COVID-19 Recovery Dashboard - August 26, 2021

COVID-19 Recovery Dashboard - August 26, 2021

According to the COVID-19 Recovery Dashboard, in July most BC housing markets continued to calm from a peak in March. While sales and new listings continued declining, the seasonally adjusted 6-month moving-average for housing starts hit a record level in the province for a second consecutive month. Rents are also beginning to rise sharply in major centers across the province. The average rate for a 1-bedroom apartment rose 6.5% in Vancouver and 8.9% in Victoria in July.

Retail sales continue to post strong figures, with July sales 13% above February 2020 levels. Throughout the month of July and most of August, restaurant reservations have trended upward in Toronto, Montreal, and Vancouver. Google’s average measure of movement trends in BC are at the highest level since March of 2020.

Seasonally adjusted aggregate employment in BC is now at roughly pre-pandemic levels, although high-wage workers are still doing much better than low-wage workers. Manufacturing and exports continue to post very strong figures in the province, with both hitting record levels in July for a second consecutive month. Consumer confidence is approaching pre-pandemic levels, while business confidence is well-above pre-pandemic levels.

For a more comprehensive overview of BC's economic recovery, click here. 

About BCREA’s COVID-19 Recovery Dashboard
The BCREA Economics team has created the COVID-19 Recovery Dashboard to help REALTORS^® monitor BC’s economic recovery. This dashboard focuses on the sectors and activities that have been most significantly impacted by the pandemic, including:

• Housing Markets
• Retail, Restaurant Reservations and Movement
• Jobs and Hours Worked
• Manufacturing and International Trade
• Business and Consumer Confidences
• Tourism

To monitor the province’s progress, we benchmark each indicator to February 2020, the month before the pandemic was declared. This dashboard is updated each month.

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

For more information, 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 communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.