BC Monthly Real GDP Estimate for July 2020 & Preliminary Estimate for August 2020 (Updated: September 30, 2020)

The BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for July is -4 per cent. For comparison, the Canadian economy contracted 4.9 per cent year-over-year in July.

We have also included a preliminary estimate for August 2020 of -3.2 per cent. While year-over-year growth remains negative, the rate of decline is slowing as the economy continues to improve on a monthly basis.

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BCREA is the professional association for

Canadian Monthly Real GDP (July)  - September 30, 2020

Canadian real GDP grew 3 percent in July, following a record 6.5 percent increase in June.  However, even after three consecutive months of strong growth, the Canadian economy remains about 6 percent below its pre-pandemic level of output.  All 20 Canadian industrial sectors posted increases in July, with the real estate sector surpassing its pre-pandemic level of GDP.

Statistics Canada's preliminary estimate for August's real GDP growth is 1 percent, which means that third-quarter real GDP growth is currently tracking at close to 10 percent, or about 40 percent on a quarterly annualized basis.  Still, even that unprecedented level of growth would still leave the Canadian economy about

COVID-19 Reopening Dashboard - Sept 29, 2020

The BCREA Economics team has created the COVID-19 Reopening Dashboard to help REALTORS® monitor the evolution of the BC economy as the province gradually reopens. This dashboard focuses on the sectors and activities that have been most significantly impacted by the pandemic and the province’s subsequent state of emergency. Homes sales in the province continued to be very strong in August, largely driven by pent-up demand from the spring. 

To monitor the province’s progress toward a “new normal,” we benchmark each indicator to February 2020, the month before the pandemic was declared. This dashboard will be updated each month.

BCREA's updated COVID-19 Reopening Dashboard is available here.

For

Fully Updated Four Bedroom Home Located on a Quiet Cul de Sac

Welcome to this nicely updated family home in Kinsmen Park located on a quiet cul de sac.

Everything has been done, newer windows, doors, roof, bathrooms, kitchen, flooring, lighting, etc. 

With 4 bedrooms, 2 bathrooms, a living room, and a family room, you will have plenty of space for your growing family. 

On the main floor, you'll find the living room with a cozy gas fireplace, the spacious bright kitchen is open to the dining area, along with Stainless Steel appliances and a gas stove. 

There is also a 4th bedroom on the main floor, which could be used as a den, and another full bathroom.

The laundry area is located on the main floor as well. 

The upper

Click here to view the September 2020 Mortgage Rate Forecast.

Highlights:

• 5-year fixed mortgage rate falls under 2 percent
• Canadian economic recovery entering recuperation phase
• Bank of Canada on hold until 2023?

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BCREA is the professional association for more than 23,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research, and standard forms to help REALTORS® provide value for their clients.

To

Open Concept Condo with Views of the Inner Harbour

Welcome to 'The Encore' in the highly desirable Bayview Place built by Prestigious Bosa properties.  

A concrete and steel building that offers an array of amenities including a full-time concierge, fully equipped gym, outdoor heated pool, heated cabanas, fireside lounge complete with large screen TV, outdoor dining, and even a furnished guest suite.  

Unit 209 is a top floor open concept suite that is centered in the building for optimal views of the pool and outdoor areas as well as the inner harbour and parks below.  

A modern design to take full advantage of the space you have a completely private primary bedroom and a sleep theatre that strategically hides a guest bed behind

Canadian Retail Sales (July) - September 18, 2020

Retail sales rose for the third consecutive month in July by 0.6% on a seasonally-adjusted basis, close to Statistic Canada's preliminary estimate of 0.7%. This marks a deceleration from the 23% rise in June and a 21% rise in May, as stores were reopening. Sales were up in 6 of 11 subsectors, led by higher sales at auto dealers and at gas stations. Excluding these two subsectors, retail sales declined by 1.2%. Compared to the same time last year, retail sales were up by 5%.    

Sales were up in five provinces in July, the most notable increases were in BC, Manitoba, and Alberta. In BC, seasonally-adjusted retail sales were up by 2.1% ($7.6 billion) and by 0.9% ($3.4 billion) in

Large 2 Bed + Den Condo on the Gorge Waterway.

This spacious, warm inviting condo with over 1000 sq. ft. of waterfront living can be yours!

This rentable condo has 2 large bedrooms with the Master boasting it's own 4 piece ensuite and walk-in closet.

This lovely bright unit is move-in ready. 

Other notable features in the suite include a  large balcony, a second bathroom, and in-suite laundry.

The tastefully landscaped grounds (private waterfront picnic and bbq area), as well as the indoor swimming pool, sauna, tennis court, and racquetball court, will be the envy of your friends and family.

Invite them over so together you can all enjoy the easy access to walking trails, Victoria Canoe and Kayak Club, Gorge Vale Golf Course,

Canadian Inflation (Aug) - September 16, 2020

Canadian inflation, as measured by the Consumer Price Index (CPI) rose by 0.1% in August year-over-year, matching last month's increase. Excluding gasoline, the CPI rose by 0.6%. Prices rose in five of eight components year-over-year with notable increases in food, shelter, and personal care, while prices continued to fall for transportation, clothing and footwear, and recreation. The Bank of Canada's three measures of trend inflation rose by 0.1 percentage points, averaging 1.7% in August. 

Regionally, the CPI was positive in five provinces. In BC, CPI rose by 0.2% in August year-over-year, matching last month's increase. Prices continued to rise for alcohol/tobacco/cannabis, food, shelter,

BC Housing Markets Heat Up as Summer Ends

Vancouver, BC – September 14, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 10,172 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August 2020, an increase of 42.8 per cent from August 2019. The average MLS® residential price in BC was $771,309, a 12.7 per cent increase from $684,093 recorded the previous year. Total sales dollar volume in August was $7.8 billion, a 61.1 per cent increase over 2019.

“Very strong provincial home sales continued in August,” said BCREA Chief Economist Brendon Ogmundson. “While pent-up demand from the spring is driving much of the increase, we anticipate a sustained strong level of sales through