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Province Expecting $400m Hole In Property Transfer Tax Revenues

Province expecting $400m hole in property transfer tax revenues

By Joannah Connolly for Business in Vancouver

The real estate market slowdown may feel like good news for many who are struggling to afford a home in our pricey province – but it’s certainly not good news for provincial coffers.

The B.C. government has reported that it is expecting property transfer tax (PTT) in the 2018/19 fiscal year to bring in $400 million less in revenue than projected in its original budget.

The figure was revised downwards from the original budget by $250 million in the Ministry of Finance’s first quarter report of 2018, and then another $150 million in the Q2 report. The projected figure was revised from its original $2.235 billion to $1.835 billion.

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In an emailed statement February 8, the Ministry told Glacier Media: “This is in line with government’s efforts to moderate the housing market to make homes more affordable for people.”

Some $37 million of the shortfall is an anticipated reduction in projected foreign-buyer tax revenues, which have been revised to $190 million for the $2018/19, down from $227 million.

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