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Ron Chalmers, The Edmonton Journal
" W, T- b$ ]0 ]6 T1 @7 nPublished: Tuesday, April 03, 2007: D( O+ n- w( {" a s4 T
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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.5 O0 {. f" w4 o
! n( g( e+ D8 g6 U: vLeger Marketing surveyed 900 Alberta consumers for PricewaterhouseCoopers, in February, asking about the economy.8 r: ~- I0 G$ H; [# E% ~$ j
* e/ o$ {+ e, l2 ]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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2 e7 k# `' a! C/ b4 }Is this a good time to buy a house in Alberta?
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No, 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."$ D6 b5 g! _% S# i! m( x
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When asked specifically about interest rates, the sample scored 66, with a widely-shared belief that rates will rise.
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/ z. k6 g4 g4 g1 m' mA question about household incomes drew a score of 141, as most people expected incomes to rise.
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' R4 V* G1 p2 e+ i- Z0 O3 UThe 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.
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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.' j) F2 G# W' _8 B0 `# O6 W
! K0 j* E/ p% bAmong 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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0 O3 w! s: {; z. J) S }The business sample, like the consumer sample, expected interest rates to rise.+ X C* x! ^4 c# R
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Barry James, PricewaterhouseCoopers' managing partner in Edmonton, urged borrowers to consider the risk of higher rates.: X. i1 Q$ O! S8 C! G4 o
4 i0 s: w r9 q3 q"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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