May 2020

Canadian inflation, as measured by the Consumer Price Index (CPI) fell by 0.2 percent in April year-over-year, down from a 0.9 percent gain in the previous month. This was the first year-over-year decline in the CPI since September 2009. Energy prices were the main drag on inflation due to the drop in global demand, excluding this category, national CPI rose by 1.6 percent year-over-year. Prices were also down for transportation (-4.4%), clothing and footwear (-4.1%) and recreation and education (-0.7%). In contrast, prices (3.4%) for food accelerated in April. The Bank of Canada's three measures of trend inflation fell 0.1 percentage points, averaging 1.8 percent in April. The CPI was negative in all provinces except for Quebec and BC.  

In

Watch BCREA Chief Economist Brendon Ogmundson discuss the April 2020 statistics.

Click here to visit BCREA's YouTube channel. Read the news release here. 

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BCREA is the professional association for more than 23,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC

Housing Market Slows, but Resilient in Response to Pandemic

Vancouver, BC – May 13, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 3,284 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April 2020, a decline of 50.8 percent from April 2019. The average MLS® residential price in BC was $737,834, a 7.8 percent increase from $684,430 recorded the previous year. Total sales dollar volume in March was $2.4 billion, a 46.9 percent decrease over 2019.

"We expected to see a sharp drop in sales for April as we confronted the COVID-19 pandemic,” said BCREA Chief Economist Brendon Ogmundson. “However, buyers and sellers are adapting to a new normal, and activity should pick up as the

Canadian employment fell further in April by 2 million jobs (-11%, m/m), bringing cumulative losses to 3 million since February. The unemployment rate rose by 5.3 percentage points from 7.8% to 13%, as the impact from the closure of non-essential businesses and travel restrictions were not fully reflected in last month's job report. The last recession to come close to this was 1981/82 when the peak unemployment rate was 13.1%. The unemployment rate would have been 17.8% in April if adjusted to include those wanting to work (and had worked recently), but were unable to because of the pandemic. 

Job losses continued to spread across the country, with the largest declines in Ontario (-690k), Quebec (-560k), BC (-264k) and Alberta (-240k). The

As we all pull together, adapting, taking extra necessary steps to keep each other safe, having successfully flattened the curve, we are seeing an emerging “new normal” with our personal and professional lives. Although deemed an essential service, the Pandemic certainly impacted the real estate industry and the “spring market” here in Victoria.

The Victoria Real Estate Board experienced an expected drop in new firm sales reported for April 2020 to the tune of 58.8% compared to the same month last year with 287 total sales. Condo sales were down 64% with 73 sales in the same year over year comparison and single-family homes were down 55.8%. These numbers exceeded our prediction of as much as 70% or more decline as we all worked together to keep

While Vancouver Island residents came together to prioritize health and safety, “The Spring Market” experienced the expected impacts of social distancing and stay-at-home measures. Single-family home sales were down 54.1% compared to April last year with 189 properties sold and down 43.2% from March 2020. Condo sales were down 82% while townhomes were down 69%.

The number of single-family home listings available on the market dropped 9% down to 1,173 but inventory on the condo market was up 33% compared to April 2019. Townhome units available decreased 19% down to 160 listings at the end of April 2020.

Vancouver Island (minus Victoria) board-wide benchmark prices for single-family homes were down 3% to $523,700 in April 2020 year over year. Condo