British Columbia recorded a $5.7 billion operating surplus according to the Second Quarterly Report produced by the Ministry of Finance.  

This is a $5 billion increase compared to the First Quarterly Report. Provincial revenues have risen to $81.1 billion, while expenses have decreased to $75.1 billion since the First Quarterly Report. 

“The changes we’re seeing are primarily due to updated income tax revenue data from the Canada Revenue Agency, far beyond what was forecasted when we built our budget,” said Finance Minister Selina Robinson. 

“For many years, your Board together with the BC Real Estate Association, has been asking for changes to the Property Transfer Tax,” said Ray Harris, REBGV government relations committee chair.  

“Given this unexpected surplus, it’s time to remind the government that home buyers need a break and reducing the PTT would help make homes more affordable,” Harris said. 

The Third Quarterly Report, including an economic forecast, will be released with Budget 2023 on February 28, 2023.

• The Canada Revenue Agency (CRA) provides provinces and territories with data for personal and corporate income tax revenues. 
• The increased revenue data for personal and corporate income taxes in the second quarter reflect these updates from the CRA. 
• Year-to-date to October 2022, employment is up 3.4 per cent, with the unemployment rate near historic lows at 4.2 per cent. 

Read BC’s Second Quarterly Report (opens a 60-page pdf). 

Read Rethinking PTT Price Thresholds, your Board’s most recent recommendations to the BC Legislature’s Select Standing Committee on Finance and Government Services.