The government has raised more than a third of the money it plans to raise from asset sales to balance the provincial budget this year.
“Progress is being made and we are on track,” said B.C. Finance Minister Michael de Jong.
As part of the updated budget released June 27, de Jong announced the government had raised $123 million from the sale of $1.45 billion in fixed income securities held in sinking funds by the BC Transportation Financing Authority.
It has also raised $58 million out of the $475 million it hopes to raise from 14 properties that have either sold or have negotiated contracts in place.
These properties netted the government $7 million more than it had originally estimated. Some of the properties include former schools in Surrey, North Vancouver and West Vernon, vacant lots throughout Metro Vancouver and a former health-care facility in East Vancouver.
Nine additional properties collectively worth $86 million are currently on the market or have potential buyers in place. Most of these properties are in the Interior and Vancouver Island.
De Jong said he expects all the properties for sale will be on the market by the end of October. By the fall, he expects the province will have surpassed 50% its asset sale income target.
