VICTORIA — B.C. is projecting a larger-than-expected budget surplus this year, despite a drop in revenues from real estate sales.
The government’s surplus for the fiscal year ending next March 31 is on track to hit $2.24 billion, an increase of $301 million since the last quarterly financial update, mainly due to higher personal and corporate income tax revenue.
The surplus is projected to be far higher than the $264 million first estimated in the February 2016 provincial budget.
The financial figures show a lessening of the financial windfall the government has received from a booming real estate sector. The property transfer tax revenue projection has decreased by $204 million since the first quarter, when it jumped almost $1 billion higher than budgeted because of a flurry of real estate sales and rising prices.