Yippee the Country is in a Recession

Before you make me wear a T-shirt with "I" for Idiot on it, hear me out. (I am sure I will take some flack for my title as well but it's just a joke) A recession is defined in Canada as 2 consecutive quarters of declining Gross Domestic Product. That is what happened in the first 2 quarters of 2015 so the country is officially in recession. However, BC is leading the Canadian economy and the Okanagan Shuswap Real Estate Market is in a strong state of recovery. How can that be and what does it mean? First, one of the major factors in predicting any marketplace is that no market ever keeps going in the same direction. The longer and stronger a market is rising or falling the greater the chance of it turning around. From 2008 to 2013 when other areas of the country, like Alberta, were thriving the Okanagan Shuswap  has been falling. Now, even though the rest of the country is falling and these negative forces pulling on consumer confidence we in the Okanagan Shuswap we are thriving. BC Home sales are expected to top 100,000 sales for the first time since 2007. What this means is that the rebound factor is stronger than the the downward pull of the oil prices and the rest of the country being in a recession. Although this is not for certain what is likely to happen is that as the rest of the country recovers in the next few years and the press writes about it. It will further boost the BC economy and therefore the Okanagan Shuswap Real Estate market. However, you always have to remember this is just the world according to Bill. 

1 Comment

  1. Don Friesen 09/01/2015 at 9:51 AM Hi Bill, that is a fair analysis. Could be driven by the influx of foreigners as countries in strife around the world cause the affluent to flee ...and there is no better place to go than BC. Vancouver housing ...as you would know better than me...is crazy ..for that very reason. BC could ride a long positive real estate market ..as long as the those countries continue the conflict...the problems are...it is sad to watch those countries and the cost of housing is pushed far out of reach of BC labour...since it again is the affluent from those countries moving in and often their level of affordability is extreme. Just Saying....Don

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Bill Hubbard

Bill Hubbard

Broker/Owner
CENTURY 21 Executives Realty Ltd.
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