All Blog Entries by Ron Neal

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

Historically low inventory continues to angle property sales in a downward direction in the Victoria real estate market. The region only saw 653 total property sales (17.9% less than November last year) and it is still clear that demand is at least greater than inventory if not still red hot.

While it is typical for this time of year for the market to slow down a bit we are still seeing frequent if not commonplace multiple-offer situations which indicates that buyers are less deterred by typical seasonal factors. There are also other indicators that the drop in sales is not purely seasonal.

Single family homes, for example, sold 18.6% less than the previous month with a total of 276 sales, but total listings decreased a whole 149 available units

Serene Swan Lake Condo!

Welcome to this ground-floor, easily accessible corner unit in Carolyn Manor.

This lovely 2 bedroom, 1 bathroom ground floor unit has a rare, private wrap-around patio with direct access from your unit to parking and shared garden space.

The unit has a spacious living area and includes 1 parking stall, 1 storage locker, and secure bike storage.

The complex has shared laundry, however, there is a washer/dryer hook up in the unit if you would like to install in-suite laundry.

This is a great location being at the end of a quiet cul-de-sac and only a few minutes drive to downtown.

Nature and beautiful oak trees surround the property with Swan Lake a quick walk away.

This is a great opportunity for a

Canadian Employment (November 2021) - December 3, 2021

Canadian employment grew for the sixth consecutive month in November according to Statistics Canada, rising by 154,000 to 19.316 million (0.8%, m/m). Canadian employment had recovered to its pre-pandemic level in September and is now roughly 1% above that level. Since the prior survey period, public health measures were largely unchanged except for some capacity limits and distancing requirements being further eased in Ontario and Quebec. 

Employment gains in November were quite widely distributed across sectors of the economy. Employment increased in both the services-producing sector (+127,000) and the goods-producing sector (+26,000), while the employment rate for women aged

Commercial Leading Indicator Dips in Third Quarter 2021

The BCREA Commercial Leading Indicator (CLI) fell from 155.4 to 150.9 in the third quarter of 2021, representing the first decline since the economy began recovering from the COVID-19-induced recession. Compared to the same time last year, the index was up by 9 percent.

It is important to note that while the economy generally continues recovering strongly, we are still in a very abnormal and uncertain environment for commercial real estate. Therefore, the strong economic and employment growth we have seen in previous quarters may not translate directly to improved conditions in the commercial real estate market.

The CLI declined in the third quarter due to a drop in the economic