Economic Report and Home Buying

The good news is that the Canadian economy was strong in the second quarter of the year - exceeding expectations... WHY? Our economy is closely impacted by our neighbour to the south. That increase is largely a result of official reports of a strong economic rebound in the USA.

However employment stats for August swung into the doldrums as Canadian employment declined by 11,000. The BC economy pulled a modest 1,800 hundred part-time jobs but full-time employment declined by 14,400. Year-to-date, employment in BC is up just 0.5 per cent.

 Never the less, there is more good news for home buyers.
First, the soft labour market will likely motivate the Bank of Canada to hold rates as is for the remainder of the year.

And a look at the following chart from BC's Real Estate Association shows home sales in the Okanagan, including the Kamloops region, remain stable and strong.


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