Has the boom gone bust ?
Have property sales in HRM slumped by more than $400,000,000 ?
Certainly seems so, but you won't hear the local media or our Mayor telling you about the precipitous decline in property sales
HRM is projecting a $6 million drop in Deed Transfer Tax for the 2013/14 year compared with the 2012/13 year.
The HRM 2014/15 Budget is before council on April Fools day but staff have chosen to ignore the slump in property sales and have not included comparative data which would assist council and the public in realising the full extent of the drop in property sales.
Here is the budget link :
http://www.halifax.ca/budget/documents/Operating-OverviewofBudgets.pdf
Scroll down to page 35 and DTT estimates are line item 4100.
To determine the drop in DTT you must access the 2012/13 Financial statements.
HRM Deed Transfer Tax Revenues (million)
1998/99 15,608
1999/00 16,819
2000/01 16,675
2001/02 21,074
2002/03 21,859
2003/04 23,456
2004/05 33,047
2005/06 32,097
2006/07 37,790
2007/08 34,700
2008/09 35,166
2009/10 33,344
2010/11 31,153
2011/12 39,302
2012/13 42,124
2013/14 39,000 budget 36,000 projected
2014/15 36,000 budget
sources : HRM Financial statements, HRM budgets