Prince George families enjoy higher incomes and lower housing costs than their counterparts across the province and the nation, according to the National Household Survey results released by Statistics Canada earlier this month. - http://www.princegeorgecitizen.com/article/20130927/PRINCEGEORGE0101/309279980/-1/princegeorge0101/higher-income-lower-housing-costs-for-prince-george-families-survey

Cheers
www.DeanBirks.com

Canadian inflation registered 1.1 per cent in the twelve months to August, a slight deceleration from July's rate of 1.3 per cent. Core inflation, which strips out the most volatile components of the CPI, such as food and energy prices, increased 1.3 per cent in August. Consumer prices in BC actually fell 0.1 per cent in the 12 months to August largely as a result of the elimination of the HST.

Given that inflation continues to run well below the Bank of Canada's 2 per cent target, we expect very little urgency from the Bank of Canada in raising interest rates. Our expectation remains that the Bank will begin withdrawing monetary stimulus in late 2014 or early 2015.

For more information, please contact: 

Cameron MuirBrendon Ogmundson
Chief EconomistEconomist
Direct: 604.742.2780Direct: 604.742.2796
Mobile: 778.229.1884Mobile: 604.505.6793
Email: cmuir@bcrea.bc.caEmail: bogmundson@bcrea.bc.ca
BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of the this information.

BCREA ECONOMICS NOW

Canadian Building Permits - September 9, 2013

Canadian building permits jumped 20.7 per cent in July to $8 billion, the sixth gain in the past seven months. Higher building permits were driven primarily by stronger construction intentions in Ontario, Alberta and Quebec.

BC building permits fell 8.2 per cent in July from June as residential building permits declined 9.3 per cent and non-residential permits dropped 6.2 per cent. Year-over-year, construction intentions in July were 23 per cent lower than in 2012. On the residential side, the total number of units permitted fell from 2,858 in June to a still relatively strong 2,310 units in July. Permits for single-family units actually rose significantly from 640 in June to 782 in July while permits for apartments declined from 1,614 to 1,086.

Permitting activity in BC's four major census metropolitan areas (CMA) varied significantly in July. In the Vancouver CMA, permits fell 25.7 per cent on a monthly basis and were 40 per cent lower year-over-year. Construction intentions in the Victoria CMA rose sharply for the second month in a row,  rising 21.2 per cent on a monthly basis and 21.9 per cent year over year. in the Kelowna CMA, permits were up 65.1 per cent from June and were 49.9 per cent higher than July 2012. Finally, in the Abbotsford-Mission CMA, building permits declined 12.7 per cent month-over-month and 19 per cent year-over-year.

For more information, please contact: 

Cameron Muir Brendon Ogmundson
Chief Economist Economist
Direct: 604.742.2780 Direct: 604.742.2796
Mobile: 778.229.1884 Mobile: 604.505.6793
Email: cmuir@bcrea.bc.ca Email: bogmundson@bcrea.bc.ca
BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.