Finance Minister Mike de Jong presents his second balanced budget in 2014

B.C. land sales reached election target

Finance Minister Mike de Jong releases details of two-year surplus land sale that helped him balance two provincial budgets

The B.C. government has released details of its pre-election property sales, showing it came out with more money overall than appraisals or B.C. Assessment Authority values forecast.

Opposition critics called for the disclosure after obtaining government memos that showed a rush to make the deadline for the 2013-14 fiscal year, where the B.C. Liberals campaigned on a balanced budget tabled before the 2013 election.

NDP critics highlighted property in Coquitlam that sold for millions less than an appraiser estimated it would get.

Finance Minister Mike de Jong said the 14 Burke Mountain properties are an “outlier” in the dozens of land sales that closed during the finance ministry’s budget-balancing program. Later appraisals by the City of Coquitlam identified steeper terrain and streams with protective setbacks that limited their development, decreasing their market value by 20 per cent overall.

Wesbild, the buyer of the Burke Mountain properties, said it paid fair market value.

Development property south of the B.C. legislature beat its appraisal by $13 million, selling for $34 million to help the government meet a $350 million target to end the fiscal year.

A former hospital site in Surrey was sold for $20.5 million, $3 million less than its B.C. Assessment Authority value for property tax purposes. Finance ministry records showed the sale price was midway between two appraisals, one commissioned by the government and the other by the buyer.

De Jong said surplus Crown property is sold every year, with about 1,500 properties disposed of in the last 30 years. They will continue, but there won’t be another identified program in future budgets now that post-recession deficits have ended, he said.

NDP finance critic Carole James said there was an obvious rush to meet ministry targets for asset sales, and some could continue to be sold below market value without the public knowing.

Many of the surplus properties are school sites, and there are other transactions with municipalities.

 

Just Posted

RDOS cannabis production bylaw goes to public hearing

Hearing on micro cannabis production facilities will be held Nov. 21

RDOS issues 405 building permits in first nine months of 2019

Construction activity higher this year than during same period last year

Voting locations ‘not going to be perfect’ says Elections Canada

The Princeton Legion was a busy place this weekend, as advance polls… Continue reading

Princetons caboose battle pulls back into court

Princeton’s historic caboose rolled back into court last Thursday, with the Vermilion… Continue reading

Kelowna Liberal, Conservative candidates at odds on economic issues

The mortgage stress test and deficit spending were hot topics at an early morning forum

Election 2019: Robert Mellalieu — Green Party candidate for Central Okanagan-Similkameen-Nicola

Robert Mellalieu is running for the Green Party in Central Okanagan-Similkameen-Nicola

Hundreds turn out for Singh, NDP candidate rally in Penticton

The messaging was clear, NDP “chooses you”

Summerland holds multiple events to launch festive season

Festival of Lights, Light Up the Vines and Sip ’n’ Shop will be held in late November and December

PET OF THE WEEK: Moose still needs a home

Critteraid cat wants a nice, quiet environment

Jack’s Devils beat Quinn’s Canucks 1-0 in NHL brother battle

New Jersey youngster scores first career goal against Vancouver

Penticton Vees to host 2021 Centennial Cup

It’s the first time Penticton has hosted the tournament which decides the country’s Junior A champions

Two charged after owner’s wild ride through Kamloops in his stolen truck

Crystal Rae Dorrington, 37, and Derrick Ronald Pearson, 32, facing multiple charges

Judge orders credit union’s bank records for Kelowna social worker facing theft allegations

The man is accused of negligence, breach of contract, fraud and a conspiracy with Interior Savings

Leaders pour it on with rallies, boosts for candidates as campaign reaches peak

The federal election campaign has reached a crescendo

Most Read