By Canadian Press

B.C. debt grows 50 per cent in two years to $134b despite lower-than-expected deficit

Aug 7, 2025 | 11:19 AM

VICTORIA — British Columbia’s final deficit for the fiscal year has come in at $7.3 billion, but the B.C. Conservative’s finance critic points out that the governing B.C. NDP have added $15.78 billion in new operating debt while health care services have not improved.

$564 million lower than the original projected number in Budget 2024.

The final deficit is also about $1.8 billion lower than the most recent third-quarter forecast.

Finance Minister Brenda Bailey says B.C. was able to report a lower-than-projected deficit largely due to revenue from the Insurance Corporation of British Columbia.

“Yes, we are experiencing increased debt,” Bailey said Thursday during the release of B.C.’s public accounts for 2024-2025. “And that reflects the fact that our government remains committed to ensuring that we support British Columbians, and we’re going to continue to do that.”

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B.C. Conservatives finance critic Peter Milobar said in a statement that the rising debt levels aren’t being reflected in the level of support for the public, saying the government was “racking up record levels of debt while delivering the worst public services in a generation.”

“This year alone, the NDP added $15.78 billion in new operating debt — and what do British Columbians have to show for it?” Milobar said. “ERs are still closing, schools are crumbling, and ferries can’t run on time.”

“David Eby isn’t just borrowing more — he’s making life more expensive for future generations while failing to fix anything today,” he said of B.C.’s premier.

B.C.’s GDP grew by 1.2 per cent, lower than the Canadian average of 1.6 per cent.

The taxpayer-supported debt-to-GDP figure reached 23.2 per cent, while the unemployment rate was 5.6 per cent.

The Canadian Press