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Victoria & Vancouver Island Real Estate Blog

Victoria & Vancouver Island Real Estate Blog

The Vancouver Island Real Estate Market continues to struggle with frustration stemming from low inventory pressures. As a result of how few homes are available, the number of sales continues to decrease as well, although not enough to give reprieve on the inventory side of the ledger.

Single family home sales were down 23% in October compared to October the previous year with 398 sales. Condos were down 6% in the same time period with 122 sales and townhomes were down 10% with 88 unit sales. It is fairly safe to assume those numbers would increase if there were simply more options for buyers.

Listings of single family homes were down 46% from last year and 18% from September 2021. This segment has been hit particularly hard as buyers are

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bcrea stats release

BC Housing Market at Historically Low Level of Supply

stat release may 13 2020  

Vancouver, BC – November 10, 2021. The British Columbia Real Estate Association (BCREA) reports that a total 9,593 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October 2021, a decrease of 13.7 per cent from October 2020. The average MLS® residential price in BC was $964,777, an 18.9 per cent increase from $811,307 recorded in October 2020. Total sales dollar volume was $9.3 billion, a 2.6 per cent decline from the same time last year.
“The story across the province continues to be the record low number of listings,” said BCREA Chief Economist Brendon Ogmundson. “Rising mortgage rates should start to temper sales activity next year, but even with a

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Pristine 5-bedroom, 2.5-bathroom home in the South Jingle Pot Area 

marinacres103cs

Pride of ownership exudes in this pristine 5-bedroom, 2.5-bathroom home in the South Jingle Pot area conveniently located on a quiet cul-de-sac, close to the Nanaimo Recreation/Aquatic Centre, Vancouver Island University, transit, and schools.

No expense has been spared with the first-rate updates to this home.

Main floor has an open floor plan with cherry wood cabinets in the kitchen, a spacious island and matching window trims with quality window coverings, a bright living area with a gas fireplace and a bay window, beautiful Brazilian cherry wood hardwood and tile flooring, attractive paint color schemes in each room, LED lighting throughout, new ceilings and

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May30-1  

Canadian Employment (October 2021) - November 5, 2021

Canadian employment grew for the fifth consecutive month in October according to Statistics Canada, inching up by 31,000 to 19.162 million (0.2%, m/m). Canadian employment had recovered to its pre-pandemic level in September and remains above that level in October. Since the prior survey period, proof-of-vaccination initiatives continued to be implemented in workforces across the country while capacity limits were lifted. 

Across Canada, employment gains in retail trade (+72,000) were offset by declines in accommodation and food services (-27,000). The gains in retail trade pushed employment in this sector back to its pre-pandemic level in October. The Canadian unemployment rate

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Family Home w/ Mortgage Helper and Views

marinacres103cs

This 4 Bed + Den, 3 Bath family home includes 1 bed/1 bath separate suite w/ own entrances and fully fenced yards.

The main living areas face the unstoppable view with sunshine all day long and the most incredible sunsets.

From your deck, kitchen, or living room windows eagles, Olympic Mountains, and the Pacific Ocean fill your gaze... you are in a little part of heaven.

The wood stove and upper wood fireplace keep you cozy and save heating costs too!

The generous 2 car garage and a driveway give you level parking for 6 vehicles and a carport shelter for your RV or Boat.

In the area a few minutes away, you can be hiking in East Sooke Park or Mt. Matheson.

Like to fish - Sooke Harbour

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bcrea nowcast

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

  aug31

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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May30-1  

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

marinacres103cs

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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May30-1  

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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