October 2021

BC Monthly Real GDP Estimate for August 2021 and Preliminary Estimate for September 2021 (Updated: October 29, 2021)

 

The BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for August 2021 is 6.3 percent. For comparison, year-over-year growth in the Canadian economy in August was 4.1 percent. The preliminary estimate for September 2021 is 5.2 percent. The BCREA Nowcast estimate of average growth in the BC economy through the first 9 months of the 2021 is 6.7 percent.

Download the full report (PDF)

For more information, please contact:

Brendon Ogmundson Chief Economist 604.742.2796 bogmundson@bcrea.bc.ca

BCREA is the professional association for more than 23,000

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Canadian Monthly GDP (August 2021) - October 29, 2021

The Canadian economy expanded by 0.4 percent. That is below Statistics Canada's original preliminary estimate of 0.7 percent and follows a slight contraction in July.  The continued easing of restrictions was a main driver of growth in August, with increases in the accommodation and food service, retail trade, and transportation sectors making strong contributions.  

However,  Statistics Canada's preliminary estimate for September  GDP is showing flat growth, which points to overall third-quarter growth registering about 2 percent on an annualized basis, in line with third-quarter growth in the United States and well under the Bank of Canada's more rosy forecast of 5.5 percent.  The

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Top Floor 2 bed 2 bath Mountain View Condo

Walk to shopping, dining, amenities, college, and schools and centrally located only minutes to downtown, Beaverlodge walking trails, and the Seawalk.

Lovely mountain views from this 2 bed 2 bath top floor unit. It’s quietly set back for private living in a fabulous building.

A very healthy contingency fund and professionally managed by Proline.

Nicely updated throughout in 2020 with large rooms and efficient working kitchen.

The spacious living and dining areas offer an electric fireplace and sliding patio doors to relax on the deck and enjoy the views.

The primary bedroom has ample storage with another storage area adjacent, a 2nd bedroom also allows for great storage.

Make

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Bank of Canada Interest Rate Announcement - October 27, 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 near the third quarter of 2022.  Of note, the Bank is ending its quantitative easing program of bond purchases and moving into what it terms the reinvestment phase where its Government of Canada bond purchases will be made solely to replace currently maturing bonds. In its statement, the

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COVID-19 Recovery Dashboard - October 26, 2021

In September, sales, new listings and housing starts in BC all declined somewhat from August, extending the calming trend relative to peaks in March. While MLS® sales rose slightly in most regions of the province, a decline in the large market of the lower mainland caused a decline overall. Rental rates remain elevated in Victoria and Vancouver relative to pre-pandemic levels amid generally high consumer price appreciation.

Retail sales in BC rose in August to a fresh record, with sales 8.6 per cent above the same month last year. As of October, restaurant reservations in Vancouver are near the highest level since the onset of the pandemic, at roughly 80 per cent of the pre-pandemic level. This

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Canadian Retail Sales (August 2021) - October 22, 2021

Canadian seasonally-adjusted retail sales rose 2.1% to $57.2 billion in August. The rise was driven by sales at food and beverage stores (4.8%), gasoline stations (3.8%), and clothing and clothing accessories stores (+3.9%). COVID restrictions were generally eased across the country in August. According to Statistics Canada's survey, just 0.6% of retailers were closed at some point in August. Preliminary estimates, based on roughly 54% of respondents reporting so far to the agency, indicate that retail sales declined 1.9% in September. 

In BC, sales rose 1% to a fresh record in August, erasing a drop in July. Compared to the same month last year, retail sales were up 8.6% in the

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One of the Largest Homes in the Desirable Marigold, West Saanich Area

Endless Potential = Won’t Last!

One of the largest homes in the desirable Marigold, West Saanich area at 4732 sqft., 9 bedrooms, 5 bathrooms, former licensed Community Care Home.

Perfect for either a large family home with a home-based business, the revenue potential for a 3-bedroom suite downstairs, and/or a master suite that could be turned into a Bed and Breakfast and/or student housing.

Close to Camosun College, Victoria General Hospital, several elementary, middle, and secondary schools as well as transit and shopping.

Located on a quiet cul-de-sac, this home backs onto the Panama Flats offering privacy, bird watching, and access to several cycling and

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Canadian Inflation (September 2021) - October 20, 2021

Canadian prices, as measured by the Consumer Price Index (CPI), rose 4.4% on a year-over-year basis in September, rising at the fastest rate since 2003. On a month-over-month basis, the CPI was up 0.2% in September. The Bank of Canada's preferred measures of core inflation (which use techniques to strip out volatile elements) rose an average of 2.7% year-over-year in September. Major drivers of the year-over-year price increase included transportation prices (+9.1%), shelter (+4.8%) and food prices (+3.9%) partly on continuing supply-chain difficulties. The homeowner replacement cost index, which measures the cost of replacing home structures, rose 14.4% year-over-year in

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Executive Home Perched at the Top of Bear Mountain Golf Resort

Welcome to 2344 Nicklaus Drive an executive home perched at the top of World Class Bear Mountain Golf Resort.    A four-bedroom and den home with a legal one-bedroom suite above the garage.    Attention to detail is clearly evident with gleaming hardwood floors, custom built-in cabinetry and fireplace, coffered ceilings, wainscoting, and paneled walls.    The gleaming kitchen is the hub of the home with a large island, quartz countertops, farmhouse sinks, built-in wine rack, five-burner gas stove, dual sinks, and a massive hidden walk-in pantry with automated lights disguised as cabinetry.    The primary bedroom offers beautiful views, two oversized walk-in…

A two-bed two-bath Unit in the Highly sought after “Nova” Building

Welcome to unit 302 at 1615 Bay Street, a two-bed two-bath unit in the highly sought-after “Nova” building. 

This is a turnkey opportunity with fresh paint and brand-new carpets.

Space to move with a full-size kitchen featuring granite countertops, stainless appliances, and soft-close maple cabinets. 

An open concept vibe including a cozy fireplace, private patio, laminate, and tile flooring, in-suite laundry, covered parking, and bike storage. 

With very few restrictions, rentals pets kids and BBQs are welcome. 

Only minutes to the Jubilee hospital, Camosun College Fernwood village, or downtown Victoria. 

On major bus routes and close to grocery stores and

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