BC's Finance Minister released its first fiscal update on this year's budget and forecasts that property transfer tax revenue will surpass all other revenue for the Province of BC. But real estate sales have been declining after introduction of the foreign buyer's tax, and all signs point to a further cooling of the market.
What will a real estate slowdown mean for BC consumers? A slowdown of business activity, stagnant wages and a scarcity of jobs. These are risks that British Columbian's need to be aware of.
Fortunately there are simple steps consumers can take to be more financially prepared: 1) control spending; 2) address debt problems; and 3) create a cash reserve.