The cooling of the supercharged Lower Mainland real estate market means less money will flow to government coffers from every property transaction.

The frenzied market and red-hot prices that peaked last spring had sent the property transfer tax revenue ballooning to more than $2 billion in 2016 91裸聊视频� nearly triple the amount collected in 2012 and more than the combined resource revenue from forestry, mining and energy.

This year, the province forecasts the transfer tax to drop to $1.54 billion, due to reduced sales activity after the foreign buyers91裸聊视频� tax was introduced to cool the market.

The additional 15 per cent transfer tax on foreign buyers in Metro Vancouver 91裸聊视频� since revised to exclude foreigners with work permits 91裸聊视频� is expected to make up $150 million of the total transfer tax in the coming year.

The budget provides for a series of housing affordability initiatives, many of them previously announced last summer and fall, after mounting criticism that the government had let housing costs spiral upward for too long without intervention.

Already committed is $920 million to help build 5,300 affordable housing units through a various partnered initiatives.

Also previously unveiled was a mortgage assistance program to help first-time buyers enter the housing market. Dubbed the B.C. Home Partnership, it allocates $700 million over three years to cover the interest on down payment assistance loans.

91裸聊视频淲e think it will be upwards of 42,000 families 91裸聊视频� first-time home buyers 91裸聊视频� that benefit,91裸聊视频� Finance Minister Mike de Jong said.

First-time home buyers will only pay property transfer tax on the portion of a home worth more than $500,000 91裸聊视频� a threshold that bumps up this year from $475,000.

De Jong painted the housing price challenge as a reflection of B.C.91裸聊视频檚 prosperity and attractiveness.

91裸聊视频淭he pressures we have seen develop in the housing market are a direct result of the growing demand to live in B.C.,91裸聊视频� he said, adding other Canadians see 91裸聊视频渉ope, promise and opportunity unmatched anywhere else in Canada.91裸聊视频�

The nearly 24 per cent drop in expected property transfer tax revenue back down to 2015 levels is expected to be followed by further declines of nearly four per cent in the next two years, in line with a forecast for slowing housing starts.

As for any potential further adjustments to the foreign buyers tax, de Jong said Greater Victoria/Southern Vancouver Island is the region where the evidence of foreign investment activity comes closest to justifying an extension of the tax, but added no decision has been made.

While the tax on real estate deals has become a huge cash cow for government, B.C.91裸聊视频檚 economic growth has also become increasingly reliant on the jobs associated with home construction, renovation, sales and related business.

91裸聊视频淲e have become quite dependent in terms of the growth dynamic on the broad housing and real estate sector,91裸聊视频� said Business Council of B.C. executive vice-president Jock Finlayson. 91裸聊视频淎s that cools off, and I think it is cooling off, we91裸聊视频檙e like to see the economy lose a bit of momentum.91裸聊视频�

Finlayson said he91裸聊视频檚 satisfied that the government91裸聊视频檚 budget has allowed for that cooling, with its 2.1 per cent forecast for economic growth, slightly below the average forecast of economists.