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July 17, 2018 - 3:30 PM
WEST KELOWNA - If the value of building permits is any indication, West Kelowna may soon be able to say ‘I told you so’ to the provincial government over the impact of the speculation tax.
The total value and number of building permits issued in the City of West Kelowna from January to June has dropped sharply from the same time period last year.
Halfway through 2018, communications supervisor Kirsten Jones said the city has issued 281 building permits worth $39.48 million.
By this time last year, West Kelowna had issued 327 building permits with a construction value of $73.52 million, on its way to 628 permits worth a record $131.1 million for the year.
While the speculation tax has yet to be made law, West Kelowna Mayor Doug Findlater and his council have been vocal critics of their community’s inclusion in the tax introduced in February by the provincial government.
They have predicted the tax will gut the local development industry and lead to job losses and a corresponding drop in municipal tax revenues.
In contrast, while Kelowna has also criticized its inclusion in the tax, it is on pace for a record year in building permits.
Jones said 2016 was a record year for permits (649) in West Kelowna although construction value was less ($116.3 million).
Both 2015 and 2014 saw 507 permits issued with a value of $63.43 million in 2015 and $66.1 million the year before that.
Building permits are issued for all residential, commercial and industrial construction as well as substantial renovations and the installation of swimming pools and retaining walls.
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