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Ron Chalmers, The Edmonton Journal" k0 r ~) O5 g9 i/ L/ a( Y
Published: Tuesday, April 03, 2007( j! J9 _* [6 y7 W/ N4 P( T
! _5 t7 Y! x4 R) G. x* rEDMONTON - Most Albertans think this is a bad time to buy a house -- but a good time to buy major household items.$ R* C7 X4 n2 J9 S, y* \
* T2 `. A" a3 kLeger Marketing surveyed 900 Alberta consumers for PricewaterhouseCoopers, in February, asking about the economy.. M/ _/ x; t6 V+ f
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Responses were compiled on a 200-point scale, with scores above 100 indicating optimism that conditions are good or will improve, and lower scores revealing pessimism that conditions are bad or will worsen.
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Is this a good time to buy a house in Alberta?+ l" D) X+ S& @# p6 L6 X0 P
1 ?/ x9 e ~) w" \No, not according to the sample's composite score of 71, showing significant doubt.
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& {2 W, c" O% A @3 D4 }Leger's report noted "the relatively pessimistic sentiment regarding interest rates, combined with the fact that the housing market in Alberta has boomed over the last two years."% n) A8 Y3 c0 t
! ]# ~4 J) i/ ~) n8 i) v0 ~When asked specifically about interest rates, the sample scored 66, with a widely-shared belief that rates will rise." `! q; l8 f' @* l$ O/ G
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A question about household incomes drew a score of 141, as most people expected incomes to rise.
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E6 w+ b) B" c( pThe sample scored 161 -- overwhelmingly affirmative -- when asked whether this is a good time to buy major household items "reflecting the fact that many Albertans are experiencing unprecedented levels of disposable income," the report said.; T- }3 r6 E2 x2 I/ q( L6 t
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The prospect for future unemployment was highly optimistic at 127 -- although it's hard to imagine how unemployment could fall any lower.
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A related online survey of 420 Alberta business leaders similarly found optimism about fiscal conditions, current and future business conditions, and future unemployment -- all pushed by "the hot Alberta economy," the Leger report said.2 p I W1 f# O. T
. A8 V5 C# W3 u! R! MAmong those several measures, it found that fiscal expectations were the least positive, "which may be attributed in part to the fact that Alberta has a new premier in place, creating uncertainty in relation to fiscal conditions if compared to the previous Klein administration."! m+ n: p6 ?6 e7 r8 \
! R/ \& ~0 Y* O4 f" @4 vThe business sample, like the consumer sample, expected interest rates to rise./ C# o) @( d( t
7 f/ c4 G* A* r+ n- P2 A. }2 RBarry James, PricewaterhouseCoopers' managing partner in Edmonton, urged borrowers to consider the risk of higher rates.
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4 C2 c j5 l5 n2 w$ t# F3 |0 T' T" ?"If you're going to make a large spend, ask yourself what one or two or three more points would cost," he suggested. |
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