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January 2021

Found 19 blog entries for January 2021.

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Canadian Monthly Real GDP (Nov) - January 29, 2021

Canadian real GDP grew by 0.7% in November, following a 0.4% increase in the previous month. This is the seventh consecutive monthly gain since the steepest drops in Canadian history was observed in March and April. This brings GDP 3% below the February pre-pandemic level of output. Fourteen of the twenty industries reported an increase in output. 

Leading the increase were the mining and oil and gas sectors (3.9%) due to higher international demand. Manufacturing was up (1.7%) as a result of higher inventory formation, and multiple global COVID-19 vaccine announcements drove activity in finance and insurance (1.3%). In contrast, declines were reported at clothing stores (-5.4%), personal care

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bcrea nowcast

BC Monthly Real GDP Estimate for November 2020 & Preliminary Estimate for December 2020 (Updated: January 29, 2021)


The BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for November is +0.1 percent, the first positive year-over-year growth in the economy since February. For comparison, output in the Canadian economy was 2.8 percent lower year-over-year in November. We have also included a preliminary estimate for December 2020 of 0.0 percent.

Download the full report (PDF)

For more information, please contact:

Brendon Ogmundson
Chief Economist

BCREA is the professional association for more than 23,000 REALTORS® in BC,

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Two-acre revenue hobby farm located in the beautiful Eastern Highlands 


Welcome to 2978 Woodridge Place a two-acre revenue hobby farm located in the beautiful East Highlands on the Saanich border that has been in the family for 23 years.

The possibilities are endless with this home nestled in the trees, currently, it is split into three separate suites.

It consists of a two-bedroom, a bachelor, and a loft suite. 

A large mudroom greets you as you enter the two-bedroom suite once used as a bedroom by previous tenants who switched the entrance to the back door creating a three-bed main. 

There is a large kitchen, cozy family room with rock wall and fireplace, an oversized master, and a smaller second bedroom. 

This suite has a

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COVID-19 Recovery Dashboard - January 27, 2021

This month’s COVID-19 Recovery Dashboard shows that home sales staged a remarkable recovery during the pandemic and recession in 2020 that will fuel momentum in 2021. However, record low levels of supply across the province will likely translate into considerable upward pressure on prices until listings pick-up. Consumer confidence is still weak amid rising COVID-19 cases and tightened restrictions, which have reduced movement around the province. Meanwhile, business confidence is up as manufacturing and international trade have recovered from their pre-pandemic levels, and the vaccine rollout has led many businesses to expect a rise in sales in 2021. For a more comprehensive overview of BC's

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Provincial Housing Market Set Up for Very Strong 2021

BCREA 2021 First Quarter Housing Forecast Update

Vancouver, BC – January 25, 2021. The British Columbia Real Estate Association (BCREA) released its 2021 First Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to rise 15.6 percent to 108,680 units this year, after recording 94,021 sales in 2020. In 2022, MLS® residential sales are forecast to pull back 9 percent to 98,850 units. 

“After an unprecedented and often surprising performance in 2020, the provincial housing market is set up for a very strong year in 2021,” said Brendon Ogmundson, BCREA Chief Economist. “A strong economic recovery and record-low

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Private, Central, Renovated, Ground Floor Condo


Amazing private ground floor, large 2 bedrooms, 2 bath condo.

The Master Bedroom is spacious with an Ensuite. Updated Kitchen, Washer, and Dryer in the unit and Gas Fireplace.

Underground Parking and Storage Lockers.

Central to amenities, schools, parks, and transit.

Rentals and pets allowed with Restrictions, and BBQs are allowed.










Find Out More About 104-3363 Glasgow Avenue

Talk to our team to learn more about this Private, Central, Renovated, Ground Floor Condo

Request a Tour

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Canadian Retail Sales (Nov) - January 22, 2021

Canadian retail sales rose for the seventh consecutive month in November by 1.3% on a seasonally-adjusted basis, defying Statistic Canada's preliminary estimate of no change. Sales were up in 7 of 11 subsectors, representing 53% of retail sales. The increase was led by higher sales at food and beverage stores. Compared to the same time last year, retail sales were up by 7.5%.    

Sales were up in all provinces except for Manitoba. In BC, seasonally-adjusted retail sales were up by 0.8% ($8.0 billion) and by 1.4% ($3.7 billion) in Vancouver. Contributing the most to the increase were sales at electronic and appliance stores, while sales were down at auto dealers and gas stations. Compared to

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Bank of Canada Interest Rate Announcement  - January 20, 2021

The Bank of Canada maintained its overnight rate at 0.25 per cent this morning, a level it considers its effective lower bound. The Bank reiterated what it calls "extraordinary forward guidance" in committing to leaving the overnight rate at 0.25 per cent until slack in the economy is absorbed and inflation sustainably returns to its 2 per cent target. The  Bank projects that will not occur until 2023. The Bank is also continuing its quantitative easing (QE) program, purchasing at least $4 billion of Government of Canada bonds per week. In the statement accompanying the decision, the Bank noted that the economic recovery has been interrupted by the second wave of COVID-19, but

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bcrea stats release

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



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

For more information, please contact:  

Brendon Ogmundson
Chief Economist

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 supports policies that

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Westhills Home with a Carriage Suite


Welcome to 3015 Dornier Road, a delightful Westhills home with a carriage house.

This contemporary home is situated between two roads to create complete privacy from the separate carriage house; the main house is located on a quiet street with loads of parking available out front, while the carriage suite has its own, separate access from the road behind, a unique situation offering income without loss of privacy.

As you enter this lovely home you are greeted with laminate floors, a cozy fireplace, bay windows in an open floor plan that connects the family room, dining room, and office featuring built-in shelving, and a large, bright kitchen.

The kitchen features quartz countertops, stainless

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