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

Parksville man arrested in relation to Mercedes, motorcycle fight

RCMP recommend assault charge for man driving Mercedes

Risk of thunderstorm this afternoon for Vancouver Island and Lower Mainland

A special weather statement calls for heavy rain and wind over the next 48 hours

BC lawn bowlers clinch national pairs title

Despite rain, QB club calls Canadian event a success

Guitarist explores beyond borders of genre, countries, music, coming to Qualicum Beach

Globetrotting Jesse Cook touring Island, performing in Qualicum Beach Sept. 27

RDN offers activities on Active Aging Week

The Regional District of Nanaimo will again offer a myriad of activites… Continue reading

Bear makes midnight front porch visit in Campbell River

A black bear paid a Campbell River family a midnight visit last… Continue reading

B.C. councillor’s expenses being sent to the RCMP

Decision to have expenses audited and shared with RCMP taken at special meeting of council

More than 35 B.C. mayors elected without contest

No other candidates for mayor in the upcoming local election in 22 per cent of B.C. cities

Highway 19 paving between Parksville and Courtenay

Delays in both directions beginning Sept. 25

Legal society poster seeks complainants against two cops on Downtown Eastside

Pivot Legal Society became aware of allegations made against the officers after a video circulated

Jury to deliberate in case of Calgary man accused of murdering woman

Curtis Healy could be convicted of first-degree murder, second-degree murder or manslaughter

House arrest for man who abused disabled B.C. woman, then blamed her

‘Groomed complainant’ and ‘violated position of trust,’ judge says

Liberals want to know what Canadians think of legalized weed

The federal government will comb social media for Canadians’ pot-related behaviour

Ex-Trump lawyer Cohen boasts of aiding Mueller investigation

Cohen could provide information on whether Trump’s campaign co-ordinated with Russians

Most Read