Welcome to the Homes On The Sunshine Coast Blog
It's another hot, hot day on the Sunshine Coast of BC. I just spoke with some people who are here for a few weeks from New York. They said, yes it's hot but nothing like the humidity in the heat of New York. Great point! Let's enjoy this hot spell, the beaches, the iced lattes and this wonderful month of August.
Just in is information from the REBGV (Real Estate Board of Greater Vancouver) Chief Economist, Cameron Muir on the forecast for Mortgage Rates. Here are a few excerpts from the article:
"The Canadian economy grew at the exceptional pace of 6.1% in the first quarter of 2010, propelled by a booming housing market, strong consumer spending and the rebuilding of private sector inventories. Moreover, growth in the second quarter of 2010, while not expected to register the sizzling pace of the previous six months, should be a robust 3% -4%...."
".... The strength of the Canadian economic recovery over the past six months is evidenced by the over 300,000 jobs created in the Canadian economy since the beginning of the year. While this exceptional rate of job creation stands in stark contrast to the gloomy employment situation of our southern neighbour, it also re-affirms the need for the Bank of Canada to begin withdrawing its emergency level of monetary stimulus by raising interest rates, particularly given the proximity of core inflation to its 2% target rate...."
In all, slower economic growth and inflation that is within the Bank of Canada's comfort zone should mean that, while interest rates are certain to rise, the pace of interest rate increases should be orderly and the level of interest rates will remain near historic lows through the remainder of the year..."
It appears that we are still riding a 'buyers market' for a while yet but there may be an end to it in the not too distant future. It's a good time to consider buying here on the Sunshine Coast of BC.
This past weekend was crazy busy for us here at HomesOnTheSunshineCoast.com. We met many people at our Open Houses, some who were serious buyers who either need to buy for their own reasons or who recognize that the timing is good and want to buy now to take advantage of the timing in the market. It was a fun weekend to meet and talk about the Real Estate market with some great people and to show some lovely homes.
If you are one of those people that we met this weekend, thank you! It was great to meet you.
Barbie and Shay
Barbie 604 741.1239
Shay 604 989.9888
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