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July 2020

Found 14 blog entries for July 2020.

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july 29  

COVID-19 Reopening Dashboard - July 29, 2020

The BCREA Economics team has created the COVID-19 Reopening Dashboard to help REALTORS® monitor the evolution of the BC economy as the province gradually reopens. This dashboard focuses on the sectors and activities that have been most significantly impacted by the pandemic and the province’s subsequent state of emergency.

To monitor the province’s progress toward a “new normal,” we benchmark each indicator to February 2020, the month before the pandemic was declared. This dashboard will be updated each month.

BCREA's updated COVID-19 Reopening Dashboard is available here.

For more information, please contact:

Kellie Fong
Economist
778.357.0831
kfong@bcrea.bc.ca 

BCREA is the professional

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Stunning Residence in award-winning boutique complex

202-1602-quadra-cs 202-1602-quadra-cs

Stunning 1-bedroom residence in award-winning boutique complex, The Palladian, a top-of-the-line heritage conversion with outstanding attention to detail in both the residence and common areas.

New, high-end LG SS kitchen appliances, granite counters, new Whirlpool washer and dryer, plus rare, private, fenced patio garden.

Located on the quiet side of the building, this unit features recently upgraded kitchen, bathroom and lighting fixtures, hardwood floors throughout, 12ft high ceilings, open floor plan, large master with large double closets and large, stunning original windows.

Centrally located right downtown and within walking distance to everything, The Palladian, a

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The perfect five bedroom family home with water views!

Lochside Drive 8045

Welcome to 8045 Lochside drive; a perfect five-bedroom family home on a generous 8600 square foot private lot with water views and only two blocks from the Cordova channel.

Versatile floor plan with a large grand entryway leading to the upper floor where you will enjoy views of the Harrow Straight in an open concept bright and spacious living area.  

There is a large kitchen with a separate dining room and a huge family room featuring a cozy fireplace.  

There are three generous sized bedrooms up and glass sliding doors to a large south-facing sundeck that basks in the sun and looks out over your mature gardens, private pond, and fully fenced yard below.  

Downstairs is a

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May30-1 May30-1  

Canadian Retail Sales (May) - July 21, 2020

A good news report. The easing of pandemic restrictions across the country led to an 18.7% surge in seasonally-adjusted Canadian retail sales in May to $42 billion. Leading the growth was a motor vehicle and parts dealers, followed by an increase in sales in almost all other subsectors. Although sales increased in May, retail sales remain 20% below pre-pandemic levels.  

Sales were up in all provinces in May, the most notable increases were in Quebec (33%), Manitoba (24%), New Brunswick (21%) and Nova Scotia (20%). In BC, seasonally-adjusted retail sales were up by 12% ($6.4 billion) and by 14% ($2.8 billion) in Vancouver. Retail sales were up in all subsectors as brick and mortar stores begin

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Well-Built English Character Home Set on a Spacious Lot

maplewood-road-coming-soon

You’ll love this delightful, well-built English character home set on a spacious lot well back from the road!

This charming home exudes attention to detail and pride of ownership.

Extensive updates include:

  • addition of ensuite to the master bedroom;
  • connection to natural gas;
  • new high-end gas stove;
  • new lighting throughout;
  • custom cabinet doors in the kitchen;
  • Victorian metal fence and gate; and much more.

The cozy living room boasts original oak floors and an ethanol burning fireplace. Enjoy preparing meals with the new gas stove in the functional kitchen.  

This home includes three comfortable bedrooms. The loft is a great bonus space with

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Thank you all for entering our COVID Lockdown Photo Contest! We've received some amazing submissions from everyone and are happy to announce the lucky winners below!

Congratulations to:

 

Loreen Topping

Sara Burke

Rebecca Da Silva

Ian Warren

Jasmine Sharp

 

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Top floor 2 bedroom unit just steps from Cook St Village!

 

LOCATION, LOCATION, LOCATION!  Just steps away from Cook Street Village, a few minutes walk to Beacon Hill Park and the Ocean, a 15-minute walk to the Inner Harbour and Downtown. 

This 2 bedroom, 2 bathroom unit is on the TOP FLOOR and has a very large South and East facing wrap-around balcony.

The living room is very spacious and has an abundance of windows.  Note that there is a skylight in the kitchen and the main bathroom.

The master bedroom can easily accommodate a king-size bed and has his and her closets, along with an en suite.

The 2nd bedroom has been used as an office and spare bedroom, it comes complete with a wall bed and storage cabinets! 

With this

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479 single-family homes sold in the VIREB area in June 2020, a 15.2% increase from the same month last year snd a whopping 48.6% increase compared to May 2020. Condos sales also did much better than the previous month, increasing 59% and 3% year over year.

Available listings, on the other hand, decreased. Single-family home inventory dropped 23% compared to last year to hit 1,224 available properties. The inventory of condos rose in almost the same proportion in the other direction (up 22%) to hit 431 available units.

The flurry of activity is a good sign of market recovery. An increase in sales volume and the depressed inventory are leading to multiple offer situations and an increase in benchmark prices in most areas. Not only is pent up demand

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Pent up demand, market recovery, and persisting uncertainty. These are just some of the phrases that can sum up the past couple months of the Victoria Real Estate Market. Junes strong numbers following May’s start of the recovery certainly point to lots of pent up demand, but that leads to the question of how much pent up demand is there and what other factors are affecting the market right now. "Pent up" demand essentially meaning that the spring market has arrived late and we currently in a delayed market and that we sold in May and June what we didn’t in March and April. 

Looking at the sales numbers, the Victoria area had a total of 808 sales in June, 76.8% higher than May 2020, and 9.6% higher than June 2019. Single-family dwellings led this

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May30-1  

Canadian Housing Starts (June) - July 9, 2020

Canadian housing starts increased by 8% m/m to 211,681 units in June at a seasonally adjusted annual rate (SAAR). The gain in June put starts back at pre-pandemic levels. The trend in national housing starts fell to an average of 199,700 units SAAR over the past six months. Housing starts were up in five of 10 provinces with Ontario driving the increase.  

In BC, growth in housing starts was flat in June, following a 29% increase in the previous month. Historically speaking, starts in the province are still robust but have been trending downwards since the fall of 2019. Housing starts have shown resilience during the pandemic and in the near future will depend on demand as unemployment levels

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