Quarterly report shows hot real estate market lifts B.C. budget into billions
VICTORIA — British Columbia’s sizzling real estate market helped to lift the provincial budget surplus to a expected $1.9 billion, more than $1.6 billion over the original estimate in February.
Finance Minister Mike de Jong released the numbers Thursday in his quarterly financial report and said revenues for 2016-2017 are now forecast to improve by $2.5 billion.
Government figures show the property transfer tax from real estate transactions and higher corporate income tax revenues helped boost the forecasted surplus, he said.
“We’re in this position, the envy of the country really, because we’ve taken a balanced approach and haven’t gone on spending sprees,” de Jong said.