April 2021

BC Monthly Real GDP Estimate for February 2021 & Preliminary Estimate for March 2021 (Updated: April 30, 2021)

The BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for February 2021 is 1.6 per cent. We have also included a preliminary estimate for March 2021 of 5.5 per cent. Starting in April, we expect to see very large growth due to base-year effects as strong incoming 2021 data is compared to the lowest point of 2020 during the initial stages of the COVID-19 pandemic. For that reason, we have also added a measure of the monthly level of GDP to our NowCast which provides a better indication of how the economy is progressing in its recovery. 

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Canadian Monthly Real GDP (February 2021) - April 30, 2021

Canadian real GDP grew by 0.4% in February, following a 0.7% increase in the previous month. This is the 10th consecutive monthly gain since the steepest drops in Canadian history was observed in March and April. This brings GDP 2% below the February pre-pandemic level of output.  For estimates of economic growth in BC, follow BCREA's monthly Nowcast of provincial GDP growth here: https://www.bcrea.bc.ca/economics/bcrea-nowcast/

Leading the increase the retail sector which jumped 4.5% after consecutive monthly declines prompted by provincial lockdown measures. Residential construction rose 4.7% while the GDP of offices of real estate agents and brokers  was up 2.8%.

Early estimates from

COVID-19 Recovery Dashboard - April 29, 2021

This month’s COVID-19 Recovery Dashboard shows record home sales across the province along with a jump in housing starts and a continued rise in new listings. Employment in some sectors, especially high-wage sectors is showing strong growth, but restrictions due to the third wave and hesitancy from the public is still keeping employment in the accommodation and food service sector depressed. Retail sales were flat in February, though from a high level in January and are up double digits compared to the same time last year. For a more comprehensive overview of BC's economic recovery, click here. 

About BCREA’s COVID-19 Recovery Dashboard
The BCREA Economics team has created the COVID-19 Recovery

Canadian Retail Sales (February 2021) - April 28, 2021

Canadian retail sales rose 4.8% m/m on a seasonally-adjusted basis in February. Sales were higher in 9 of 11 sub-sectors, led by higher sales at motor-vehicle and parts dealers as well as gas stations.  Excluding motor-vehicles and gasoline, retail sales were up 3.8% in February.  Statistics Canada also released a preliminary estimate for March showing retail sales increased 2.3%.

In BC, seasonally-adjusted retail sales were down 0.1% m/m but were up 1.8% m/m in Vancouver. On a non-seasonally adjusted basis,  BC retail sales were up by 12% compared to the same time last year.   

In February Canadian e-commerce sales rose 92% year-over-year to $3.1 billion, accounting for 6.8% of

Lake and Mountain Views on .50 acres

Country living close to town on picturesque.50 acre lake and mountain views.

Main level walk out 3 bed and 3 bath home with in-law-suite in this desirable neighbourhood.

Beautiful mature landscaping, double carport, covered deck, and separate studio.

Duncan offers excellent shopping, dining, and awesome lakes!

Find Out More About 6695 Norcross Road

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Magical parklike 2-acre waterfront home

On exclusive Oyster Garden Rd. amidst the 1ST growth fir trees leads you to the Magical parklike 2-acre waterfront home with captivating views of Georgia Strait, Quadra Island, Mittlenatch, Campbell River, and snow-capped Coastal Mountains.

The lush lawns amplify 200 ft. of stunning beach with flagstone fire pit and seating areas.

As you drive into the gated entrance the fir trees embrace you and the arbors, sunny gardens and gazebo beckon you to stay.

There is a large covered parking that also leads to the huge workshop/studio and 2 garden buildings.

Upon entering this meticulous home you know you found that Special place while captivating Ocean and Mountain views encompass you all

Bank of Canada Interest Rate Announcement - April 21, 2021

First-Time Home Buyer Approved

This bright top floor, 1 bedroom, 1 bathroom, well-maintained condo radiates a bright and airy feeling with natural light beaming through the skylight, open concept living space, and tasteful color tones throughout.

It features an updated and modern kitchen, brand-new dishwasher, in-suite stackable washer/dryer, and a walk-through closet from the master bedroom to the updated bathroom.

The west-facing over-sized balcony with 2 sliding doors, one in the bedroom and the other in the living area, is perfect for having your morning coffee or afternoon barbecues.

The bonus is the underground secure parking stall, storage room, and bicycle area.

The location is dynamite for the commuter. Walking

Acreage Estate in Prestigious Cordova Bay

Welcome to 851 Sayward Road, an acreage estate in prestigious Cordova Bay a seaside community with gorgeous beaches lakes golf courses quaint restaurants farmers markets, and more. 

The sprawling dead flat usable lot is extremely private yet still open to offer maximum sun exposure and natural light. 

The main residence was meticulously renovated and redesigned to create a large open living space with soaring ceilings and large Pella windows.

The chef's kitchen features custom cabinetry, marble countertops and top of the line appliances, and even a large island with a motorized retractable television mount. 

Just off the kitchen are a cozy family room, a large laundry room, and a

Canadian Housing Starts (March) - April 19, 2021

Canadian housing starts increased 21.6% m/m to 335,200k units in March at a seasonally adjusted annual rate (SAAR), after declining in February. Building activity was up month-over-month in both multi-unit (+34%) and single-detached (+4%) segments. On a year-over-year basis, starts were up 70%, though this measure will become quite distorted by base-year effects going forward as we compare to the start of the COVID-19 pandemic. The six-month moving average in Canadian housing starts stands at a very strong 273,664 units SAAR. 

In BC, housing starts increased by 57% m/m to a record high 71.2K units SAAR, following an increase of 21% in the previous month. That remarkable jump in new home