March 5 2015 – Market Update

Tue, 24 Mar by Dale Russell

Sales in February were well up from January and on par with February 2014.  While sales recovered last month, listings were also up, keeping the market favouring buyers.  Though the number of active listings at the beginning of March was up from last month, it is still well below where it was last March.  The Sylvan market is in great shape going into spring with adequate inventory and good demand. Some very good economic news this past week.  A projected $500 million provincial deficit turned into a $450 million dollar surplus for the current fiscal year.  It’s easy to project that ahead and believe that the $7 billion dollar deficit we’ve been hearing about for 2015 may be a little overblown as well.  No one, including the provincial government, can predict with any degree of accuracy what oil prices will do and when they will turn around. The real estate market this year is off to a slower start.  There is no denying that there have been job losses in the energy sector, but there have also been gains in other sectors.  Low oil prices are a huge boon to forestry, agriculture and tourism which make a substantial contribution to our economy.   Things are hardly ever are as bad as some folks would like us to believe.  Our biggest enemy is fear when we believe everything the media and government tell us.