B.C.’s Growing Debt: What’s Going On and How Can We Fix It?

B.C.’s Growing Debt: What’s Going On and How Can We Fix It?

British Columbia’s debt has grown a lot — almost 50% bigger in just two years, reaching around $134 billion. Even though the government’s budget deficit was smaller than expected this year, the province still has to borrow a ton of money to pay for important things like hospitals, schools, housing, and emergency repairs after floods and wildfires.

At the same time, many people in B.C., especially new arrivals, are struggling with personal debts like car loans that can be very hard to pay back. This combination of government debt, personal debt, and rising costs has created a lot of worry. People are frustrated about services getting worse, prices going up, and protests or boycotts happening in response.

So what can we do? Here are some important steps to help turn things around:

Short-term (1 year):

• The government needs to be clear and open about where money is spent and find ways to cut waste.
• Support programs should help people struggling with debt avoid falling deeper into trouble.
• Protect hospitals, schools, and emergency services from budget cuts.
• Make public transit better to reduce the need for costly car loans.

Medium-term (2–5 years):

• Build more affordable homes so people aren’t forced to take risky loans just to get a place to live.
• Help people manage and reduce their personal debts with education and counseling.
• Grow new industries and jobs that pay well to strengthen the economy.
• Stop unfair lending practices targeting newcomers or vulnerable groups.
• Invest in preparing communities for climate disasters to avoid costly emergency borrowing.

Long-term (10 years):

• Develop plans to reduce government debt steadily while keeping public services strong.
• Teach financial skills to everyone, especially youth and newcomers, to avoid debt traps.
• Lead in clean energy and innovation for good jobs and a healthy environment.
• Build strong social support systems for mental health, addiction help, and poverty reduction.
• Ensure everyone has fair opportunities to succeed and contribute to the economy.

It’s not an easy fix, but by working together—government, communities, and individuals—we can build a stronger, fairer B.C. that’s prepared for the future.

If you want to learn more or get involved, stay informed and talk with your local leaders about these issues.