COVID-19 Recovery Dashboard - October 26, 2021
Posted by Ron Neal on Tuesday, October 26th, 2021 at 7:00pm.
COVID-19 Recovery Dashboard - October 26, 2021
In September, sales, new listings and housing starts in BC all declined somewhat from August, extending the calming trend relative to peaks in March. While MLS® sales rose slightly in most regions of the province, a decline in the large market of the lower mainland caused a decline overall. Rental rates remain elevated in Victoria and Vancouver relative to pre-pandemic levels amid generally high consumer price appreciation.
Retail sales in BC rose in August to a fresh record, with sales 8.6 per cent above the same month last year. As of October, restaurant reservations in Vancouver are near the highest level since the onset of the pandemic, at roughly 80 per cent of the pre-pandemic level. This contrasts with a drop in reservations in Montreal and Toronto relative to post-pandemic peaks in late August. In BC, Google’s measure of movement trends remains high, although below the peak in late summer, currently about 14 per cent below pre-pandemic levels.
Although aggregate employment has recovered in BC to pre-pandemic levels, the accommodation and food service sector is about 9 per cent below the pre-pandemic level. The labour market has served high-income workers much better than low-income workers. Employment in high-income industries is about 10 per cent above pre-pandemic employment levels, while employment in low-income industries is about 6 per cent below pre-pandemic employment levels. Manufacturing in BC dropped for a second month in August mostly due to a 18 per cent drop in sales of wood products. Exports in the province edged up in August, while imports surged 21 percent to a fresh record. Consumer and business confidence in BC contracted slightly in September amid new COVID-19 restrictions. In August, US tourists finally began reentering the province, hitting roughly 20 per cent of the February 2020 level.
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:
Ryan McLaughlin Economist 604.366.6511 rmclaughlin@bcrea.bc.ca |
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.
Talk to our team to learn more
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The Neal Estate Group is your #1 source for all of your Victoria BC real estate needs. Get in touch with us online or by phone at (250) 386-8181 to speak with a Victoria real estate buying or selling expert today. With decades of experience as a top selling Victoria REALTOR® and ranked in top 1% globally with over 5,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Group have the industry experience and market knowledge to help you make smart and informed buying or selling decisions.