Kelowna city council has confirmed what many residents already suspected, they do not support the province’s proposed speculation tax.

The city is "fundamentally opposed to the implementation of a vacancy-based speculation tax in Kelowna as proposed in budget 2018," said Mayor Colin Basran.

Photo Credit: KelownaNow.

The 2% tax would target homes that sit vacant in Kelowna and West Kelowna, impacting vacation and future retirement homes with out of province owners.

Council has agreed to draft a letter to the NDP government raising its concerns and request a meeting with the premier and the minister of finance.

Photo Credit: KelownaNow.

“We are hopeful the government has heard the concerns raised about the potential unintended consequences of the speculation tax and ensure the right tools are used to address true speculation,” said Mayor Basran.

“Uncertainty about the tax changes will likely cause a significant decrease in out-of-province purchasers due to perception, lack of clarity, and concerns that the tax rules may change again in the coming years.”

Watch Mayor Basran talk speculation tax with KelownaNow.

Council plans to recommend a “transaction-based” speculation tax that targets the flipping of residential properties.

The letter will also encourage an economic assessment of the potential unintended consequences of the property transfer tax, foreign buyers tax, and speculation tax changes.

Many Albertans with homes in the Okanagan have expressed their concerns, claiming the tax unfairly punishes out of province residents who contributed to the local economies.

"I am what is referred to below as a Satellite Family. I am currently an Alberta resident but I have owned property in BC as a vacation home since 2006. I consider the Okanagan home," said one Albertan resident in an online petition. "We will retire there in a few short years. We are residents, not speculators."

The petition goes on to explain how, as the owners of a vacation home and soon to be retirement home, the family spends thousands every year in the Okanagan at resturants, wineries, Canadian Tire and Home Depot.

According to the Okanagan Real Estate Board, Albertans made up 10.2% of buyers last year in the Okanagan region.