November 2020

COVID-19 Reopening Dashboard - Nov 25, 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 continued to be robust in October, sustained by record-low interest rates and a recovering job market. 

To monitor the province’s progress, 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, please contact:

Thoroughly Updated Family Home with Suite

Welcome to 10349 Patricia Pl, a thoroughly updated 5 bedrooms 3 baths total Family Home including 1 bed/bath suite.

Located in a quiet cul-de-sac with plenty of parking this beautiful family home has had extensive upgrades (ask for information sheet) including a new roof, siding, windows, high-efficiency gas furnace, and hot water tank.

The upper level has a large kitchen with plenty of storage, new cabinets, granite countertops, stainless steel appliances, and heated tile flooring which is open to the spacious living and dining areas with wood burning fireplace.

Down the hall, you will find 3 nicely appointed bedrooms (the fourth being downstairs), the master having a walk-in closet and

Canadian Retail Sales (Sept) - November 20, 2020

Retail sales rose for the fifth consecutive month in September by 1.1% on a seasonally-adjusted basis, which is higher than Statistic Canada's preliminary estimate of no change. Sales were up in 9 of 11 subsectors, representing 93.2% of retail sales. The increase was led by higher sales at auto dealers. General merchandise stores increased for the first time in three months, while sales bounced back at furniture and home furnishing stores. Compared to the same time last year, retail sales were up by 8%.    

Sales were up in eight provinces in September, with notable increases in PEI (4.4%), New Brunswick (3.8%) and Alberta (2.5%). In BC, seasonally-adjusted retail sales were up by 1.7%

Canadian Housing Starts (Oct) - November 17, 2020

A correction was made to the chart, "Year-to-Date Housing Starts by City".

Canadian housing starts increased by 3% m/m to 214,875 units in October at a seasonally adjusted annual rate (SAAR), following a decline in September. Housing starts increased in 6 of 10 provinces with strong gains in Manitoba and Alberta. Building activity gained momentum in the single-detached segment, while multi-unit starts declined slightly. October's healthy number increased the six-month moving average to 222,734 units SAAR.  

In BC, housing starts decreased by 6% m/m to 30,381 units SAAR in October, following a decrease of 26% in September. Building activity was up by 6% in the single-detached segment,

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

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 communities, BCREA

Updated Family Home with Suite Potential

Welcome home to 2807 Irma St, a beautifully updated and extremely bright 3 bedroom 2 bathroom character home on a quiet street just steps from the Gorge Waterway.

Even after a lengthy list of renovations, this 1941 built home keeps plenty of its original charm with original hardwood floors, molded ceilings, picture rails, master bedrooms on the main level next to the recently updated bathroom, and loft-style 2nd bedroom upstairs.

The kitchen boasts new cabinets and countertops as well as stainless steel appliances.

Downstairs you will find the huge 3rd bedroom (or family room) with a new bathroom and an unfinished area that can easily be renovated into a mortgage helper suite with a private

BC Housing Market Continues Record Pace in October

Vancouver, BC – November 12, 2020.  The British Columbia Real Estate Association (BCREA) reports that a total of 11,051 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October 2020, an increase of 43.8 per cent from October 2019. The average MLS® residential price in BC set a record of $812,960, a 12.5 per cent increase from $722,333 recorded the previous year. Total sales dollar volume in August was $8.98 billion, a 61.8 per cent increase over 2019.

“The provincial housing market sustained its blistering pace of activity in October,” said BCREA Chief Economist Brendon Ogmundson. “While pent-up demand may be starting to fade, record low interest rates and a

Canadian Employment (Oct) - November 6, 2020

Canadian employment gained 84k jobs in October (0.5%, m/m), following a gain of 378k in September. This is the sixth consecutive month of increases, putting national employment within 636k of its pre-COVID February level. The national unemployment rate was little changed at 8.9%, as some provinces reinstated containment measures targeted at restaurants and bars, and recreational facilities. Compared to the same month last year, Canadian employment was down by 3.1% (-598k). 

Regionally, employment increased in five provinces, with the largest gains in BC and Ontario. In BC, employment grew by 33.5k (1.4%, m/m) in October, following a gain of 55k in September. The province is now at 97% of its

The Victoria Real Estate Market saw another month of higher than usual sales numbers. In a typical year, October would be the start of a gradual slowdown until the end of the year, but with 990 sales last month the market shows no signs of following traditional seasonality. Looking year over year total sales were up 59.9% (and 0.1% compared to September 2020). Breaking those numbers down to housing type, single-family homes were up 53.1% compared to last year and condos were up 70.8% in the same comparison. While it seems surprising that condos led the charge on sales volume increase (single-family home sales decreased compared to September 2020), it is likely that there is simply not enough inventory to support the demand in that segment.

While

October sales in the Vancouver Island Real Estate Board area decreased somewhat compared to the previous month but remained very strong overall. There were 1,066 units sold throughout the board area (524 of them single-family homes). Single-family homes were up 53% year over year and down 18% from the previous month. Condos were up 48% from last year and 6% from last month. Townhomes also were up from last year, 51% year over year but 10% down from September.

Inventory took a significant hit compared to last month and could be at fault for the decrease in sales volume (as opposed to an actual decrease in demand). There were 733 single-family homes available at the end of October which was a 19.3% decrease compared to the end of September. Condo