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        <title>Victoria &amp; Vancouver Island Real Estate Blog</title>
        <link>http://www.ronneal.com/blog/2020-04/</link>
        <description></description>
<item>
    <guid>https://www.ronneal.com/blog/bc-monthly-real-gdp-estimate-for-february-2020-flash-estimate-for-march-2020-updated-april-30-2020.html</guid>
    <link>https://www.ronneal.com/blog/bc-monthly-real-gdp-estimate-for-february-2020-flash-estimate-for-march-2020-updated-april-30-2020.html</link>
        <author>ronneal@remax.net (Ron Neal)</author>
        <title>BC Monthly Real GDP Estimate for February 2020 amp; Flash Estimate for March 2020 (Updated: April 30, 2020)</title>
    <description> <![CDATA[ 



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




nbsp;


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 OgmundsonChief EconomistDirect: 604.742.2796Mobile: 604.505.6793Email:nbsp;bogmundson@bcrea.bc.ca


nbsp;






BCREAnbsp;is the professional association for more than 23,000 REALTORSreg; in BC, focusing on provincial issues that impact real estate. Working with the provincersquo;snbsp;11 real estate boards, BCREA provides continuing professional education, advocacy, economic research, and standard forms to help REALTORSreg; provide value for their clients.To demonstrate the professions commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.




Talk to our team to learn more


Request a Tour


 ]]> </description>
    <pubDate>Thu, 30 Apr 2020 16:40:00 -0500</pubDate>
</item>
<item>
    <guid>https://www.ronneal.com/blog/canadian-monthly-real-gdp-february-april-30-2020.html</guid>
    <link>https://www.ronneal.com/blog/canadian-monthly-real-gdp-february-april-30-2020.html</link>
        <author>ronneal@remax.net (Ron Neal)</author>
        <title>Canadian Monthly Real GDP (February)  - April 30, 2020</title>
    <description> <![CDATA[ 



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




nbsp;


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.nbsp; 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-19nbsp; pandemic and associated mitigation measures. If that estimate is accurate, first-quarter real GDP will contract by close to 10 per cent on an annualized basis. As dramatic as the first quarter decline appears, it will almost certainly be quickly overshadowed by what most expect to be a 30 percent or more annualized decline in the second quarter.nbsp; Note that those are annualized estimates. The actual peak-to-trough decline in Canadian real GDP is estimated at 10-15 percent before things begin to normalize and growth rebounds in the third and fourth quarters of this year.


For more information, please contact:






Brendon OgmundsonChief Economist604.742.2796bogmundson@bcrea.bc.canbsp;


Kellie FongEconomist778.357.0831kfong@bcrea.bc.canbsp;






BCREAnbsp;is the professional association for more than 23,000 REALTORSreg; in BC, focusing on provincial issues that impact real estate. Working with the provincersquo;snbsp;11 real estate boards, BCREA provides continuing professional education, advocacy, economic research, and standard forms to help REALTORSreg; provide value for their clients.To demonstrate the professions commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.




Talk to our team to learn more


Request a Tour


 ]]> </description>
    <pubDate>Thu, 30 Apr 2020 16:09:00 -0500</pubDate>
</item>
<item>
    <guid>https://www.ronneal.com/blog/canadian-inflation-mar-april-22-2020.html</guid>
    <link>https://www.ronneal.com/blog/canadian-inflation-mar-april-22-2020.html</link>
        <author>ronneal@remax.net (Ron Neal)</author>
        <title>Canadian Inflation (Mar) - April 22, 2020</title>
    <description> <![CDATA[ 









nbsp;


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 Canadas three measures of trend inflation fell 0.2 percentage points, averaging 1.8 percent in March. Prices rose in six of the eight major components, led by shelter (+1.9). In contrast, prices fell for transportation (-1.2) and recreation, education, and reading (-0.5).nbsp;In B.C., CPI grew to 1.2 percent year-over-year, following a 2.4 percent increase in the previous month. The drag on price growth was primarily due to a fall in gas prices (-14.5) and to a lesser extent, transportation (-3.2). Meanwhile, price growth was reported in clothing (2.2) and household furnishings (1.1).nbsp;Statistics Canada notes that the March CPI was largely unaffected by COVID-19, as the majority of prices were collected prior to the implementation of domestic physical distancing measures. As such, we can expect to see steep drops in prices in next months CPI report.nbsp;


For more information, please contact:






Brendon OgmundsonChief Economist604.742.2796bogmundson@bcrea.bc.canbsp;


Kellie FongEconomist778.357.0831kfong@bcrea.bc.canbsp;






BCREAnbsp;is the professional association for more than 23,000 REALTORSreg; in BC, focusing on provincial issues that impact real estate. Working with the provincersquo;snbsp;11 real estate boards, BCREA provides continuing professional education, advocacy, economic research, and standard forms to help REALTORSreg; provide value for their clients.To demonstrate the professions commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.




Talk to our team to learn more


Request a Tour


 ]]> </description>
    <pubDate>Thu, 23 Apr 2020 04:08:00 -0500</pubDate>
</item>
<item>
    <guid>https://www.ronneal.com/blog/canadian-retail-sales-feb-april-21-2020.html</guid>
    <link>https://www.ronneal.com/blog/canadian-retail-sales-feb-april-21-2020.html</link>
        <author>ronneal@remax.net (Ron Neal)</author>
        <title>Canadian Retail Sales (Feb) - April 21, 2020</title>
    <description> <![CDATA[ 









nbsp;


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.nbsp;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 down by 0.1 from the previous month in half of the sub-sectors, notably at general merchandise stores (-11), clothing (-5) and electronics/appliances (-5). Meanwhile, Vancouver reported a monthly increase of 1.2 in retail sales. Compared to the same time last year, BC retail sales were up by 6.4 in February.Given that the majority of physical distancing measures and store closures were not implemented until mid-March, the impact of COVID-19 on retail sales will be more apparent in next months data release. We can expect a steep drop in dining and entertainment, accommodations and at gas stations, while increases will likely be reported at grocery stores and in e-commerce. Compared to the same time last year, e-commerce reported an increase of 18 in February, accounting for about 3.6 of total retail sales in Canada (excludes Canadians purchasing from foreign e-commerce retailers). In March, many Canadian retailers reported opening or expanded their e-commerce platforms.


For more information, please contact:






Brendon OgmundsonChief Economist604.742.2796bogmundson@bcrea.bc.canbsp;


Kellie FongEconomist778.357.0831kfong@bcrea.bc.canbsp;






BCREAnbsp;is the professional association for more than 23,000 REALTORSreg; in BC, focusing on provincial issues that impact real estate. Working with the provincersquo;snbsp;11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORSreg; provide value for their clients.To demonstrate the professions commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.




Talk to our team to learn more


Request a Tour


 ]]> </description>
    <pubDate>Tue, 21 Apr 2020 11:59:00 -0500</pubDate>
</item>
<item>
    <guid>https://www.ronneal.com/blog/market-intelligence-report-april-2020.html</guid>
    <link>https://www.ronneal.com/blog/market-intelligence-report-april-2020.html</link>
        <author>ronneal@remax.net (Ron Neal)</author>
        <title>Market Intelligence Report (April 2020)</title>
    <description> <![CDATA[ 



Market Intelligence Report (April 2020)


The latestnbsp;BCREA Market Intelligence Report: Is It Different This Time? Recessions and the BC Housing Marketnbsp;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.nbsp;Click herenbsp;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.nbsp;


We expect that home sales will post an initial sharp decline as households and the real estate sector adhere to social distancing.nbsp;


As measures implemented to mitigate the spread of COVID-19 are gradually lifted, we expect that low-interest rates and pent-up demand will translate to a significant recovery in home sales and prices.







For more information, please contact:nbsp;nbsp;






Brendon OgmundsonChief Economist604.742.2796bogmundson@bcrea.bc.canbsp;


Kellie FongEconomist778.357.0831kfong@bcrea.bc.canbsp;






Market Intelligence Reportnbsp;is published by the British Columbia Real Estate Association. Real estate boards, real estate associations and REALTORSreg; may reprint this content, provided that credit is given to BCREA by including the following statement: Copyright British Columbia Real Estate Association. Reprinted with permission. BCREA makes no guarantees as to the accuracy or completeness of this information.Additional economics information is availablenbsp;herenbsp;on BCREAs website.nbsp;


BCREAnbsp;is the professional association for more than 23,000 REALTORSreg; in BC, focusing on provincial issues that impact real estate. Working with the provincersquo;snbsp;11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORSreg; provide value for their clients.To demonstrate the professions commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.




Talk to our team to learn more


Request a Tour


 ]]> </description>
    <pubDate>Tue, 21 Apr 2020 01:24:00 -0500</pubDate>
</item>
<item>
    <guid>https://www.ronneal.com/blog/pandemic-halts-sales-activity-in-march.html</guid>
    <link>https://www.ronneal.com/blog/pandemic-halts-sales-activity-in-march.html</link>
        <author>ronneal@remax.net (Ron Neal)</author>
        <title>Pandemic Halts Sales Activity in March</title>
    <description> <![CDATA[ 






nbsp;


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 Servicereg;nbsp;(MLSreg;) in March 2020, an increase of 17.2 percent from March 2019. The average MLSreg;nbsp;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.ldquo;Provincial housing markets started the month very strong before the COVID-19 pandemic put a halt to activity,rdquo; said BCREA Chief Economist Brendon Ogmundson. ldquo;Activity will slow considerably in April as households and the real estate sector implement measures necessary to mitigate the spread of this virus.rdquo;ldquo;While we donrsquo;t know when this unprecedented period will end, markets will be boosted by pent-up demand and historically low-interest rates when it does,rdquo; added Ogmundson. ldquo;The ultimate strength of the recovery will depend on how long the economy remains effectively shut down, as well as the efficacy of federal and provincial measures to bridge households through the financial difficulties brought on by the pandemic.rdquo;Year-to-date, BC residential sales dollar volume was up 37.1 percent to $12.9 billion, compared with the same period in 2019. Residential unit sales increased 21.7 percent to 16,866 units, while the average MLSreg;nbsp;residential price was up 12.6 percent to $763,031.nbsp;





For more information, please contact:nbsp;nbsp;






Brendon OgmundsonChief EconomistDirect: 604.742.2769Mobile: 778.505.6793Email:nbsp;bogmundson@bcrea.bc.ca






BCREAnbsp;is the professional association for more than 23,000 REALTORSreg; in BC, focusing on provincial issues that impact real estate. Working with the provincersquo;snbsp;11 real estate boards, BCREA provides continuing professional education, advocacy, economic research, and standard forms to help REALTORSreg; provide value for their clients.To demonstrate the professions commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.




Talk to our team to learn more


Request a Tour


 ]]> </description>
    <pubDate>Wed, 15 Apr 2020 07:53:00 -0500</pubDate>
</item>
<item>
    <guid>https://www.ronneal.com/blog/canadian-employment-mar-april-9-2020.html</guid>
    <link>https://www.ronneal.com/blog/canadian-employment-mar-april-9-2020.html</link>
        <author>ronneal@remax.net (Ron Neal)</author>
        <title>Canadian Employment (Mar) - April 9, 2020</title>
    <description> <![CDATA[ 









nbsp;


Canadian Employment (Mar) - April 9, 2020


Canadian employment plummeted in March, falling by 1.01 million jobs (-5.3, m/m). The unemployment rate increased 2.2 percentage points from 5.6 to 7.8, as government measures intended to limit the spread of COVID-19 led to the closure of non-essential businesses and travel restrictions.nbsp;Job losses were unsurprisingly right across the country, with the largest declines in Ontario (-403k), Quebec (-264k), BC (-132k) and Alberta (-117k). The decline in employment was driven by the private sector (-830k), while the public sector reported a smaller decline of 145knbsp;and self-employed were down by 32k. The shock to the Canadian labour market resulting from physical distancing measures hit certain sectors harder, which included accommodation and food services (-24), information, culture, and recreation (-13), educational services (-9) and wholesale/retail trade (-7). Compared to the same month last year, Canadian employment was down by 4 (-765.2k). nbsp;nbsp;Meanwhile, employment in BC fell by 132,400 jobs (-5, m/m) in March, increasing the provincial unemployment rate 2.2 percentage points from 5 to 7.2. The decline was driven by both part-time work (-76k) and full-time work (-57k). By industry, employment losses were generally broad-based, with the largest declines reported in COVID-19 sensitive industries including, accommodation and food services (-19), information, culture, and recreation (-14), wholesale and retail trade (-10) and business, building and other support (-10). In contrast, employment was up in agriculture, utilities, manufacturing, and public administration. Compared to one year ago, employment in BC is down by 6 (-151k) jobs.nbsp;The impact of COVID-19 measures on employment will be clearer next month given further layoffs continued past the reference week used in Marchs employment report. There are reports that more than four million people have applied for various income support programs. Additionally, it will be interesting to see whether some businesses are able to reverse their layoff decisions with the help of the Federal governments wage subsidy program.nbsp;


For more information, please contact:nbsp;nbsp;nbsp;






Brendon OgmundsonChief Economist604.742.2796bogmundson@bcrea.bc.canbsp;


Kellie FongEconomist778.357.0831kfong@bcrea.bc.canbsp;






BCREAnbsp;is the professional association for more than 23,000 REALTORSreg; in BC, focusing on provincial issues that impact real estate. Working with the provincersquo;snbsp;11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORSreg; provide value for their clients.To demonstrate the professions commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.




Talk to our team to learn more


Request a Tour


 ]]> </description>
    <pubDate>Fri, 10 Apr 2020 04:55:00 -0500</pubDate>
</item>
<item>
    <guid>https://www.ronneal.com/blog/canadian-housing-starts-mar-april-8-2020.html</guid>
    <link>https://www.ronneal.com/blog/canadian-housing-starts-mar-april-8-2020.html</link>
        <author>ronneal@remax.net (Ron Neal)</author>
        <title>Canadian Housing Starts (Mar) - April 8, 2020</title>
    <description> <![CDATA[ 






nbsp;


Canadian Housing Starts (Mar) - April 8, 2020


Canadian housing starts decreased by 7.3 m/m in March to 195,174 units at a seasonally adjusted annual rate (SAAR). The decrease was broad-based with starts down in 7 of 10 provinces, signalling early signs of the impact of COVID-19 on construction activity. The trend in national housing starts to fell to a still healthy average of 205,000 units SAAR over the past six months.nbsp;In BC, housing starts fell by 20 m/m to 34,014 units SAAR, following a 44 rise in the previous month. The decrease was entirely driven by multi-units (-25), while singles increased (1). Given the rapidly evolving circumstances brought on by COVID-19, Statistics Canada released early estimates of March building permits for select regions (covering 29 of total building permit values). Early estimates show permits falling by 23 in Canadian cities compared to the same time last year. The strongest declines were in Ontario (-51), BC (-27) and Quebec (-38), likely due to recent announcements in Ontario and Quebec to halt many construction projects. Meanwhile in BC, earlier reported cases of COVID-19 compared to other regions likely started to slow construction intentions. In the near term, new construction activitynbsp;will continue to slow across the country as physical distancing measures persist.nbsp;nbsp;Looking at census metropolitan areas in BC:nbsp;Housing starts in Vancouver were up by 3 in March to 21,236 units SAAR, driven entirely by multi-units (6), while singles were down (-10). Compared to last year in March, housing starts were up by 1. nbsp;In Victoria, housing starts were down by 79 m/m to 1,226 units SAAR, which follows last months strong showing of 5,931 units. Compared to a year ago in March, housing starts were down by 41. nbsp;In Kelowna, housing starts decreased by 61 m/m to 1,504, following a 1,129 increase in the previous month. Starts were up by 161 in the region compared to the same time last year.nbsp;Monthly housing starts in Abbotsford-Mission were down by 79 at 669 units SAAR, following last months 2,738 units. Compared to the same time last year, new home construction was down by 64.


For more information, please contact:nbsp;nbsp;nbsp;






Brendon OgmundsonChief Economist604.742.2796bogmundson@bcrea.bc.canbsp;


Kellie FongEconomist778.357.0831kfong@bcrea.bc.canbsp;






BCREAnbsp;is the professional association for more than 23,000 REALTORSreg; in BC, focusing on provincial issues that impact real estate. Working with the provincersquo;snbsp;11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORSreg; provide value for their clients.To demonstrate the professions commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.




Talk to our team to learn more


Request a Tour


 ]]> </description>
    <pubDate>Wed, 08 Apr 2020 20:37:00 -0500</pubDate>
</item>
<item>
    <guid>https://www.ronneal.com/blog/canadian-monthly-real-gdp-january-2020-march-31-2020.html</guid>
    <link>https://www.ronneal.com/blog/canadian-monthly-real-gdp-january-2020-march-31-2020.html</link>
        <author>ronneal@remax.net (Ron Neal)</author>
        <title>Canadian Monthly Real GDP (January 2020)  - March 31, 2020</title>
    <description> <![CDATA[ 






nbsp;


Canadian Monthly Real GDP (January 2020) - March 31, 2020


The Canadian economy grewnbsp; 0.1 percent on a monthly basis in January as weather and labour disputes offset more positive developments in some sectors.nbsp; Before the abrupt change in the world economy due to the COVID-19 outbreak, the Canadian economy was set to grow a solid 1.8 percent in the first quarter.nbsp; We may start to see the impact of COVID-19 starting with Februarys GDP data though the impact will mostly be observed in April, which is likely to show an unprecedented decline in economic activity.Once the outbreak is contained, the Canadian economy should post a strong recovery due to pent-up demand, large amounts of fiscal stimulus and historically low-interest rates.


For more information, please contact:nbsp;nbsp;nbsp;






Brendon OgmundsonChief Economist604.742.2796bogmundson@bcrea.bc.canbsp;


Kellie FongEconomist778.357.0831kfong@bcrea.bc.canbsp;






BCREAnbsp;is the professional association for more than 23,000 REALTORSreg; in BC, focusing on provincial issues that impact real estate. Working with the provincersquo;snbsp;11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORSreg; provide value for their clients.To demonstrate the professions commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.




Talk to our team to learn more


Request a Tour


 ]]> </description>
    <pubDate>Wed, 08 Apr 2020 12:24:00 -0500</pubDate>
</item>
<item>
    <guid>https://www.ronneal.com/blog/the-neal-estate-teams-victoria-real-estate-update-for-april.html</guid>
    <link>https://www.ronneal.com/blog/the-neal-estate-teams-victoria-real-estate-update-for-april.html</link>
        <author>ronneal@remax.net (Ron Neal)</author>
        <title>The Neal Estate Teams Victoria Real Estate Update for April 2020</title>
    <description> <![CDATA[ 



There were 5 fewer sales in the VREB (Victoria Real Estate Board) area this March compared to the same month last year (for a grand total of 608 sales). While the month started off as a typical spring market, with even higher sales volume compared to last year the inevitable effects of COVID and self-isolation were felt in the latter half of the month bringing the total sales number down. Condo sales specifically were down more with 178 unit sales, 9.2 down from March last year. On the other hand, there were 305 sales of single-family homes, only 5.3 down from March last year.


While many sellers that were already in the process of listing their home scrambled to put together the final materials, many other homeowners decided to wait it out before bringing their property to the market. Many of The Neal Estate Teamrsquo;s clients opted to market their property with our ldquo;Coming Soonrdquo; program. As a result of sellers holding off, we saw a 7.5 decrease in the total number of active listings on the MLS in March this year compared to last, bringing the options for buyers down to 2,252 listings. Inventory is up compared to February though (5.9) with those first few weeks of the typical spring market and a few sellers who needed their listings on the market before self-isolation really settled in.


COVID and Social Distancing have changed the way many Realtors are marketing properties. The Neal Estate Team have been using remote and virtual technology very effectively for years assisting successfully many of our out of town buyers. We are experienced experts, far ahead of the curve offering full Virtual Reality 3D Tours, Laser Floor Plans and Professional Video on all of our listings. Our very mature and well developed Coming Soon Program gives Sellers a great head start, attracting hundreds of online viewings, inquiries and interest before opening the doors to showings. We arenbsp;also offering LIVE Interactive Virtual Open Homes in safe and qualifying instances. We are equipped to market and show our listings remotely and virtually and handle all other aspects of the real estate process. Whether buying or selling, now or in the future, we invite you to join us for a Free Virtual Consultation today.nbsp;


nbsp;





HPI (or Home Price Index) benchmark prices increased across the board this month. Single-family homes were up 5 from March 2019 and 1.1 from February 2020 reaching a benchmark price of $877,700 in Victoria Core. Condos in the same area increased 4.8 from March last year and 0.9 from February 2020 bring the benchmark price to $531,900.


While no one has a crystal ball, it is my personal bet that as we come out of The Pause of 2020, the Spring Market will have simply been postponed to the summer. With the stay at home and physical distancing expectations in place, its logical that there will be fewer new listings and most buyers will stick to the sidelines. Buyer demand should be further fueled by investors moving into real estate with some of the trillions they took out of the stock market. I wont speak to the rest of the world, but people need somewhere to live. That isnt changing. People also go where the jobs are and where the lifestyle is better. That hasnt changed, thats still here The tech sector is the leading part of our economy. Its mostly export based and with our dollar down, our local exporting businesses should thrive. Tourism is the second biggest part of our economy and again will greatly benefit due to our depressed dollar which plunged thanks to the global oil war. The third biggest sector of our economy is government with provincial and military making up most of that. The supply available is likely to rapidly be exceeded by demand as we come out of this resulting in a Seller Market. Bottom line, our economy will come out of this pause very strong, in my opinion.nbsp;


If you are considering Buying or Selling, please Contact us Herenbsp;and asknbsp;about featuring your homenbsp;on www.VictoriaComingSoonListings.comnbsp;to help hit the ground running when we get to the other side of this.


Thank you for your trust in us as we navigate these challenging circumstances together.


The Neal Estate Team


Your Victoria amp; Vancouver Island Real Estate Experts


ldquo;Go with those who knowrdquo;www.RonNeal.comwww.HomesOnVancouverIsland.ca
 ]]> </description>
    <pubDate>Mon, 06 Apr 2020 14:31:00 -0500</pubDate>
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