The Canadian Economy, TPP and the Real Estate Market

The 2015 federal election is focused on the economy. Let's look at a short summary of the events of the last few months, and how they relate to the Real Estate market.

In September we heard that the Canadian economy isn’t in a recession. In fact we’ve pulled through the economic upheaval of recent years rather well. Canada boasts the world's 11th-largest economy, with a population base that sits 37th in the world.

Beata Caranci, chief economist for TD Bank, said while the Canadian economy did technically contract in the first half of 2015, the job and housing markets held up well. Retail remained strong and growth announcements in September demonstrated the Canadian economy actually grew.

"I feel confident that we're on a pretty good expansion path right now," Caranci said.

Following that piece of news comes the announcement of Canada as a founding signatory – one of just 12 members - to the Trans Pacific Partnership agreement (TPP). CLICK here for more news from BNN discussing the impact of the TPP on the Canadian economy.

Closer to home, BC is Canada’s Pacific Rim province, and a major exporter of resources. This announcement, combined with the current value of the Canadian dollar bodes well for our economy and a strong economy translates into good news for our real estate market.

In Real Estate this past summer, the total value of construction permits in BC exceeded $1 billion for a third consecutive month and was up 35.5 per cent compared to August 2014.

In the Kamloops region, housing values remain stable, while demand was strong. Indeed, September saw a 30% increase in the number of units sold over the same time period last year reports Kamloops and District Real Estate Association.

WATCH here while BC Real Estate Association (BCREA) Chief Economist Cameron Muir discusses the August 2015 statistics.

MORE LINKS:

Up to date listing information: http://www.dqteamkamloops.com/

Municipal information - http://www.kamloops.ca

Regional & municipal business information - http://venturekamloops.com

Things To Do and Events in and around Kamloops: http://www.tourismkamloops.com

For more Real Estate Terminology go to these links: BCREA and CMHC

 

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