BC will be the economic star this year says Conference Board
British Columbia is set to shine this year with economic growth higher than previously forecast. The Conference Board of Canada has upgraded its prediction for growth in the province to 3 per cent; last fall it suggested 2.6 per cent. The weaker loonie coupled with a stronger US economy is driving the growth the board says. The report predicts that the housing market in BC will remain strong, despite uncertainty over the potential liquefied natural gas industry. Prices for homes are likely to continue to edge higher along with activity in new and existing home sales. The Conference Board is predicting that most other housing markets will see slower growth this year. For the economy as a whole its winter outlook suggests growth of 1.9 per cent nationally, down from 2.4 per cent last year mainly due to the impact of lower oil prices in some provinces. It expects the Bank of Canada to keep interest rates low through this year with any increase coming in 2016.