I here lots of talk lately about the price of oil and its going to hurt our economy here in Vernon, Lake Country, Kelowna and the Okanagan in general. I disagree. Yes, there are some locals taking a hit from the slowdown in the Oil Patch and that sucks. But even in BC's Peace River Country the economy is much more about Natural Gas than Crude Oil. The Pipe Line projects the Site C Dam etc are all moving ahead.
The real factors that drive BC's Economy and Real Estate are fine.
The British Columbia economy is based on Lumber, coal, copper, gold and assorted other minerals and ores. Stuff we sell to the US, in particular. The collapse in the BC economy was due to the collapse in the US economy and next to nothing to do with Alberta. If we were so reliant on the oil patch we would not have collapsed in 2008 while Alberta and Saskatchewan boomed. The US economy is growing again and they are buying our stuff again.
Lumber mills throughout the Okanagan region and Williams Lake and Quesnel.... are operating and hiring. Mines from Princeton, Kamloops, Tumbler Ridge, Fernie.... are operating and hiring. This is the BC economy.
The Canadian Dollar is below the US dollar. We in Canada always take this as some sort of insult but it in fact it helps our economy. It is part of why our lumber sales go up. I was talking to a friend in the Movie Industry and guess what, the Movie industry in BC is bustling again. The dollar exchange makes it more profitable to film in BC.
Interest rates are and will likely stay low. Somewhere around where they currently are, which has become the norm. Why? The Americans are unlikely to change interest rates as their economy has just started moving again and the economic uncertainty in the Prairies and Maritime's will also not allow the Bank of Canada to raise rates.
So stop fussing, British Columbia's economy is growing and stable.