July 2021

Canadian Monthly Economic Growth (Real GDP May 2021) - July 30, 2021

The Canadian economy contracted by 0.3% in May, the second consecutive month of decline following a 0.5% contraction in April. Services and goods sectors declined by 0.2% and 0.4% respectively as restrictions from the third COVID wave continued to dampen economic activity. Construction activity declined 2.3% in May, with a 4.2% drop in residential building construction led by declines in single-family home construction. The real estate sector fell 7.2% in May, following a 10.7% drop in April, due to slowing home sales. 

While the post-pandemic economic recovery remains strong, many sectors are grappling with conditions that have led to shortages of raw materials and

COVID-19 Recovery Dashboard - July 29, 2021

The COVID-19 Recovery Dashboard indicates that in June most BC housing markets continued to calm from a peak in March. At the same time, the seasonally adjusted 6-month moving-average for housing starts hit a record level in the province. Seasonally adjusted aggregate employment in BC is now at roughly pre-pandemic levels, although high-wage workers are doing much better than low-wage workers. Rents were up across much of the province, with 1-bedroom apartments in Vancouver hitting a record. Google movement trends and restaurant reservations continued to rise, suggesting a general reopening across Canada’s three largest cities. Manufacturing and exports continue to post very strong figures, with

Canadian Inflation (June 2021) - July 28, 2021

Canadian prices, as measured by the Consumer Price Index (CPI), rose 3.1% on a year-over-year basis in June, down from the prior two months. The downward pull of "base-year effects" are no longer influencing the year-over-year CPI values, as June 2020 prices had recovered from dips in the early months of the pandemic. On a seasonally adjusted month-over-month basis, the CPI was up just 0.1% in June. The Bank of Canada's preferred measures of core inflation (which use techniques to strip out volatile elements) rose an average of 2.3% year-over-year in June. In BC, consumer prices were up 0.5% month-over-month, and up 2.4% on a year-over-year basis in June.

While inflation is currently

Charming Home Only Minutes to Downtown

Welcome to 2589 Cook Street, a charming home only minutes to downtown Victoria. 

Rustic wood floors and a cozy fireplace create a quaint atmosphere as you enter. 

The family room has a large window overlooking the front yard. 

There is an attached eating area, full-size kitchen, and another space that could be used as an office, crafts room, or even another family or dining room with sliding glass doors to your sun-drenched deck. 

Two bedrooms are also on the main and a four-piece bath. 

Down is a huge bedroom great for a teenager with a walk-in closet and a large four-piece bath with a soaker tub. 

The basement could easily be converted to create an inlaw suite.

Loads of storage

Rancher Style Home with Private Forested Views

Private forested views encompass this beautifully updated rancher style mobile home in the Florence lake area.

Offering 2 beds, 2 baths and even a family room!

Relax in a nature oasis on front or back decks and listen to birds sing.

This light filled home offers a spacious living and dining area , wide open kitchen and family room with new fireplace and deck access for entertaining. 

Principal bedroom offering a new 3 piece ensuite and good storage, comfortable 2nd bedroom with 4 piece main bath right across.

There is a separate laundry with back deck access.

Minutes to some of the Best shopping and amenities like Costco, Home Depot and Bear Mountain’s 36 hole golf course!

Canadian Retail Sales (May 2021) - July 23, 2021

Canadian retail sales decreased 2.1% m/m to $53.8 billion on a seasonally adjusted basis in May. Including the declines in April, sales were down 7.5% from the March peak. Declines occurred in 8 of 11 retail sectors measured by Statistics Canada, with the largest drops in building material and garden equipment and supplies dealers (-11.3%) and motor vehicle and parts dealers (-2.4%). The declines in April and May were driven by third-wave restrictions. In May, 5.6% of Canadian retailers reported being closed for at least one business day, up from 5% in April. Due to the rapidly evolving situation, Statistics Canada is reporting an advanced retail sales figure for June based on just 59.9%

8 Acres of Waterfront on Pender Island

This stunning location boasts 660ft of accessible ocean frontage in one of Pender Island's very desirable locations Bedwell Harbor.

With views of Poets Cove Resort through to Medicine beach, you are living in your own private nature sanctuary.

The 8-acre property has a meandering driveway from Pirates Road to the beach with 4 different naturally terraced levels offering all kinds of potential.

The top-level has stunning views of your property and ocean, & the existing outbuilding is serviced with power.

As you wind your way down to the beach, each terrace is large and partially opened, ready for your imagination.

Arriving at the beachfront, you are greeted with a large cleared area and

Canadian Housing Starts (June 2021) - July 16, 2021

Canadian housing starts continued at a historically high level in June. Although housing starts decreased to 282.1k units (-1.5% m/m) in June at a seasonally adjusted annual rate (SAAR), on a year-over-year basis starts were still 33% above their June 2020 levels. The six-month moving average of SAAR housing starts rose 3.1% to 293.6k units in June. Single-detached housing starts declined 6.9% from May, while all other housing starts rose 0.9%. 

In BC starts rose faster than any other province in June, up 43% m/m to 68k units SAAR in all areas of the province. The level remains just below a record March when new units were constructed at a 71K unit annualized pace. In terms of the

Single family home sales for June 2021 in the Vancouver Island Island Real Estate market (excluding the Greater Victoria area) hit 533 transactions, only 2 less sales than in May and 11.2% less than June the previous year. Condos also decreased with only 134 sales in the month, 10% down from the previous month. Lastly, townhomes decreased the most with an 18% drop from May and a 15% drop compared to June last year. 

As sales cooled, inventory managed to creep up a little with 2% more single family homes on the market at the end of June compared to the end of May. Condos listings were up 16% in the same time comparison, townhomes were up 23%. While an increase in inventory is a great sign, we are still very undersupplied and there will need to be a

Sales volume decreased 10.2% from May to June 2021 with 942 sales total for the month. This is the third consecutive month of declining sales volume from the peak in March. Although it is typical for the market to slow down somewhat in the summer, we could also be seeing the beginning of demand burnout as buyers that were pulled forward by low interest rates have either bought or dropped out. On the other hand, the drought of new listings and low inventory levels are the obvious maximum constraint on demand and it might be that if new inventory is added the sales numbers might jump to match.

By property type, single-family homes sales were down 18.1% from May with 440 sales (down 4.3% from June 2020); condo sales on the other hand were up 4% from