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April 2020

Found 18 blog entries for April 2020.

Economics Nowcast

BC Monthly Real GDP Estimate for February 2020 & Flash Estimate for March 2020 (Updated: April 30, 2020)

April 22-1  

The BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for February 2020 is 1.4 percent, up from 1.1 percent annual growth in January. We have also included a flash estimate of growth for March 2020 of -4.1 percent reflecting the impact of the COVID-19 pandemic. That estimate will change as the full March dataset becomes available.

Download the full report (PDF)

For more information, please contact:

Brendon Ogmundson
Chief Economist
Direct: 604.742.2796
Mobile: 604.505.6793

BCREA is the professional association for more than

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Canadian Monthly Real GDP (February) - April 30, 2020

April 22-1  

After three months of growth, Canadian real GDP was essentially flat in February as disruptions to education services and the transportation and warehousing sector stalled the economy.  Excluding those sectors, economic growth was 0.2 percent with 13 of 20 sub-sectors recording increased output. Activity in the real estate sector rose 5.9 percent in February, the largest increase since December 2017.

Statistics Canada has also made a flash estimate for March 2020 real GDP which estimates declined a staggering 9 percent on a monthly basis due to the COVID-19  pandemic and associated mitigation measures. If that estimate is accurate, first-quarter real GDP will contract by close to 10 per

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Why Rent When You Can Own?!

#6 is a bright south facing, bottom floor Garden Suite 1 bedroom unit in the well managed "Eldon Place".

Rentals, BBQ's & Pets Permitted with no age restrictions and boasts low strata fee with heat & hot water included.

Eldon Place offers many amenities such as secure off-street parking, heated indoor pool, sauna, hot tub, exercise room, billiards room, workshop & bike storage.

This building is conveniently located on a main public transit route, close to shopping, entertainment, parks & all amenities, 10 minutes to downtown Victoria, 5 minutes to Tillicum & Mayfair Malls.

Outstanding value in today's real estate market. Why rent when you can own?!

Call The Neal Estate Team today for your private

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Beautiful Sunny Agricultural Acreage & Cidery


Sunny south facing property with apple producing hobby farm.

Includes three-acre producing apple orchard with two agricultural  water licenses, existing two-bedroom street-side residence (presently decommissioned and used as an office), additional farm use buiuldings including a barn used as a non-permitted substantial residence of approximately 35 x 50 open plan plus bedroom wing and loft (needs cosmetic finishing) with farm production area below. 

Also 1,750 square foot Quonset Storage building the seller will lease back for $2,500 per month for one year.

Farm equipment included with sale. Seller willing to restore two bedroom street side building to residential use.


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1107-930 Yates St

Premier Building. Premier Value!

1bed/1bath unit with in-suite laundry located in the best neighbourhood of downtown, Harris Green. Everything you need is walking distance.

This lifestyle unit allows you to enjoy downtown while having a quiet oasis to call home. Private balcony with city and mountain views.

The ‘Manhattan’ is one of the premier residential towers of its time and offers secure underground parking (waitlist), storage unit, fitness studio, and steel and concrete construction.

Rentals and pets are welcome. Great for investment, pied-à-terre, or alternative to paying rent! Schedule your viewing today. 













Find Out More About 1107-930 Yates St

Talk to our…
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April 22-1 April 22-2  

Canadian Inflation (Mar) - April 22, 2020

Canadian inflation, as measured by the Consumer Price Index (CPI) rose by 0.9 percent in March year-over-year, down from a 2.2 percent increase in February. This marked the largest decline in the CPI since the measure began in 1992. Energy prices were the main drag on inflation, excluding this category, national CPI rose by 1.7 percent year-over-year. The downward pressure on gas prices began before the spread of COVID-19, but were exacerbated as global demand dropped (e.g., limitation on international travel), while supply continued to increase. The Bank of Canada's three measures of trend inflation fell 0.2 percentage points, averaging 1.8 percent in March. Prices rose in six of the eight

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April 21 2020-1 April 21 2020-2  

Canadian Retail Sales (Feb) - April 21, 2020

Seasonally-adjusted Canadian retail sales were up by 0.3% in February at $52 billion. The rise in February was driven by auto dealers and general merchandise stores. Sales were up in 6 of 11 sub-sectors, representing 63% of retail sales. Some retailers reported that both the rail blockades and COVID-19 negatively impacted their sales in February. In contrast, sales were positive at stores selling sporting goods, hobby, book and music, building material and garden equipment, and health and personal care. 

In BC, seasonally-adjusted retail sales were up by 1.2% at $7.4 billion in February. Looking at the non-seasonally adjusted change shows a different picture. Retail sales in February were

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Market Intelligence Report (April 2020)

The latest BCREA Market Intelligence Report: Is It Different This Time? Recessions and the BC Housing Market examines the impact of past recessions on the BC housing market and provides preliminary projections on how COVID-19 may impact provincial home sales and prices over the next 24 months. Click here to read the full report.

Summary Findings:

  • The 2020 COVID-19 driven recession will be deep, though the duration may be shorter than past recessions.
  • We expect that home sales will post an initial sharp decline as households and the real estate sector adhere to social distancing.
  • As measures implemented to mitigate the spread of COVID-19 are gradually lifted, we expect that low-interest rates and
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2175 Tanlee Crescent -coming soon-1 2175 Tanlee Crescent -coming soon-2

Beautifully Renovated Central Saanich Home

Beautifully renovated and redone from top to bottom on a breathtaking manicured .37 acre lot.  

Located in a quiet safe neighbourhood and minutes from all amenities including shopping, schools, parks, trails, farms, marinas and beaches.  

As you enter you are welcomed by a large open concept home featuring 11-foot vaulted ceilings with exposed beams, expansive windows, and a cozy wood burning fireplace.  

The panoramic bay windows offer stunning views to the yard beyond, sunrises, valley views, and even some ocean glimpses.  

The spacious updated kitchen will be a joy to cook in with its quartz countertops, breakfast bar, stainless appliances, and stylish backsplash.  

A very

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Pandemic Halts Sales Activity in March

British Columbia Real Estate Association (BCREA) reports that a total of 6,717 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March 2020, an increase of 17.2 percent from March 2019. The average MLS® residential price in BC was $789,548, a 15.1 percent increase from $685,892 recorded the previous year. Total sales dollar volume in March was $5.3 billion, a 35 percent increase over 2019.

“Provincial housing markets started the month very strong before the COVID-19 pandemic put a halt to activity,” said BCREA Chief Economist Brendon Ogmundson. “Activity will slow considerably in April as households and the real estate sector implement measures necessary to mitigate the

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