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Ron Chalmers, The Edmonton Journal
0 f7 H' d8 r- `Published: Tuesday, April 03, 2007
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EDMONTON - Most Albertans think this is a bad time to buy a house -- but a good time to buy major household items.+ q$ r. `* p: B) n4 N% A0 P" `
8 Q% ~! Q( T! [/ g9 dLeger Marketing surveyed 900 Alberta consumers for PricewaterhouseCoopers, in February, asking about the economy.
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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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* Q! e( p* L0 [3 P9 c l4 F& W" _Is this a good time to buy a house in Alberta?$ ]" `; i! h. [! O; ]$ x. \' m! a
* ~! C$ G9 f7 X) K% xNo, not according to the sample's composite score of 71, showing significant doubt.
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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."
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- [; p* P' a! CWhen asked specifically about interest rates, the sample scored 66, with a widely-shared belief that rates will rise.
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]8 l! @! ?) aA question about household incomes drew a score of 141, as most people expected incomes to rise.
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/ W& H; b6 g" A+ x' q+ i# ~2 ^The 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.
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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.2 V2 V) v$ k( B" K
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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.5 F# l$ l: Z- A# S- q/ y* \
J1 N( r( m6 O! w8 {/ }* aAmong 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."
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8 @$ Y6 _; |0 c+ @8 E# M4 d vThe business sample, like the consumer sample, expected interest rates to rise.
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& Z( W9 j- q0 ~9 z. X/ W% a, H+ KBarry James, PricewaterhouseCoopers' managing partner in Edmonton, urged borrowers to consider the risk of higher rates.+ G' Q% q( M: @, l4 T; P$ @ U
/ T+ \* q. ~' \9 O"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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