Eby’s debt grew fastest in 50 years: Fraser Institute

British Columbia’s per-capita debt has grown faster under Premier David Eby than any other premier in the province’s modern history.

Source: Wikimedia Commons

British Columbia’s per-capita debt has grown faster under Premier David Eby than any other premier in the province’s modern history.

A new report from the Fraser Institute, titled “Debt Accumulation by Premier: British Columbia,” reviewed inflation-adjusted, per-person government debt levels dating back to 1969.

It found that in just two years under Eby’s leadership, from 2022 to 2024, provincial debt per person surged by 44 per cent, the steepest increase of any of the twelve premiers analyzed.

According to the report, B.C.’s taxpayer-supported debt reached $17,147 per person by 2024, with the average annual increase under Eby clocking in at $2,612 per capita, adjusted for inflation.

The next closest premiers in terms of debt accumulation—Rita Johnston, Michael Harcourt, and Glen Clark—saw much smaller annual increases during their terms.

“Premier Eby’s government has presided over the fastest rate of debt accumulation in modern B.C. history, which raises significant concerns about long-term fiscal sustainability,” the report stated.

By contrast, the report notes that taxpayer-supported debt per person actually fell during the lengthy premierships of Gordon Campbell and William Vander Zalm, as well as during the brief term of Ujjal Dosanjh.

Although the B.C. government has pointed to population growth and infrastructure investment to justify its spending, critics say the pace of borrowing under the NDP is unsustainable, particularly in a high-interest environment.

The findings come one week after the Fraser Institute released another report showing that municipal governments across Canada have also seen per-capita spending soar to near-record highs.

That study found a 25.2 per cent rise in municipal spending between 2000 and 2023, raising questions about the return on public investments in areas like transit, public safety, and homelessness, services that remain chronic issues in major cities in British Columbia and across Canada.