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

UPDATED: Evacuation alert issued due to Dog Creek Trail Wildfire

UPDATED: The Dog Creek wildfire has grown substantially over the past two… Continue reading

Locals converge for Cannabis Community Consultation meeting

Public feedback taken into account as DOV moves forward

Holi Festival of Colours celebrated in Vanderhoof

Last weekend, around 20 Vanderhoof residents took part in Holi, a Hindu… Continue reading

College of New Caledonia announces early childhood educator training

Vanderhoof students may benefit from the program expansion

Vulnerable B.C. communities receive funds for structural flood mitigation

Communities throughout British Columbia that have been partial to flood risks in… Continue reading

BC Games’ Athletes Corner: What’s your favourite pump up song?

Check out what’s playing in the earbuds of BC Summer Games athletes before they compete

BC Wildfire update on Okanagan blazes

Watch the media briefing on the current fire situation in the Okanagan.

UPDATED: Evacuation alert issued due to Dog Creek Trail Wildfire

UPDATED: The Dog Creek wildfire has grown substantially over the past two… Continue reading

RCMP help to save goats from wildfire

The fast-approaching wildfire, sparked Thursday, forced the evacuation of five homes

VIDEO: Near drowning captured on popular B.C. river

Search and Rescue manager says the popular pastime of floating in the summer is inherently dangerous

Crosswalk vandalism leaves black mark for Cowichan as B.C. Games begin

Rainbow crosswalk defaced just days after being painted

Photo gallery: BC Games Day 1

A brief look at action from the 2018 BC Summer Games in the Cowichan Valley

UPDATED: Anti-pipeline campers digging in as eviction deadline expires

The City of Burnaby had ordered the Kinder Morgan pipeline protesters out for violating bylaws

Trump was taped talking of paying Playboy model: AP source

Source says former personal lawyer Michael Cohen secretly recorded discussion prior to 2016 election

Most Read