Mike Carson

Your local Sunshine Coast Realtor

Cell 604-740-1841

Office (24 hour pager) (888) 385-3295

Email: mikecarson604@gmail.com

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The Bank of Canada released the following press release today:

 

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent.

 

The global economy is progressing largely as the Bank anticipated in its January Monetary Policy Report (MPR). Financial market volatility, reflecting heightened concerns about economic momentum, appears to be abating. Although downside risks remain, the Bank still expects global growth to strengthen this year and next. Recent data indicate that the U.S. expansion remains broadly on track. At the same time, the low level of oil prices will continue to dampen growth in Canada and other energy-producing countries.

 

Prices of oil and other commodities have rebounded in recent weeks. In this context, and in light of shifting expectations for monetary policy in Canada and the United States, the Canadian dollar has appreciated from its recent lows. With these movements, both the price of oil and the exchange rate have averaged close to levels assumed in the January MPR.

 

Canada’s GDP growth in the fourth quarter was not as weak as expected, but the near-term outlook for the economy remains broadly the same as in January. National employment has held up despite job losses in resource-intensive regions, and household spending continues to underpin domestic demand. Non-energy exports are gathering momentum, particularly in sectors that are sensitive to exchange rate movements. However, overall business investment remains very weak due to retrenchment in the resource sector.

 

Inflation in Canada is evolving broadly as anticipated. The factors that pushed total CPI inflation up to 2 per cent will likely unwind in the months ahead. Measures of core inflation are at or just below 2 per cent, boosted by the temporary effects of past exchange rate depreciation. Material excess capacity in the Canadian economy will continue to dampen inflation.

 

An assessment of the impact of the upcoming federal budget’s fiscal measures will be incorporated into the Bank’s April projection. All things considered, the risks to the profile for inflation are roughly balanced. Meanwhile, financial vulnerabilities continue to edge higher, in part due to regional shifts in activity associated with the structural adjustment underway in Canada’s economy. The Bank’s Governing Council judges that the overall balance of risks remains within the zone for which the current stance of monetary policy is appropriate, and the target for the overnight rate remains at 1/2 per cent.

 

 

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An article in today’s Vancouver Sun (click here to read article) mentions a “trickle-down effect” of folks in Vancouver selling their homes for huge profits and moving to Vancouver Island and purchasing homes of equal quality for half the price.    This holds true for the Sunshine Coast, as well, and we have even better bargains.  The article mentions the benchmark price for a single-family house in Victoria’s core was $638,700 in February, and $1 million in Vancouver.  The benchmark price for a single-family house on the Sunshine Coast was $398,100 in February (from Greater Vancouver Real Estate Board February stats, which can be found by clicking here).   The wealth that is being created by the red-hot market in Vancouver will trickle down to other regions as sellers begin broadening their search for more affordable homes.   What will also trickle down, and is happening already, is heated market activity in the other regions, such as Vancouver Island and the Sunshine Coast.  Here on the Coast properties are selling sometimes within days of being put on the market, and receiving multiple offers.     There is huge pent-up demand and little inventory.  It is definitely a seller’s market now.

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I have listed a new property at 6319 TOWER RD in Sechelt.
Classy 3 bedroom home with extended kitchen is perfect for a family or for seniors. Features a low maintenance yard, vaulted ceilings, close to walking trails and park, and a nice level neighbourhood. Enjoy the cherry blossoms in the green space across the street from your front window, or sit on your back 23' x 10' porch and enjoy the sunshine. A wonderful place to call home.
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