Vancouver – Dismally Robust

The Good

Cameron Muir, the British Columbia Real Estate Association’s in house chief economist is feeling happy again saying that “a sharp rebound in consumer demand turned a potentially dismal year into a very strong year for home sales,” In particular, “Vancouver and Victoria, in particular, are posting near record unit sales this fall.”

The Not So Bad

Mr. Muir gets more excited telling us that “the average annual MLS® residential price in the province is expected to post a new record this year, rising 2 per cent to $463,200 and is forecast to climb an additional 4 per cent to $482,800 in 2010.”

The Might Get Ugly

Now for the bonus! From time to time, Mr. Muir has been noted as being a brave soul who ventures on to thin tree limbs. “Residential sales in 2010″ he forecasts, are “to increase a further 8 per cent.” While “sales prices in some markets will flirt with record highs” but, “affordability constraints will limit home price inflation over the next year.”

Missouri Mugwhumps

When it comes to forecasting the future conservatives usually employ the services of a Mugwhump – a marvelous creature that sits on a fence with their Mug on one side and Whump on the other resting in indecision. The same conservatives who are just being conservative, also want certainty before declaring anything. To strengthen their conservatisim they add to their arsenal the services of Missouri’s state slogan ’show me’. Show me or ‘I’ll believe it when I see it,’ might be in your thoughts as you ponder Muir saying that the “Recovery in the B.C. economy will unfold gradually next year.” While reflecting on that, be sure to wonder if Muir’s eureka statement which supposed, is aimed at inspiring confidence, helps you get off the fence.