A new forecast from the Conference Board of Canada calls for growth nationally of 1.5 per cent in 2016 but in BC it will be double that. The report also shows the wide disparity of expected growth across the provinces.
Only four provinces are forecast to see real GDP growth above 2 per cent this year: British Columbia, Ontario, Manitoba, and P.E.I. The economies of Saskatchewan and Newfoundland and Labrador are expected to be essentially flat.
Alberta will see the largest contraction of the year with GDP declining 2 per cent; New Brunswick will dip 0.4 per cent.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
The economy in British Columbia is set to lead the nation’s growth in 2016 and the housing market is the main driver.