The Economic growth in British Columbia is growing steady and this means it is a good time to invest in Real Estate. A recent article in the Times Colonist written by Michael Kane, CanWest News Service caught my eye the other day. It reads:
Let the good times roll. British Columbia can expect continuing prosperity despite a tight labour market and troubles in forestry and tourism, according to the Canada West Foundation.
A large number of industrial, institutional and transportation projects will ensure the construction sector remains “very active” beyond the 2010 Winter Olympics.
Sustained economic growth is also being supported by high levels of business investment, an educated and skilled workforce, ongoing strength in worldwide demand for base metals and other commodities, and growth in China and India.
And the Calgary-based foundation says B.C.’s economic strength will continue to play an important role in the shift of economic dominance from central Canada to the West. The stated vision of the non-partisan research institute is a dynamic and prosperous West in a strong Canada.
In a report released yesterday with the title, Let the Good Times Roll, foundation economist Brett Gartner forecasts that B.C. will enjoy growth of 3.1 per cent for 2007 and 3.2 per cent for 2008.
While that’s down from the 4.0 per cent the foundation predicted for 2007 at this time last year, “the low-3s are still pretty good and continue the strong performance of past years,” Gartner said in an interview.
The provincial government’s finances are in good shape, he said. Personal income tax cuts announced in the 2007 budget give B.C. the lowest provincial income tax rates in Canada for those earning up to $108,000.
The implementation of the B.C.-Alberta Trade, Investment, and Labour Mobility Agreement, has created Canada’s second largest economic region after Ontario, giving businesses and workers in both provinces access to more opportunities.
“The West is emerging as more of an economic powerhouse, and B.C. and Alberta joining forces will help solidify the West’s place in the Canadian economy as a driving force,” Gartner said.
On the downside, the U.S. housing market slowdown, combined with rising energy and wage costs, and a strong Canadian dollar, is dampening prospects for the economically important forest industry. In the longer term, the devastation wrought by the mountain pine beetle will add to the industry’s misery.
Tourism also faces another round of challenges with high gasoline prices, the soaring currency, and tougher border restrictions for U.S. visitors, although the 2010 Olympics will give the sector a boost.
In addition, labour shortages will constrain, but not stop economic growth, Gartner said. End of article.
What do you think about the future ahead. Please comment below.
Anders Treiberg, Associate Broker, REALTOR®
Properties in Victoria Professionals-Royal LePage Coast Capital.
Anders Treiberg has been a REALTOR® in Victoria since 1990. He has extensive Real Estate Expertise and can be reached on his website www.PropertiesInVictoria.com of via email at anders@PropertiesInVictoria.comAll Articles More Like This