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April 2022

Found 9 blog entries for April 2022.

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May30-1  

Canadian Monthly Economic Growth (February 2022) - April 29, 2022

The Canadian economy jumped 1.1 per cent in February, up for the ninth consecutive month. Goods-producing sectors rose 1.5 per cent while services-producing industries were up 0.9 per cent. Canadian real GDP is roughly 1.5 per cent above its pre-pandemic, February 2020 level. Preliminary estimates suggest that output in the Canadian economy grew 0.5 per cent in March.

With a a very high figure for February and strong preliminary numbers continuing into March, the Canadian economy appears to be on a strong growth path as it emerges from the Omicron-related slowdown. The Bank of Canada has noted that the slack in the Canadian economy is largely absorbed, which is partly why it

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Shawnigan Lake Waterfront Property

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Welcome to 2730 Heald Road, a one-of-a-kind property with so much opportunity sitting at .73 of an acre and situated along the water of Shawnigan Lake in arguably the best location. 

The property line runs long giving panoramic views from all parts of the expansive property and borders with the park providing a beautifully flat lot with no neighbours. 

There are currently two homes on the property, one, a two-bedroom with loft, and the other a four-bedroom home. 

Keep the property as is but likely the new owner will want to take advantage of this ideal location where beach volleyball is at your doorstep and steps to the private beach.

Only a block to the town centre, bring your kayaks and your

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May30-1  

Canadian Inflation (March 2022) - April 20, 2022

Canadian prices, as measured by the Consumer Price Index (CPI), rose 6.7% on a year-over-year basis in March, up from 5.7% in February. This was the largest gain since January 1991 (+6.7%). According to Statistics Canada, price rises were broad-based, with groceries up 8.7% year over year, gasoline up 39.8%, durable goods up 7.3%, restaurants up 5.4%, and shelter costs up 6.8%. Excluding gasoline, the CPI rose 5.5% year over year in March. On a monthly basis, prices were up 1.4%, following an increase of 1% in February. In BC, consumer prices rose 6.0% year-over-year. 

With inflation stubbornly high through the first quarter of the year and unemployment in Canada hitting a record low, the

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Beautiful Home on Wurtele Place

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Wow! Great views from this original custom-built home.  

Welcome to this wonderful 4 bedroom, 3 bathroom home in a prime location in Rockheights.

This home has been well cared for and kept in its original condition.  

Upon entering, you will feel like you're back in the 70s, perfect for those who love retro, if you want a more modern design, all it needs is your personal touch to make it a wonderful family home.

You'll appreciate the oversized double attached garage that has plenty of room for two cars and a spacious workshop.  

With a lot size of approximately 14000 square feet, you have many options....is a carriage house in your plans?

Maybe you want to add a suite to help with your

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2022 Federal Budget - Housing Highlights

  Here is a summary of the federal budget with respect to housing and our industry and my views;    1- A tax free housing account up to $40,000 for first time buyers which is great and allows saving towards down payments without any tax implication or conditions contrary to current available options but rest assured this will add more demands into the pool of buyers over the long term.    2- The budget once again blamed flippers, speculators, blind bidding and foreign buyers for high prices . The government is proposing a two-year ban on purchases of residential real estate by people and companies who aren't citizens or permanent residents but Refugees, some international students and people…
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Well Maintained Home at the End of a Quiet Cul-De-Sac

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Conveniently located in Cinnabar Valley of Chase River is this well-maintained 4 bedroom, 2 bathroom home at the end of a quiet cul-de-sac. Beautiful fully fenced yard with pear, apple, plum, peach and cherry trees, raised garden beds, a gazebo and pond to enjoy the tranquility of birds chirping and privacy by being situated on Richard's Marsh Park. Upstairs we have a bright spacious kitchen and eating area with a view of the marsh, new dishwasher, lots of cupboards, pull-out shelves in pantry and ceramic tile floors. Master bedroom has additional closet space and pocket door to main 4 piece bathroom. Another additional bedroom that can also be used as a den. Laundry room with pedestal

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March is typically the start of the busy season in Real Estate and this March wasn’t particularly unusual in this respect. Fewer homes sold in March on Vancouver Island compared to the same month last year, but increased compared to February. The much-anticipated easing of restrictions could be the culprit of any missing bounce in the early spring market as many people feel more comfortable travelling. In the meantime, inventory crawled upwards.

Digging into the Numbers, there were 1,588 total sales on Vancouver Island in the month of March. Of those 1,588 sales, 755 of them were in the Vancouver Island Real Estate Board (VIREB) area and the rest were in the Victoria Board area (VREB). Of those 755 sales in the VIREB area, 528 were single-family homes,

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Reviewing February and early April of the Victoria Real Estate market we see that there may be early tremors of that long-anticipated phenomenon: market change. While we are currently still very much in tight and heavily seller-leaning conditions, there are speculative reasons that things could be slowing down. While the data still points to things continuing as per “new normal”, ie: record low inventory, more buyers than sellers (and a high ratio at that), and multiple offer bidding; there are some shimmers in the crystal ball. 

For one thing, much like other investment vehicles, individuals look at data, while the market itself is actually driven by social perception. A rising market is when buyers are saying: “If I don’t buy today I will have to

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May30-1  

Canadian Employment (March 2022) - April 8, 2022

Canadian employment rose by 73,000 (+0.4%) in March hitting a fresh record for employment, according to Statistics Canada. The labour market is increasingly tight, with the Canadian unemployment rate declining to 5.3%, the lowest rate on record since comparable data became available in 1976. The total hours worked rose 1.3% in March while average hourly wages were up 3.4% on a year-over-year basis, up from 3.1% in February. Wage gains are below the inflation rate, however, which clocked in at 5.7% year-over-year in February. 

Public health measures continued to ease prior to the survey reference week in March, driving labour market gains. Employment growth occurred in both the

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