Central Credit Union says BC’s housing rebound is the “strongest and sharpest” on record and credits “record low mortgage rates” for the increase
Lower Mainland sales increased 72% over the past year. “some slowing of the rebound is likely over the short term” says CCU in its latest economic outlook but it believes that higher prices and higher mortgage rates will be seen over the next 4-5 years.
Housing starts are forecast to increase 50% this yearand climb to more than 30,000 units within 2 years. Up from 18,800 units in 2009. However, the unemployment rate will stay around 8% in 2010.
“Considerable momentum is expected to continue through the first quarter of 2010 before home sales begin to moderate as a result of higher prices and less pent up demand” said BCREA economist Cameron Muir. Muir notes that there were over 85,000 homes sold in BC last year, up 23% from 2008, while the average residential price rose 2% to $465,725.
“The global economic recovery will help BC exports but the rising Canadian currency will keep export growth below import growth, resulting in a steadily larger trade deficit. Construction will be fastest growing industry in the next 5 years, due to the housing rebound and major projects in utilities, transportation and mining.
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