Tuesday, 30 August 2011
Why are parts of the BC Real Estate Market still fragile - some clues in the latest CLI report from BCREA ?
I am constantly trying to get to the bottom of why consumer confidence in the Kelowna and Central Okanagan Real Estate market is the way it is, at the moment.
Having read the latest report on the Commercial Leading Indicator from BCREA today, it is gives some useful clues to help answer to this question!
Whilst the British Columbia Economy is less fragile than some areas, there is clearly no room for complacency, and with employment rates not recovery as well as we would have hoped, it looks we' need to tread a careful road ahead.
I have attached the details of the full report below.
After posting a strong performance in 2010, the index has trended lower since the beginning of the year.
The CLI peaked at a level of 115.5 in the second quarter of 2007 before the onset of the financial crisis pushed it to a low of 97.7 in the first half of 2009.
The downward pressure in the CLI over the past two quarters is mostly a product of weak growth in both retail sales and employment. In addition, provincial manufacturing sales have deteriorated alongside the global economy.
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