Cenral One Credit Union predict BC's GDP at market prices to be 3.8% this year and 5.2% in 2017!! The unemployment rate will be 6.3% in 2016 and 5.4% in 2017.They do not predict any change to interest rates this year.
The Conference Board of Canada is predicting the Canadian economy will be sluggish this year but it will not go into recession and oil will remain below $50 per barrel until the end of 2017. Large cuts in the energy sector will result in third consecutive year of decline in business investment.
Real consumer spending will risse only l.9% this year as Canadians are faced with continued week employment, disposable income gains and record high debt levels.
On the bright side, the low Canadian dollar is expected to boost exports and the new Federal Government will boost spending in the public sector as they spend money from 2016-2018 on infrastructure.
Thinking of making a move? Put my hyper-local experience to work for you!