Sunday, April 6, 2014

BCREA Housing Market Update and other Good News (March 2014)

Other good news affecting the Chilliwack* real estate market from these sources: the British Columbia Real Estate Association (BCREA) and the Globe and Mail can be found in employment gains and mortgage interest rates.

1.  Employment Gains

Canadian and US Employment - April 4, 2014

Total employment in the Canadian economy increased by 43,000 jobs in March, and has grown by 190,000 jobs over the past 12 months.  The Canadian unemployment rate ticked 0.1 points lower to 6.9 per cent.

The BC labour market gained an impressive 18,300 jobs in March, the highest monthly job gains in over two years. The majority of the gains were in full-time employment. The provincial unemployment rate fell 0.6 points to 5.8 per cent, the lowest monthly unemployment rate since December 2008.

In the United States, payrolls grew by 192,000 jobs, February and January employment was revised higher by a combined 37,000 jobs. The US unemployment rate was unchanged at 6.7 per cent.  Over the past three months, job growth has averaged 178,000 in the United States.

2.  Mortgage Rates

Globe and Mail - March 31, 2014

Five mortgage market truths, like you can do better than 2.99%

Mortgage Rates in 2014 may become more competitive with Bank of Montreal recently offering a 2.99% 5 year term mortgages.  As always it is important to read the fine print, and as this article at the Globe and Mail details there are pretty to recognize in this new offering by the Bank of Montreal.

Stephen Mullock

is an award winning full-time real estate specialist with 30 years of experience and hundreds of sales.Thinking of buying or selling real estate in the Fraser Cheam communities of Chilliwack, Agassiz or Harrison Hot Springs? Contact Steve (click here) of Royal LePage Wheeler Cheam Realty for experience, local knowledge and friendly service you’ll be happy you did.

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