https://www.straight.com/news/1115686/ho...ucing-revenue-flowing-provincial-coffers
http://bcbudget.gov.bc.ca/2018/estimates/2018_Estimates.pdf
Parts of this are estimates and speculation so please don't take my word for it. The NDP called for increasing real estate tax revenues despite instituting a slew of taxes/policies to decrease real estate sales. Unless something changes there budget is screwed and likely a good chunk of our economy. So far it looks like they will fall a billion short this year but I can see this increasing to 3 billion as slow real estate sales will affect more than just transfer taxes and foreign buyers taxes. In total the budget is around $54 billion with $4.85 billion from property and transfer taxes so this will mean around a 5% deficit from the real estate slump alone. I think everyone could have predicted that raising taxes would slow sales so I'm not sure if the NDP was thinking when it made up this budget or if they have a backup plan.
Think the NDP will reverse its housing policies? Raise taxes somewhere else to make up for the deficit? Cut its social programs? Or run a deficit?
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