The Bank of Canada kept its target overnight rate at 1 per cent this morning. In the statement  accompanying the decision, the Bank forecast that the Canadian economy will gain momentum through the year following a weak second half in 2012, but slow growth through the first half of this year will limit real GDP growth to just 1.5 per cent in 2013 before rising to 2.8 in 2014. The Bank's revised forecast means that the economy is now projected to return to full capacity in mid-2015, rather than in 2014 as previously predicted. A more persistent output gap will keep downward pressure on inflation, which is now expected to gradually rise to the 2 per cent target rate by mid-2015. The Bank continued to sound a much more dovish note on future rate increases, noting that the considerable policy stimulus currently in place will likely remain appropriate for "a period of time, after which some modest withdrawal will likely be required." 

With an expanding output gap and inflation trending well below its 2 per cent target, it is natural to ask if the next move by the Bank of Canada is a rate cut rather than the rate hike that almost all economists have penciled into their forecasts. However, unless the economy deteriorates much more or inflation trends much lower, the Bank is unlikely to lower interest rates since doing so would run counter to a year of loudly exhorting households to cut back on debt. Instead, the Bank will likely continue to use forward guidance about the need, or lack thereof, for future rate hikes in order to influence long-term rates and the Canadian dollar lower. The combined of effect of which should provide continued stimulus to the Canadian economy.

Information provided by www.bcrea.bc.ca. 

Property Type:

24.6% of purchases were by Move-Up Buyers  (up from 21.3% in February)*
16.2% by First Time Buyers  (down from 19.7%)
10.6% moving from Single Family Home to Strata Unit  (up from 7.1%)*
10.6% buying Revenue/Investment Property  (down from 13.2%)
7.8% moving into Retirement Home/Seniors Community  (up from 7.1%)*
7.3% purchasing Recreation Property  (down from 12.6%)
6.1% moving from Strata property to Single Family Home  (down from 6.3%)

* During the month of March, there was an increase in purchases by Move-up Buyers as well as owners of Strata units moving to Single Family homes, and Seniors moving into Retirement Communities.

Buyer Type (Family Dynamic):

27.5% Empty Nesters/Retired (up from 18.8% in February)**
25.8% Couple without Children (same as February) 
23.1% Two Parent Family/Children (down from 30.5%) 
12.6% Single Female (up from 10.9%)** 
7.7% Single Male (similar to February)
2.2% Single Parent with Children (down from 3.1%)

** In March, there was an increase in purchases by Empty Nesters and Single Females, while other categories remained the same or saw decreases.

Moving From: 

57.6% from Within OMREB Board Area  (down from 68.2% in February)
17.9% from Alberta (up from 11.6%)***
10.3% from Other Areas in BC  (up from 5.4%)***
8.7% from Lower Mainland/Vancouver Island  (up from 5.4%)***
2.7% from Saskatchewan/Manitoba (down from 3.1%)
1.6% from Eastern Canada/Maritimes (down from 3.1%) 
1.1% from Outside Canada  (down from 3.16%)
0% from NWT/Yukon (same as February)

*** Compared to February, there was more movement from Alberta, other areas of BC, and the Lower Mainland/Vancouver Island.

Information provided by www.omreb.com 

If you want more information about market stats or if you are thinking about buying or selling, call the Dion-Ivans Real Estate Group today!!

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Finally, think before you turn on the lights. Do you really need them on? Perhaps there's an alternative, such as opening a window blind to let in more sunlight.