Real Estate Update for First Quarter 2015

Although the Canadian economy has clearly decelerated in recent months as a result of the sudden plummet in oil prices in the first months of 2015, February's GDP numbers were actually better than most expected noted Cameron Muir, Chief Economist for British Columbia Real Estate Association (BCREA).  The price of WCS, heavy oil from Canada's oil sands, has recovered value from $29.71 a barrel on March 17, to $52.63 on May 6. That is an increase of more than 77 per cent in a little over 30 trading days

Canadian Inflation - Consumer Price Index (CPI) noted inflation rising just 1.2 per cent in the previous 12 months. In BC, inflation registered just 1 per cent

Bank of Canada Interest Rate – The Bank of Canada has chosen to maintain its overnight rate at 0.75 percent.

Home Sales - Meanwhile, BC posted the strongest March home sales with the most homes sold in any month since December 2009! During the first quarter, the number of residential “units” sold was up 22.5 percent, and the residential price rose by 8.7 percent.

"Many … areas are now exhibiting sellers' market conditions with home prices advancing well above the overall rate of inflation."

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