February 20, 2018 / 9:52 PM / a month ago

British Columbia projects surplus, moves to cool housing market

VICTORIA, British Columbia, Feb 20 (Reuters) - British Columbia on Tuesday projected a budget surplus of C$219 million ($173.19 million) in fiscal 2018-19, the province’s sixth consecutive balanced budget, and unveiled a new housing strategy including increases to the foreign buyer tax and a new speculation tax.

The surplus is projected at C$281 million in 2019-20 and C$284 million in 2020-21, the government said. The revised surplus for 2017-18 is now seen at C$151 million, down from the previous forecast of C$190 million due to losses at provincial auto insurer ICBC. ($1 = 1.2645 Canadian dollars) (Reporting by Julie Gordon and Nicole Mordant in Victoria, B.C.; Editing by Matthew Lewis)

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