BC Monthly Real GDP Estimate for June 2021 & Preliminary Estimate for July 2021 (Updated: August 31, 2021)

The BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for June 2021 is 8.9 percent. For comparison, year-over-year growth in the Canadian economy in June was 8 percent. We have also included a preliminary estimate for July 2021 of 7.1 percent. Growth in BC remains very strong compared to this time last year but continues to decelerate as base-year effects fade and uncertainty due to the ongoing COVID-19 pandemic constrains some economic activity. The average annual growth for the first half of 2021 is estimated to be 7 percent.  

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Canadian Real GDP Growth, Q2'2021 - August 31, 2021

The Canadian economy contracted in the second quarter with output falling 1.1 percent on an annualized basis. That decline follows three prior quarters of very strong growth. Most of the decline in real GDP was driven by slowing home sales and lower exports. After rising to record levels, home sales activity across the country has moderated. However, the downshift from record activity to lower, but still strong sales were significant enough to negatively impact economic growth.  That shift in the housing market was compounded by lower exports, which fell 4 percent largely due to supply chain disruptions, as well as flat household spending due to COVID-19 restrictions put in place in the

Ground Floor Condo at Waters Edge

Resort lifestyle at Waters Edge Village!

Wonderful 2 bedrooms, 2 bath 1200+ sq ft, located on Saanichton Bay.

Fabulous huge patio/deck with ground floor access. Enjoy the Clubhouse - features an indoor pool, hot tub, library, gym, social games room & guest suite.

Tennis Court, putting green & seaside pathways with beach access, a real bonus.

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A move-in ready home - upgrades include interior paint & wallpaper, carpets, appliances, new toilet, and bath.

Secure underground parking, (part of Strata Lot), separate storage locker & workshop.

Two elevators!

COVID-19 Recovery Dashboard - August 26, 2021

According to the COVID-19 Recovery Dashboard, in July most BC housing markets continued to calm from a peak in March. While sales and new listings continued declining, the seasonally adjusted 6-month moving-average for housing starts hit a record level in the province for a second consecutive month. Rents are also beginning to rise sharply in major centers across the province. The average rate for a 1-bedroom apartment rose 6.5% in Vancouver and 8.9% in Victoria in July.

Retail sales continue to post strong figures, with July sales 13% above February 2020 levels. Throughout the month of July and most of August, restaurant reservations have trended upward in Toronto, Montreal, and Vancouver.

Spacious Fairfield Condo 

Large bright two bedroom two bath South/East corner condo located in the heart of Fairfield, next to Cook Street Village and steps to town.

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Canadian Retail Sales (June 2021) - August 20, 2021

As health restrictions eased, Canadian retail sales rose 4.2% m/m to $56.2 billion on a seasonally adjusted basis in June. Due to declines in April and May, sales remained 3.5% below the March peak. Sales rose in 8 of 11 retail sectors measured by Statistics Canada, with the largest gains occurring in clothing sales (+49.1%), caused by loosening restrictions on non-essential retail. In June, 5.2% of Canadian retailers reported being closed for at least one business day, down from 5.6% in May. Statistics Canada's preliminary retail sales estimate for July, based on just 38% of respondents reporting, is for a 1.7% decline.

In BC, seasonally-adjusted retail sales were largely

3.09-Acre Lot Overlooking Nanoose Bay and the Coastal Mountains 

Are you looking for rural living with panoramic views within city limits?

Build your single dream home overlooking Nanoose Bay and the coastal mountains on this 3.09-acre lot. 

Zoning also allows for strata of two separate dwellings including common property with District of Lantzville approval.

The lower portion of the lot has a registered well and septic approval for a great start to building that secondary dwelling.

The upper portion of the lot needs well and septic, but this is where you would build your dream home with sweeping ocean and mountain views.

This lot is raw land, 3 tiers, all of them have access to Hydro and all are accessible by driveway

Provincial Housing Market Activity Normalizing into 2022

BCREA 2021 Third Quarter Housing Forecast Update

Vancouver, BC – August 17, 2021 The British Columbia Real Estate Association (BCREA) released its 2021 Third Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to rise 26 per cent to 118,350 units this year, after recording 94,007 sales in 2020. In 2022, MLS®residential sales are forecast to pull back 15 per cent to 100,150 units.  

“The pace of home sales in the province has slowed in recent months but an unprecedented start to the year still has BC on track for a record-breaking year,” said Brendon Ogmundson, BCREA Chief Economist.

With strong demand

Canadian Inflation (July 2021) - August 18, 2021

Canadian prices, as measured by the Consumer Price Index (CPI), rose 3.7% on a year-over-year basis in July, hitting the highest rate since prior to the pandemic. Overall, the upward bias of "base-year effects" are no longer substantially influencing the year-over-year CPI changes, although they still have an effect on certain subcomponents such as gasoline. On a seasonally adjusted month-over-month basis, the CPI was up 0.5% in July. The Bank of Canada's preferred measures of core inflation (which use techniques to strip out volatile elements) rose an average of 2.5% year-over-year in July. In BC, consumer prices were up 0.7% month-over-month, and up 3.1% on a year-over-year basis in

Canadian Housing Starts (July 2021) - August 17, 2021

Canadian housing starts dipped slightly in July, but remain elevated by historical standards. While housing starts decreased to 272.2k units (-3.2% m/m) in July at a seasonally-adjusted annual rate (SAAR), on a year-over-year basis starts were still 11% above their July 2020 levels. Single-detached housing starts increased 7.1% from June, but this growth was not large enough to offset a 3.1% decline in multi-unit starts, resulting in an overall decline.

In British Columbia, starts declined 26% m/m to 50.7k units SAAR in all areas of the province. This drop was driven by declines in multi-unit starts in Metro Vancouver. Despite this volatility, starts in the province in July were