per cent from March 2017.

Although it is too early to tell, Hough says he looks forward to the upcoming changes.

“I’m curious to see how it unfolds,” Hough says.

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