The BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for March 2020 is -3.1 percent, down from 1.4 percent annual growth in February. We have also included a flash estimate for April 2020 of -10.0 percent reflecting the impact of the COVID-19 pandemic. That estimate will change as the full April dataset becomes available.

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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

Canadian Real GDP Q1 2020 - May 29, 2020

The Canadian economy contracted 8.2 percent at a quarterly annualized rate in the first quarter, including a 7.2 percent decline in March following the paralysis of economic activity brought on by the COVID-19 pandemic. Household spending fell 2.3 percent, the steepest drop ever recorded, while exports were down 3 percent and government spending fell 1 percent due to school closures and government curtailments.  Total housing investment was down 0.1 percent, with both renovation spending and ownership transfer costs falling. New home construction, however, rose 1.6 percent.

As dramatic as the first quarter decline appears, it will almost certainly be overshadowed by the potential for a  30 percent or

Beautifully Updated Family Home with Mortgage Helper

The updates are nearly endless on this beautiful family home situated in a quiet cul de sac just steps from the Gorge Park and inlet, boasting a mortgage helper 2 bedroom suite (vacant, choose your own tenants) with separate outdoor space.

Upstairs you will find 3 nicely appointed bedrooms and a 5 piece bathroom, large bright living space, and kitchen (not updated) W/ access to a massive, sunny, South West facing patio and back yard.

Perfect for entertaining, BBQing, and enjoying an evening cocktail.

Downstairs you will find the self-contained suite, 4 piece bath, and living space open to a full kitchen.

Upgrades include but are not limited to the heat pump, double pained vinyl

Parkside Place Condo

Centrally located Parkside place is a family-friendly complex that includes an outdoor pool, playground, and green space. 

Right across the street from Tillicum mall offering shopping, movie theatres, restaurants and more this is a prime location.

Top floor, corner spacious unit with an updated kitchen featuring stainless steel appliances and solid maple cabinets. 

Desirable floorplan with the two bedrooms situated so that no walls are shared with the neighbours.

No stackable small laundry here, you have a real laundry room, in-suite storage, and a private deck. Strata fee includes your heat and hot water. 

On major bus routes for a quick commute to downtown, Camosun and UVIC, and only steps to the

Bright and Sunny Ground Floor Garden Suite

Welcome to the Magnolia House, Situated on a quiet and beautiful tree-lined street one block from Dallas Rd and Holland Point Park, Harrison Yacht Pond, and of course the Seaside.

Get your creative juices flowing with this beautiful South facing James Bay ground floor garden suite in need of updating but priced accordingly.

This quiet and beautifully landscaped property with well-managed Strata and only 13 suites has recently replaced windows and patio doors as well as exterior brick masonry.

You'll love the layout of this large corner unit with bedrooms on opposite sides providing plenty of privacy, in-suite storage room, laundry, two full bathrooms, large south facing patio with a

Executive Rancher in Desirable Dean Park with Private and Pastoral Views

Executive Rancher in desirable Dean Park.     

This stunning home has been very well maintained and boasts southern exposure with multi-level decks overlooking a private beautifully landscaped yard on a large .35 of an acre lot with distant views of the Olympic Mountains and backs onto Agricultural Reserve Land.   

The home is on one level and with a gorgeous kitchen renovation features custom maple cabinetry, stone countertops, built-in appliances and is open to the dining area and great room which is a bonus for entertaining.   

This home features:

• exotic Brazilian Cherry Wood floors
• fireplace in the great room
• skylights for added natural light

Premium Executive Luxury Home on Private Acreage

Enjoy Premium Luxury Living on Peaceful, Private Acreage with pastoral outlook in this newly custom constructed one level living residence. 

The spacious and open plan great room is home to an amazing kitchen, large island, dining, and living room. It's massive windows, sliders, and 13-foot high ceiling capture abundant natural light and the peaceful view and open to the covered over 800 square foot patio/outdoor living space too. 

Lengthy list of premium quality features including engineered in-floor radiant heating, Kitchen-aid and Wolf appliances and quartz counters. 

The epic master suite is decadent with spa-inspired ensuite including his and hers sinks and a massive

Canadian inflation, as measured by the Consumer Price Index (CPI) fell by 0.2 percent in April year-over-year, down from a 0.9 percent gain in the previous month. This was the first year-over-year decline in the CPI since September 2009. Energy prices were the main drag on inflation due to the drop in global demand, excluding this category, national CPI rose by 1.6 percent year-over-year. Prices were also down for transportation (-4.4%), clothing and footwear (-4.1%) and recreation and education (-0.7%). In contrast, prices (3.4%) for food accelerated in April. The Bank of Canada's three measures of trend inflation fell 0.1 percentage points, averaging 1.8 percent in April. The CPI was negative in all provinces except for Quebec and BC.  

In

Watch BCREA Chief Economist Brendon Ogmundson discuss the April 2020 statistics.

Click here to visit BCREA's YouTube channel. Read the news release here. 

For inquiries regarding statistical and economics-related news releases,
please contact:  

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 demonstrate the profession's commitment to improving Quality of Life in BC

Housing Market Slows, but Resilient in Response to Pandemic

Vancouver, BC – May 13, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 3,284 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April 2020, a decline of 50.8 percent from April 2019. The average MLS® residential price in BC was $737,834, a 7.8 percent increase from $684,430 recorded the previous year. Total sales dollar volume in March was $2.4 billion, a 46.9 percent decrease over 2019.

"We expected to see a sharp drop in sales for April as we confronted the COVID-19 pandemic,” said BCREA Chief Economist Brendon Ogmundson. “However, buyers and sellers are adapting to a new normal, and activity should pick up as the