ANALYSIS: B.C. Housing Starts to Decline
The Conference Board of Canada put out its provincial outlook economic forecast for B.C. this week, and the news is mixed.
The Board anticipates B.C.’s economic growth to slow – they think it will be 2.5 per cent this year, down from the 3.7 per cent, nation-leading growth recorded last year. It is expected to further dip to 2.1 per cent in 2018.
While the Board’s report steers clear of predicting the ramifications of the GreeNDP government, it does highlight some important indicators:
- Housing starts are expected to fall 12.4 per cent this year and 5.5 per cent in 2018
- Home prices, however, will continue to rise
- Forestry will struggle due to the softwood lumber dispute with the U.S.
- LNG could go forward, thanks to positive developments with First Nations
- Net migration (from both within Canada and abroad) will add between 40,000 and 50,000 people to B.C. every year for the foreseeable future