24 Hours: Surplus spurred by Property Transfer Tax jump

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July 21, 2016 | Eric MacKenzie

Quoted from the article:

But BC NDP MLA David Eby, the opposition spokesman on housing, accused the Liberals of using the real-estate market to balance its budget. Despite the market’s year-to-year trajectory, the government had budgeted for a more than 10% decrease in property transfer tax revenues.

“They knew it would be politically embarrassing to acknowledge they were going to have a windfall from property transfer tax and clearly they low-balled the numbers so it would be less embarrassing,” said Eby. “But now we have the real numbers and we know that this government is balancing its budget on the hyper-inflated real-estate market in Metro Vancouver that’s driven by international money that they refuse to address.”

Read the full article: http://vancouver.24hrs.ca/2016/07/21/surplus-spurred-by-property-transfer-tax-jump