October 2020

BC Monthly Real GDP Estimate for August 2020 & Preliminary Estimate for September 2020 (Updated: October 30, 2020)

The BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for August is -2.7 per cent. For comparison, the Canadian economy contracted 3.8 per cent year-over-year in August.

We have also included a preliminary estimate for September 2020 of -1.6 per cent. While year-over-year growth remains negative, the rate of decline is slowing and the current trajectory of the Nowcast, if sustained, would see positive year-over-year growth by the end of year.

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Canadian Monthly Real GDP (August)  - October 30, 2020

Canadian real GDP grew 1.2 per cent in August, following a 3.1 per cent increase in July.  That is the fourth consecutive monthly increase in GDP following the steepest contraction of the Canadian economy on record. The overall level of economic output remains about 5 per cent below its per-pandemic level.

Third quarter real GDP growth is currently tracking at close to 10 per cent, or about 46 per cent on a quarterly annualized basis.  From there, we anticipate a strong, albeit slower rate of growth as the economy heals and enters a “recuperation phase.”  Like the Bank of Canada, we do not expect slack in the economy to be fully absorbed until around 2023, which, given the Bank's

COVID-19 Reopening Dashboard - Oct 28, 2020

The BCREA Economics team has created the COVID-19 Reopening Dashboard to help REALTORS® monitor the evolution of the economy as BC navigates the recovery. 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. Home sales in the province had a record-setting September, as pent-up demand from the spring pushed into the fall.

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 is updated each month.

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

For more information,

Bank of Canada Interest Rate Announcement  - October 28, 2020

The Bank of Canada held its overnight rate at 0.25 per cent this morning, a level it considers its effective lower bound. The Bank is also continuing its quantitative easing (QE) program, though re-calibrated to target longer-term bonds and slightly scaled back from purchasing $5 billion per week in Government of Canada bonds to $4 billion per week. The Bank also reiterated forward guidance on future interests moves, committing to holding the policy rate at 0.25 per cent until slack in the economy is absorbed and inflation is sustainably trending at 2 per cent.   In the statement accompanying the decision, the Bank noted that the Canadian economy is recovering, though at a highly

2 bedrooms in Cook Street Village 

Welcome to 306-935 Fairfield Road a bright and spacious quiet condo conveniently located between Cook St Village & the Inner Harbour.

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Offering two large bedrooms, two bathrooms, an eating area with large windows looking over downtown Victoria and a huge living room that leads to a charming, enclosed deck; the perfect spot to enjoy a morning coffee.

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Canadian Inflation (Sept) - October 21, 2020

Canadian inflation, as measured by the Consumer Price Index (CPI) rose by 0.5% in September year-over-year, up from the previous month's increase of 0.1%. Excluding gasoline, the CPI rose by 1.0%. Prices rose in six of eight components year-over-year with notable increases in shelter (1.7%), food (1.6%), and health/personal care (1.6%), while prices declined for clothing/footwear (-4.1%) and recreation (-1.2%). Growth in the Bank of Canada's three measures of trend inflation was flat in September, averaging 1.7%. 

Regionally, the CPI was positive in seven provinces. In BC, CPI rose by 0.4% in September year-over-year, up from August's increase of 0.2%. Prices continued to rise for

Luxurious Penthouse in Regent Park

Welcome to 1704 - 1020 View Street a luxurious penthouse in Regent Park in the heart of downtown Victoria. 

Soaring 17 floors above the city with unobstructed views of the ocean, Olympic Mountains, Mount Baker, and surrounding city. 

Boasting over 1800 square feet of spacious living in the southeast corner providing breathtaking sunrises every morning and sun throughout the day with loads of natural light from every room. 

Surprisingly quiet and peaceful as you sit above traffic noise from any of your five patios. 

Offering three generous sized bedrooms all with private patios including a master suite with a large walk-in closet, custom-built shower, and his and hers sinks.

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Revenue Acreage Estate

Welcome to 4770 Talon Ridge an enormous estate in the Highlands, boasting over 30 acres with stunning Southern views of the mountains and ocean beyond.

Travel along a meandering driveway through your usable land to approach your custom built main home, second finished home, two double car garages, studio and nanny suite. 

Overall offering 11 bedrooms including two master suites and over 13,000 usable square feet. 

The main residence is an impressive home with 4700 square feet of living with 19 foot ceilings in the grand foyer, a massive kitchen with island and stainless appliances and even a separate kitchen/prep area attached. 

All of the rooms are very large and most offer private ensuites. 

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Oak Bay Character Home with Suite Potential

You'll love this beautiful 1949 Character home minutes away from Willows Beach, Estevan Village, and Oak Bay Ave.

The spacious living room with a wood fireplace and bay window is a wonderful space for the family. 

New counters, sink, flooring, and high-end appliances adorn the bright kitchen looking out to the backyard.

3 bedrooms on the main floor make for an ideal living space.

Hardwood floors throughout the main level have been newly refinished.

Recent updates include a new programable electric furnace and a high-efficiency heat pump. 

The basement is roughed in for a potential suite and awaits your creativity. 

The garage is an excellent space for a workshop.

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