Summer's here, and it's not only the weather that's heating up

 

The start of June has seen all kinds of weather records set in BC. Thankfully it's not snowfall this time - the weather out there is hot, hot, hot.

 

What else is heating up? Well the housing market is getting pretty warm indeed, and it looks very much like the economy is not far behind.


Many of the major housing market indicators are showing that we've reached the bottom, and we're starting on our way back up now. Buyer activity is continuing to climb. Sales too, with an increase of almost 20% in May. Since the beginning of 2009, the Housing Price Index for Greater Vancouver has risen almost 5%. The good news for those of you out there looking for a bargain - prices are still more than 10% lower than they were this time last year. Coupled with that, interest rates are at a historic low - but they won't stay that low for much longer. The outlook for real estate - it's going to be a fine, fine summer.

 

Now, the economy usually takes a little longer to pick up than the real estate market. But the economic climate is beginning to look a little sunnier. Late last week, Scotia bank released a report stating that the recession is just about over. They predict that that recession will bottom out by July, and the second half of the year will be all about economic recovery. That's the first sign that we'll be working our way out this pretty soon. Expect interest rates to stay low for a while, but by the time we're into fall they're most likely going to start climbing again.

 

Enjoy the sun ... summer's here