BC will avoid the nationwide housing market slowdown expected in 2015, according to the Conference Board of Canada Provincial Outlook-Winter 2015, released February 23.
Net interprovincial migration to BC is expected to be positive for 2015-16, while low inflation, new federal measures, and lower fuel prices are expected to boost after-tax household incomes. These are among the factors the board considered in forecasting 2015 gains in the BC housing market for both new and existing homes.
Overall, BC's economy is expected to grow 3 per cent – the largest increase for any province.
"British Columbia will be among the economic growth leaders, with Manitoba and Ontario, over the next two years," said Marie-Christine Bernard, the board’s associate director, provincial outlook. "The lower Canadian dollar, the acceleration in U.S. economic growth and stronger consumer confidence will provide the foundation for these provinces to easily outpace the Canadian economic growth of less than 2 per cent this year."
