British Columbia’s economic and fiscal plan remains stable in the face of a slowing global economy and high interest rates as the Second Quarterly Report forecasts a lower deficit than in the previous fiscal update.

B.C.’s First Quarterly Report shows the province’s economy is proving resilient amid challenges, including a devastating wildfire season, high interest rates and costs, and a slowing global economy.

Despite global uncertainty, B.C. ended fiscal 2022-23 with a surplus and higher-than-expected revenue that the Province put to work helping people and communities with higher costs and growing needs.

People with residential properties in some areas with the highest demand in the province will soon receive their 2023 speculation and vacancy tax (SVT) declaration letter.

Like other jurisdictions, B.C. is expected to see slower economic growth through 2023 because of global inflation and higher interest rates, before steady growth resumes in the medium term, according to projections from private-sector forecasters.