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Monday, 08 January 2007 |
BC on a roll: 2007 outlook
Look for B.C.'s economy to purr like a cat next year, Business Council of B.C. economist Jock Finlayson says.
Consumer spending and non-
housing construction will help the B.C. economy retain most of the strength it showed in 2006, Finlayson says.
The province's real GDP growth will slow only slightly in 2007 to about 3.5 per cent from this year's four-per-cent growth pace, Finlayson said.
"The slowdown south of the border will trim our growth rate a little," he said. "The outlook is still pretty
positive."
On the down side, exports will be hard-pressed to show any growth next year, thanks to the impact of declining U.S. housing starts on lumber prices.
That could change if natural-gas prices jump, Finlayson said.
If the recent decline in the value of the Canadian dollar continues in 2007, export-dependent industries would benefit, Finlayson said.
Ongoing strength on the domestic side of the economy will offset stagnation or an outright decline in exports, he said.
The capital-spending boom fuelling projects in transportation infrastructure, hotels, pipelines, mines and the 2010 Olympics will be the brightest spot in the economy, he said.
Retail spending is expected to rise by about six per cent in 2007, following a similar increase in 2006.
The jobless rate should average about 4.5 to 4.6 per cent next year, and perhaps slightly lower, Finlayson said.
(prepared by John Luke/Vancouver Province)
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Thursday, 21 December 2006 |
No rates movement expected by Feds
WASHINGTON -- The U.S. economy is in pretty good health despite the ailing housing and auto industries, allowing the Federal Reserve to feel comfortable about leaving interest rates alone.
Fed chairman Ben Bernanke and his central- bank colleagues are expected to keep their finger on the interest-rate pause button when they meet today, their last such session for the year.
It would mark the fourth meeting in a row in which the Fed left an important rate unchanged at 5.25 per cent.
As a result, commercial banks' prime-interest rate -- for certain credit cards, home equity lines of credit and other loans -- would stay at 8.25 per cent, once again giving borrowers some breathing room.
The Fed believes slower economic growth will eventually lessen inflation pressures. It also is fairly confident that the slumping housing and auto sectors won't sink the economy.
To be sure, policy-makers will keep close watch for any danger signs -- namely a pickup in inflation or a sharper-than-expected housing swoon that could damage the entire economy and throw it into recession. For now, though, they feel it is appropriate to leave rates where they are.
(prepared by Associated Press/Vancouver Province)
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Sunday, 10 December 2006 |
Cool sales may slow price rise
Residential real-estate sales in Vancouver cooled a little more last month and could slow the rise in prices, the Real Estate Board of Greater Vancouver said yesterday.
It said sales last month decreased 19.7 per cent to 2,358 units from 2,938 sold a year ago. But new listings also decreased by 3.1 per cent to 3,168 units compared to the 3,271.
The total number of active listings increased by 30.6 per cent to 11,308 units compared to last November 8,659 units. "This is the first time since April 2006 that we've seen new listings tighten in comparison to the same period in 2005," says board president Rick Valouche. He said the market is in balance and good for both buyers and sellers.
Sales of apartment properties decreased by 11.5 per cent to 1,050 sales last month compared to 1,187 a year ago, but the benchmark price of $329,537 is up 17 per cent from one year ago.
Attached property sales decreased 22.2 per cent to 404 sales from 519 while the benchmark price of $410,085 rose 17.9 per cent. Detached sales decreased 26.6 per cent to 904 compared to 1,232 sales a year ago. The $647,562 benchmark price is up 14.3 per cent.
(Source: Vancouver Province)
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