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CMHC Roundtable Update – Improving BC Economy

On June 24, VRBA participated in CMHC’s Annual Housing Roundtable in Victoria. Here is an update on BC’s economy:

The BC housing market is picking up. Net interprovincial migration posted the first increase in the first quarter of this year since 2011.

BC’s employment is expected to increase after a decline in 2013. Our economy also declined in 2013, however increases are expected in 2014 and 2015 partly due to exports to the U.S., also a recovering economy.

Mortgage rates will remain relatively low but expected to increase in 2015 – a 5 year rate from 5.25 %- 6%. A 1 year from 3.2 – 4.25%. Remember,  a purchaser with less than 20% down must qualify at a 5 year fixed rate.

We are moving into a balanced housing market. BC’s inflation rate is the lowest in Canada, retail sales are increasing indicating more consumer confidence.

Let’s keep it going!

 

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