Credit Union bullish on B.C. home starts
September 19, 2017
The British Columbia economy is “firing on nearly all cylinders” and the positive traction is seen in robust housing starts, according to Central 1 Credit Union of B.C.
The provincial GDP will hit 3.5 per cent this year, the unemployment rate is at 5.4 per cent, and could fall below 5 per cent by 2019, and retail sales are up 6.3 per cent from a year ago—all the best numbers in Western Canada, the credit union said, with B.C. employment growth leading the entire country.
“In nearly all measures, B.C.’s economy has outperformed. The province will remain among Canada’s elite,” said deputy chief economist Bryan Yu. “The economy is firing on nearly all cylinders.”
Total investment in residential construction in B.C. this year will hit $25.7 billion, up 2.1 per cent from a year ago, with total new housing starts reaching 39,200 units—down 6.3 per cent from the record pace of 2016 but among the highest on record going back to the early 1980s.
Yu noted that increases in housing starts this year are being seen in the Okanagan and other areas outside of the Metro Vancouver market.