Taking a very conservative estimate of 5% reduction of land values means that the EDPA will cost Saanich property owners impacted by the EDPA more than $100 million dollars. In addition, that translates to $3.4 million in lost taxes over 5 years.
The reality is that the taxes will not be "lost". Rather, the burden of taxation will shift from the owners of EDPA impacted properties to owners of non-EDPA impacted properties.
This is really a lose-lose proposition - EDPA owners lose a lot up front, while non-EDPA owners pay more each year.
We have heard from several realtors and