5 Things Experts know about Abbotsford | Mission Real Estate.
Most of the time we are bombarded with national data which does not apply to our local area. Professional Realtors do a great job of swimming through the information for you so you can get the right information. Well we took the time to round up what is relavent to our Abbotsford & Mission Real Estate market in this concise blog below. If you know anyone looking at buying or selling this month, please let me know and I will help them win!
1 -Building permit activity was up in all of BC’s four major census metropolitan areas (CMA) in January. In the Abbotsford-Mission CMA, permits increased 63.9 per cent on a monthly basis and 34.5 per cent year-over-year. Construction intentions in the Victoria CMA more than doubled from December lows and were up 16.3 per cent year-over-year. In the Kelowna CMA, permits increased 12 per cent from December and were 68.2 per cent higher than January 2013. Finally, in the Vancouver CMA a sharp increase in building permits erased last months decline, as construction intentions rose 30.5 per cent cent month-over-month and 19.8 per cent year-over-year.
2 – After a positive start to the year, BC gave back January’s job gains and then some. Total employment fell by 10,400 jobs in February. The losses were evenly split between full-time and part-time employment. The provincial unemployment rate was unchanged at 6.4 per cent. (this has direct effect on real estate in Abbotsford | Misison and we monitor it closely so you don’t have to.)
3 – New home construction in BC urban centres dipped almost 12 cent in February to 22,730 units SAAR (seasonally adjusted annual rate). However, on a year-over-year basis, housing starts rose 7 per cent compared to February 2013. Single-family starts rose 9 per cent while multiple units were up 6 per cent.
4 – Bank of Canada Interest Rate Announcement – March 5, 2014
The Bank of Canada announced this morning that it is maintaining its target for the overnight rate at 1 per cent. In its accompanying statement, the Bank noted that the economy is preceding largely on the path the Bank projected in its January Monetary Policy Report. While inflation and growth were slightly higher than expected in the fourth quarter of 2013, the Bank expects slack in the economy to keep inflation below the Bank’s 2 per cent target this year. The Bank does not view the risks associated with elevated household imbalances as materially changed and judges the current stance of monetary policy, with the overnight rate at 1 per cent, as appropriate.
Speculation of an impending rate cut by the Bank of Canada has receded in recent weeks following a modest acceleration of inflation and stronger than expected economic growth. The uptick in inflation and growth is in part due to a sharply lower Canadian dollar and, while not explicitly targeting a lower value of the loonie, policymakers at the Bank have welcomed the decline in the dollar. A depreciation in the currency tends to be inflationary and impacts consumer prices in fairly short order while traditional monetary policy, through adjusting the overnight interest rate, impacts inflation only with a significant lag of 12 to 18 months. With the lower loonie helping to pull inflation higher, we expect the Bank will likely maintain its target rate at 1 per cent until 2015 when economic conditions may require a gradual increase in the overnight rate.
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