Bank of Canada Rate and other 2007 Stats
Submitted by HeatherWood on Sun, 04/11/2007 - 11:18pm.
Not too much action on the Canadian Mortgage Rates front this year (so far anyway). The rate went up by 0.25% from 4.25% to 4.50% in August this year (see graphs below, if you can't see them - you must be a registered user to view image content on this site)
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Unlike the bank rates, the
Unlike the bank rates, the housing prices did see some action all over Canada and in particular in the West, i.e. Saskatchewan, Alberta, BC and Manitoba:
The housing market growth in Canada is on par with the overall economic boom of the country, reflected by the continuous strengthening of the Canadian dollar. The loonie traded for as much as 1.0728 USD on Friday -- a height unseen throughout the 20th century -- up by 24.6% since Jan this year, when one CAD was worth 0.8594 USD. Contributing to the strength of the Canadian dollar is also the fact that resources, such as gold and oil are also on the rise: Gold is up 26.7% compared to Jan 07 ($807 USD/oz compared to $636.8 USD/oz in Jan) and Oil, at $95.93 per barrel is up by a whopping 64.5% compared to the January prices of $58.32 USD/barrel.
Up against these numbers, our local housing market growth of 12.4% pales in comparison and leaves the impression that it still has a some room for future growth. Of course BC has seen most of its housing boom in last few years. Or so we'd like to think... well those of us who don't have 13 lots in Sechelt anyway :P
Still Room for Growth
I think there is always room for growth in one sector of the market or the other. The Sechelt market is of course driven by all of the baby boomers seeking fun near the ocean and escape from retirement in the frozen north section of Alberta. Many of the people moving into that area are from Edmonton, Fort McMurray (MacMurray?) been there but all I remember is the cold, every man and woman looks the same under a toque and hat and scarf and gloves and ...well you get the point. This is the first time in many years that the market in Alberta has an equal trade value to that of BC. My own parents just retired here from Calgary, a few years ago when we tried to move them here all they could get for their money was a trailer in Boston Bar and now they were able to get a really nice home in a Maple Ridge house. I haven't been in a rush to sell the lots we developed in Sechelt because the market has been climbing so steadily and I want as much as I can get for them. Now is a great time to buy in the Vancouver area, there is not a ton of activity this time of year and sellers get nervous when its a wee bit quiet and a price reduction is just what the doctor ordered for the seller that has already bought something and really needs to sell.
N. Alberta --> Sunshine Coast...
Hmm interesting... So do you actually have demographic data for people moving to the Sechelt area from sources like, say, the city hall or that's more of your own personal observation, based on the clients you're dealing with?
Would you say that these are regular, middle-class baby-boomer folks or more like "the elite" in other words is that area affordable or it's for rich people only? 'Cause Ford McMurray, with all the oil-sands boom, and the rest of N. Alberta, I think are two quite different animals...
Is there such thing as "average house price" for that area of Sunshine Coast or it is all very different and dependent on location and it's hard to generalize?
Why do I like investing on the Sunshine Coast
Demographics and Character
According to Statistics Canada, most residents of the municipality are over 45; and, indeed, Sechelt has become increasingly attractive to retirees from elsewhere in Canada. Perhaps as a result, new, upscale subdivisions have grown in recent years.
The village itself, the original locus of Sechelt, is a mixture of shops catering to local residents, as well as those aimed at tourists and travellers. A new public library, combined courthouse and RCMP building, and public recreation centre and pool have been constructed in recent years. Immediately to the east of the village is the Shishalh First Nation reserve, containing a shopping centre, movie theatre, and an extensive gravel quarry. The community is home to the region's hospital (St. Mary's), a campus of Capilano College, the regional district offices, and a small, regional airport.
The Sechelt area is known for its natural beauty, being a popular destination for those interested in kayaking, diving, snowshoeing and skiing, hiking and backpacking, camping, mountain biking, and other outdoor activities. The municipality contains a golf course, parks, and marinas; and larger provincial parks are nearby.
this info above is from Wikopedia
I agree 100%,
According to the Sechelt Chamber of Commerce
Population:
The population of the District of Sechelt is 8,000 and that of the area known as the lower Sunshine Coast (from Port Mellon to Earl's Cove) is 26,365. The retirement population accounts for about 30%. Check out teh community profile at the link below.
http://www.district.sechelt.bc.ca/pdfdocuments/publications/SecheltCommu...
Powell River Community Profile
Coincidentally I spend quite a bit of time today researching Sunshine coast on the internet and found a document (similar to the one you posted above for Sechelt) on the Community Profile for Powell River:
http://www.prreds.com/PR%20Community%20Profile%202006%20Lo%20Res.pdf
This post started as Bank of Canada Rate update and somehow ended up here but anyway - I thought it's better to keep the two community profiles together so I posted my link here as well...
:)
Powell River
Powell River is for sure a spot to keep your eyes on, but one thought you may consider is that it takes 2 ferries to get there and alot more time, thus seniors may not retire there for fear of not seeing their grand babies as often. Texada Island is also an interesting thought as the new plant going in there( currently planned) should perk up industry and housing there