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Cam TV – April Housing Update For B.C.

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More People More Homes More Sales

In this month's segment of Cam TV, our host and good friend Cameron Muir, Chief Economist of the British Columbia Real Estate Association delivers up his provincial view of British Columbia Real Estate.

It is estimated that the current population of British Columbia is 4,609,946. More people means more homes that result in more sales. Continue Reading...

No Change in Rate for Vancouver

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Interest Rate - April 16, 2014

The Bank of Canada announced this morning that it is maintaining its target for the overnight rate at 1 per cent.

Unchanged

The Bank's target rate has now remain unchanged for 29 consecutive meetings. In its accompanying statement, the Bank noted that inflation in Canada remains low and is expected to remain below the Bank's 2 per cent inflation target this year due to slack in the economy and heightened retail competition. The Bank left is forecast for Canadian economic growth unchanged at 2.5 per cent this year and next, citing a strengthening global economy and ramped up business investment. The Bank also noted that recent developments are in line with the its expectations of a soft landing in the housing market, though elevated household debt remains a risk should economic conditions deteriorate.

Neutral

While some expected a slightly more dovish note from the Bank given continued muted inflation and a slight rise in the dollar, the Bank remains decidedly neutral. An expected second half rebound in growth and firming inflation means that the next move for interest rates is likely higher, but the timing of that move remains uncertain. Our view remains that the overnight rate will stay at its current level until at least early 2015.

Copyright British Columbia Real Estate Association. Reprinted with permission.

What are Your Reasons for Not Buying A Vancouver Home?

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That Was Then

It was almost four years to the day that a reader stated why he wouldn't buy a Vancouver home claiming that they are "lining up for an epic crash - prices will be getting crushed in the months ahead."

His statement prompted a search through old files where was found a seven year old Andex Chart that provided 63 more reasons why you shouldn't buy a Vancouver home.

Continue Reading...