Bali, world news and views editor's comments;
My second favorite real estate market in the world has been Victoria Island which has Benefit madly from the huge increase in demand, especially from Asia for Vancouver real estate.
As 25% of the population of North America, including the United States retires they will be seeking the mild climate, low crime clear skies and low cost of living of Victoria in the future.
Although it's had a dramatic increase already I expect increases to continue for another 2 to 5 years, primarily from baby boomers retiring.
Vancouver, BC – February 28, 2016. The BCREA Commercial Leading Indicator (CLI) increased for the fourth consecutive quarter, rising 1.5 index points from the third to fourth quarter. The index now sits at 123.9, a 5 per cent increase from a year ago, and about a 1.2 per cent gain on a quarterly basis.
“The CLI was propelled higher by strong fourth quarter growth in the BC economy," says BCREA Economist Brendon Ogmundson. "The strength of the underlying BC economy, particularly relative to the rest of Canada, makes BC a very attractive destination for commercial investment."
Five straight quarters of rising BC manufacturing sales and a second consecutive year of more than 6 per cent growth in retail sales has driven the CLI to new heights this year. The underlying CLI trend, which smooths often noisy economic data, continues to push higher due to several quarters of strong economic statistics. That uptrend signals further growth in investment, leasing and other commercial real estate activity over the next two to four quarters.
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To view the full BCREA Commercial Leading Indicator index, click here.
For more information, please contact:
| Brendon Ogmundson |
| Economist |
| Direct: 604.742.2796 |
| Direct: 604.505.6793 4 |
| Email: bogmundson@bcrea.bc.ca |
BCREA is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.
To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.
For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada's real estate boards to ensure maximum exposure of properties listed for sale.
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