Nearly two years after a global COVID-19 pandemic devastated British Columbia’s economy, the financial bounce back is almost complete. But the rosy economic picture is expected to be short-lived due to an influx in pandemic-specific cash in the last year.

The forecast deficit for 2021/22 is now $483 million, a dramatic decrease from the $9.7 billion projected deficit in last year’s budget. The one-year rebound is short-lived, with the province forecasting a deficit of $5.46 billion in 2022/23 and $4.18 billion in 2023/24.

“You can see the unusually high revenue for 2021/22. It doesn’t fully recover in the third year of the fiscal plan,” Finance Minister Selina Robinson said Tuesday.

Those high revenues are driven in part by the double-edged sword of housing.

Buying a home has become increasing unaffordable while the increase in property transfer tax continues to support the province’s bottom line.

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