REAL ESTATE - Province wide & Kamloops/N.ThompsonThe British Columbia Real Estate Association (BCREA) recently announced that province wide home sales have exceeded the 15 year average for the first time in 5 years!
- Total sales dollar volume was UP 21.9 per cent from 2013
- The average provincial MLS® residential price was UP 5.8 per cent from the previous year
"Not since the post-recession rebound of 2009 has the market posted such a turn around," reported Cameron Muir, BCREA Chief Economist.Kamloops region is lagging behind the rest of the province, however. Our region experienced a drop in the number of transactions in 2014 - just under 5 per cent over 2013.
EMPLOYMENT - Federal & Provincial
The good news here is that while the rest of the province is starting to recover from the economic downturn of 2008, it's still a buyers market in our region!
In Canada employment fell by a mere 4,300 jobs in December.
In BC, employment grew by 2,200 jobs in December… but here’s the real news. Full-time employment increased 22,300 while part-time work fell by 20,200. That full-time employment figure, if it holds, would be the largest monthly gain in full-time jobs since September of 2011.
In Canada unemployment rate remained at 6.6 per cent. Total hours worked, which is closely associated with economic growth, increased by a relatively strong 0.7 per cent.
In BC unemployment rate fell to 5.4 per cent.
BC'S COMMERCIAL REAL ESTATE
The BCREA Commercial Leading Indicator (CLI) set a new record high in 2014.
“A rising trend in the CLI generally points to growth," BCREA reports, "in investment leasing and other commercial real estate activity two to four quarters ahead.”
"Momentum has been building in sectors most important to commercial real estate,” said BCREA Economist Brendon Ogmundson, “That momentum should translate to a strong year for the commercial market in 2015."