British Columbia is set to shine this year with economic growth higher than previously forecasted. The Conference Board of Canada has upgraded its prediction for provincial growth to 3 percent from the 2.6 percent it had suggested for BC last fall.
Predicting that BC's housing market will remain strong, the Board has stated that prices for homes are likely to increase along with activity in new and existing home sales. They are anticipating that most other housing markets will see slower growth this year.
For the economy as a whole, the Board's winter outlook suggests growth of 1.9 percent nationally, down from 2.4 percent last year. This is mainly due to the impact of lower oil prices in some provinces.
The Conference Board of Canada is expecting the Bank of Canada to keep interest rates low throughout this year, with any increase coming in 2016.