Housing Market Slows, but Resilient in Response to Pandemic

Vancouver, BC – January 12, 2022. The British Columbia Real Estate Association (BCREA) reports that a record 124,854 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2021, a 32.8 per cent increase from the 94,001 units sold in 2020. The annual average MLS® residential price in BC was $927,877, an 18.7 per cent increase from $781,572 recorded the previous year. Total sales dollar volume was $115.8 billion, a 57.7 per cent increase from 2020.

“Last year was a record year for BC homes sales with seven market areas setting new highs,” said BCREA Chief Economist Brendon Ogmundson. “Listings activity could not keep up with demand throughout the year. As a

Private Home in the Highly Desirable James Bay Area

Welcome to 116 Simcoe Street in the highly desirable James Bay area only minutes to downtown Victoria and one block to Dallas Road oceanfront.

The two-bedroom home offers complete privacy on a quiet safe road with an easy walk to town, the Breakwater, and Beacon Hill.

South facing one-level living provides all the space you need while still feeling quaint and maintaining the Victorian architectural feel.

As you enter you are greeted by a large family room complete with charming original insulated wood floors a cozy fireplace and large bay windows looking out over the yard. 

On your right, there are oversized glass doors leading to a completely closed in courtyard styled

BC Monthly Real GDP Estimate for June 2020 & Preliminary Estimate for July 2020 (Updated: August 28, 2020)

The BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for October 2021 is 5.2 percent. For comparison, year-over-year growth in the Canadian economy in September was 3.9 percent. The preliminary estimate for November 2021 is 4.1 percent. The BCREA Nowcast estimate of average growth in the BC economy through the first 11 months of 2021 is 6.3 percent. In 2020, the Nowcast estimate of annual growth was -2.6 percent vs actual real GDP growth of -3.4 percent.

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Immaculate 2 bed 2 bath condo!

Original owners have kept this unit in immaculate condition over the past 28 years.

With 2 bedrooms and 2 bathrooms, you'll enjoy the space.

It's located on the quiet side of the building with a view of a beautiful magnolia tree from your balcony.

You'll love the spacious layout, the private balcony, and the cozy gas fireplace.

The primary bedroom has a walk-through closet and 4 piece ensuite.

There's in-suite laundry along with a storage area in the unit.

This lovely unit comes with a secured underground parking stall plus covered guest parking and a storage unit as well.

Find Out More About 207-535 Manchester Road

Canadian Retail Sales (October 2021) - December 21, 2021

Canadian seasonally-adjusted retail sales rose 1.6% to $57.6 billion in October. The rise was driven by a rebound in sales at motor vehicle and parts dealers (+2.2%) as new car sales (+2.8%) recovered from previous declines. The effects of the semiconductor shortage which had curtailed sales of new cars eased somewhat in October. Preliminary estimates, based on roughly 40.9% of respondents reporting so far to Statistics Canada, indicate that retail sales rose 1.2% in November.

In BC, seasonally-adjusted sales rose 0.3% in October. Compared to the same month last year, retail sales were up 1.6% in the province. Clothing sales rose the largest amount on a year-over-year basis in

2 Bed 2 Bath beautifully renovated condo in heart of Goldstream

Beautifully renovated 2 Bed 2 Bath condo right in the heart of Goldstream!

The elevator takes you to the Top Corner unit where upon entering you will love the timeless style and updates throughout!

The attached electric fireplace with a detailed mantle sets the focal point of the bright living room with access through the french door to the deck.

Separate dining with a built-in bench creates that perfect niche.

The stunning new traditional white kitchen is built to optimize storage complete with pantry, quartz counters, granite sink, and newer appliances!

Primary bedroom with the BEST walk-in closet, large built-in drawers, and organizers.

Fitness area, roof top

Breathtaking Ocean, Mountain and City Views with over 7500 Sq.Ft.

Entering the grand gated stone entrance of this private cul-de-sac, it sets the backdrop for a Spectacular Ocean, Mountain and City view home.

It will captivate and take your breath away!

Soaring floor-to-ceiling windows capture the everchanging views in this 6 bed 8 bath home offering over 7500 sq.ft. including a fully contained in-law suite.

The main floor is designed for entertaining with double-sided fireplaces between dual lounge areas, open dining, kitchen with Bakers Island, prep sink, multiple ovens, and access to the large deck areas.

Stunning glass railings lead you to the upper floor to relax in your private quarters.

The lower level offers media and

Canadian Inflation (November 2021) - December 15, 2021

Canadian prices, as measured by the Consumer Price Index (CPI), rose 4.7% on a year-over-year basis in November, matching the rate in October. On a month-over-month basis, the CPI was up 0.2% in November. 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 November. Higher prices for gasoline (+43.6%), furniture (+8.7%) and food (+4.4%) were the main drivers of growth in the headline CPI. Continuing supply-chain difficulties continued contributing to price gains, but the flooding in BC had no effect as data was collected prior to the floods in November. In BC, consumer prices were

Canadian Housing Starts (November 2021) - December 15, 2021

Canadian housing starts rose to 301.3k units in November, reversing 5 months of consecutive declines. Housing starts were up by 62.9k (26.4% m/m) in November at a seasonally-adjusted annual rate (SAAR). Comparing year-over-year, starts were up strongly from November of 2020 (15% y/y). Single-detached housing starts dipped 1% in November to 73.3k, while multi-family and others jumped 38.9% to 228k (SAAR). 

In British Columbia, starts were up 9.8% in November, rising to 39.8k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts dropped 2.8% m/m to 7.2k units while multi-family starts offset this drop with a 13.7%

Inventory continued to decrease in November 2021 continuing a trend of historic under-supply in the Vancouver Island housing stock. Condo listings topped the drop with a 69% year-over-year decrease and a 23% decrease from October. Single family homes dropped 44% year-over-year and 24% from the previous month.

Sales volume, both due to seasonal factors and the highly restricted inventory, also decreased in November. Single-family homes specifically had 353 sales which was 16% fewer than last year. The condo segment saw 110 units change hands in November which was three units more than November 2020 and 12 sales less than October.

While demand is still relatively red hot in comparison to the amount of available listings, there may be some early