| There are four main reasons for this assessment. | | | | period". |
| The first of these is that British Columbia is enjoying | | | | The third area of consideration is the inflation of the |
| period of unprecedented growth and prosperity. This | | | | Canadian Dollar and its effects on interest rates and |
| period of economic prosperity forms the bedrock upon | | | | the Real Estate Market. The expectation is that Bank |
| which the Vancouver housing market can consolidate | | | | of Canada will raise interest rates an average of "4.08 |
| its position. | | | | per cent" in 2007. Over the long term the rates should |
| In the February 20,2007 Budget and Fiscal Plan for | | | | hold fairly steady or even come down slightly. The |
| 2007/08-2009/10 which was released by the Ministry | | | | "Council's forecasts for the Bank of Canada's |
| of Finance , the outlook for the BC economy in general | | | | overnight target rate averaged 4.13 per cent in 2008, |
| and the Real Estate Market in particular, is | | | | falling to 4.01 per cent over the 2009 to 2011 period". |
| exceptionally bright. | | | | The last piece of information needed to navigate in the |
| The second item to consider is the influx of immigration | | | | complex Real Estate Market, is the forecast for Real |
| that is expected to flood into British Columbia the | | | | Estate Market movement in British Columbia and its |
| years leading up to the BC Olympic Games. The | | | | implications for you as a home-buyer. The news is |
| Council projected that "total net migration" to British | | | | good, according to the bi-annual press release |
| Columbia would continue to rise to unprecedented | | | | published by The British Columbia Real Estate |
| levels. In 2007 alone, projections averaged from a "low | | | | Association (BCREA). In the Housing Forecast Report, |
| of 35,423 people to a high of 55,000 people". The | | | | Cameron Muir, BCREA Chief Economist gives us this |
| general expectation is that this trend will continue in to | | | | insight, "The market has shifted away from strong |
| increase in the coming years with the anticipation that | | | | sellers' conditions and is expected to operate in a band |
| "total net migration to average about 47,000 people in | | | | between a strong balanced and weak sellers' market |
| 2008, rising to over 50,000 through the 2009 to 2011 | | | | over the forecast horizon. |
