BC Real Estate Association Predicts A Year Of Growth
Prince George, BC – The BC Real Estate Association says, after two years of dour economic growth, a sense of optimism is beginning to break through in terms of growth for 2014…
BCREA says data from the 4th quarter of 2013 seems to show BC consumers 'awakening from a long slumber of fiscal restraint'.
The BC Commercial Leading Indicator (CLI) rose for the fourth consecutive quarter, by 0.8-points at the end of last year, to sit at 115.1. On a year-over-year basis, the CLI is up 2.3-percent from the last quarter of 2012, but the index is still below the all-time high of 116.1 reached in 2007.
BCREA Economist, Brendon Ogmundson, says, "The rising trend in the CLI signals further strength ahead for the commercial real estate market in 2014." In releasing its fourth quarter report, the association says despite some positive developments, 2013 was largely a 'forgettable year'.
"Employment in the province declined for the first time since the 2008-2009 recession and we estimate that provincial GDP grew only 1.6-percent." According to BCREA data, total employment in BC dropped by 9,000 jobs last year – the unemployment rate stayed low, at 6.6-percent, because of a shrinking pool of those actively looking for employment.
The real estate association does credits non-residential construction investment as a bright spot in a relatively weak economic environment last year. Investment in industrial and commercial construction rose by 8-percent last year, largely due to a 20-percent jump in industrial construction spending. BCREA expects non-residential construction to continue to be a significant driver of economic growth this year. "A number of office projects in downtown Vancouver will either commence or continue this year and industrial investment, particularly in the North, continues to be fueled by a resurgent forest industry, as well as numerous mining, oil and gas projects."
With an improving global economy and gains being made in provincial employment, BCREA is anticipating the BC economy will grow 2.4-percent this year, and 2.6-percent next year.
Comments
Do these characters ever NOT predict rose-colored growth?! Talk about a broken record.
In other news used car salesman are convinced that 1998 Hyundai is the best vehicle purchase you’ll make this year!
A Pony!!!
Some of us hear you ExPat-PGRes! Maybe this is the “economic boom” Christy and others have been saying is coming year after year, after year. *sigh* Remember how Charlie Brown’s teacher sounded in class? That’s what I am hearing here.
http://www.youtube.com/watch?v=ss2hULhXf04
What’s next from them… Trust us.. We are only trying to bump up slumping sales. So the real estate agents who make way to much money for what they do can make more for taking a few pictures and getting someone else to post them online.
Do we really need real estate agents ? They should be certified building inspectors and notary public certified to earn a cut of a sale.
My fav is they charge the same if the house is $100,000 or 2,000,000 and do the same amount of work for each.. May take a few more pictures but that adds 30 min..lol
“Do we really need real estate agents?”
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Based on my experience in PG, no. LOL.
I think it is a big conflict of interest. The higher the listing the more money they make. So they artificially drive markets up.
A Real Estate agent must demonstrate that they have your interest in mind and their primary concern is to serve your needs and not their own
Avoid the agent who list your home and two weeks later want to drop the price , they are only looking for a quick sale and have no concern about your well being, after all it is not a rib steak you are buying or selling. Remember your time is important and also your money that you will be paying for comission , never turn your back on your own common sense.
Like NMG we really don’t need them especially the ones in PG
We bought our last property without the use of any agents, simply used a notary public. We were warned by our previous real estate agents that it isn’t a good idea to go it alone, without the use of a lawyer ($800 for a few papers) you are susceptible to being taken advantage of. What a laugh. The notary did the same for a fraction of the cost and we didn’t have to pay any commission to the realtor either. It allowed us to be more flexible and both parties won on the deal.
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