The latest housing starts were released last week and show a surprisingly strong performance that surprised more then a few. This along with the strong employment numbers that were released for February show a fairly resiliant Canadian economy.
On the surface it looks like Canada and the US are going in two different directions. The US heading down on poor economic numbers caused by the credit crunch, low consumer demand and some may say an unpopular war. Canada on the other hand, with the crippling high dollar taking its toll on the manfacture centre in central Canada is still adding more jobs to the work force, a fairly positive feeling from consumers, and strong demand for real estate. Will it last? That is the big question. Many say it can't maintain the pace without its largest trading partner buying up our commodities other than oil. Maybe Canada is just behind on the curve and all the gloom and doom that is out there will finally coming knocking on its door.
Our economy is definately on slow down and that may good. Allow a breather, but not a gasp before it ticks up again. I feel this may good for house prices in the long run. The slow down in rising prices may give a chance for real wages to catch up and that accompanied with low interest rates now and into the immediate future will definately keep the real estate market in Victoria ticking along as well as its economy. This will make it a more balanced market.
For more information on the latest housing starts feel free to contact us or read the latest article from the Globe and Mail by following this link
If you are looking for some hardworking and dedicated Real Estate Agents in Victoria BC, who put you first please do not hesitate to contact us.
Cheers
Bill
Bill Ethier B.Sc - REALTOR®
Properties in Victoria Professionals- Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
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