Business and consumer confidence

As we come to the close of a very interesting year, it is always good to reflect on the positive things that are happening that are all around us but often not reported.

One of my favourite meetings this time of year is the AGM of the Central Zone of the Okanagan Mainline Real Estate Board.

Aside from the business aspects of such a meeting we are privileged enough to have our local Manager of Economic Development, Robert Fine come and speak to us if his schedule allows.

This year provided a suitable close-out speech to the year, some of which I wanted to highlight to you in this article.

There is always a close relationship between business confidence and consumer confidence and as we have mentioned in a previous article, the current slow pace of sales is driven by a lack of consumer confidence rather than simple market fundamentals. The good news is there is increasing signs of that returning.

Some facts that came from Robert's speech in relation to the Okanagan specifically that you may not be aware of...(I wasn’t):

Tourism visits to the region are up 8% over last year.

Several large scales resorts are cycling into activity including three Westside developments. One lakeshore development including 1200 boat slips, a golf/residential project in Peachland and the New Monaco development in Peachland.

UBCO has recently exceeded a student enrollment of 7,000 students.

Business confidence in the region has increased with 73% of business expecting to reach profit levels compared to 58% last year.

In regards to some BC good news stories:

BC does not rely heavily on the US as a trading partner but has made very serious inroads to the Asia Pacific, exporting coal and lumber very efficiently.

BC offers the lowest personal tax rate in Canada and if you look at aggregated corporate and personal, BC offers the lowest tax rate in the G7 nations.

Population projections for BC are very positive and as we have always forecast, Kelowna and environs will lead the pack. Current forecasts are calling for a 12% growth in the South Okanagan, 22% growth for the Thompson/Nicola. The Provincial average is 36%. Kelowna is forecast to grow by 45% in 2035

There is a reason to look for the silver lining although you don’t have to look far.

Information provided by http://www.castanet.net/ and Mark Jennings-Bates.

The Dion-Ivans Group - Your best source for Kelowna Real Estate.