As B.C. home sales activity plummets during a housing downturn, the province may be losing out on hundreds of millions of dollars of previously expected tax revenue.
“[The] property transfer tax revenue forecast is down $150 million due to slower housing market activity reflecting a lower number of transactions,” reads the B.C. government’s second quarterly report for the 2018/2019 fiscal year.
In the first quarterly report, the government had already downwardly revised the projected revenue by $250 million, so the latest downgrade brings the expected shortfall to a total of $400 million…….CLICK HERE