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My name is not Elaine
B.C.'s NDP government has been doling out dollars and promising more to many different requestors, but the question should be: where is the money coming from?
In general revenue will be money gained from the property purchase tax on residential properties sold in B.C.
The NDP forecast a $400 million increase over revenues in 2017. Yet they, and the federal government, are putting policies in to suppress real estate sales and drive down tax revenue income. All in hopes of reducing housing prices and increasing affordability.
Note the following quote from a B.C. Real Estate Association news release on June 15:
"Year-to-date, B.C. residential sales dollar volume was down 13.8 per cent to $26.4 billion, compared with the same period in 2017. Residential unit sales decreased 16.6 per cent to 35,976 units, while the average MLS residential price was up 3.4 per cent to $733,616."
Prices are still up! Number of sales down almost 14 per cent. Logic follows, tax revenue will be down, not up!
Elden Ulrich
