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Market Update

Found 136 blog entries about Market Update.

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Canadian Real GDP Growth (Q4'2020) - March 2, 2021

The Canadian economy expanded at a 9.6 percent annual rate in the fourth quarter of 2020. Growth was led by increased government spending, business investment, and investment in new home construction and renovations as well as a large change in business inventories as large drawdowns of inventory from previous quarters reversed.  For 2020 as a whole, the Canadian economy shrank 5.4 percent, the steepest decline since quarterly GDP data were first recorded in 1961. Interestingly, the household savings rate registered 12.7 percent, the third consecutive quarter of double-digit saving rate.  Remarkably, total household savings in 2020 matched the cumulative savings of the previous seven years

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Commercial Indicator Reaches High in Q4 2020

The BCREA Commercial Leading Indicator (CLI) reached a new high since the start of the series in 1999. The CLI rose from 139 to 144 in the fourth quarter of 2020, representing the second consecutive increase after four consecutive quarterly declines. Compared to the same time last year, the index was up by 5 percent.

Although the CLI is responding to a sharp rebound in economic, financial, and employment conditions, there is more here than meets the eye. Growth in these conditions would normally imply an improvement in demand for retail and office space. However, the complexities of the COVID-19 pandemic and related public health restrictions are driving a wedge between what we see in the

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bcrea nowcast

BC Monthly Real GDP Estimate for December 2020 & Preliminary Estimate for January 2021 (Updated: March 2, 2021)


The BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for December is 0.3 percent. For comparison, output in the Canadian economy was almost 3 percent lower year-over-year in December. The preliminary estimate for January 2021 year-over-year growth is 0.5 percent. We estimate that the BC economy contracted at a 5 percent rate in 2020, while the Canadian economy shrank by 5.4 percent.

Download the full report (PDF)

For more information, please contact:

Brendon Ogmundson
Chief Economist

BCREA is the professional

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This month’s COVID-19 Recovery Dashboard shows that home sales once again set a record. While sales were strong across the province, the Fraser Valley, Thompson Okanagan, and Vancouver Island regions shattered previous sales records and pushed January sales to new heights. The rise in COVID-19 cases and enhanced health restrictions have slowed employment recovery in select sectors, particularly in hospitality. Meanwhile, the number of people employed in higher-wage positions continues to increase, encouraging housing demand. Manufacturing and trade are back to pre-pandemic levels, which bodes well for BC's economic growth going forward. For a more comprehensive overview of BC's economic recovery, click here

About BCREA’s COVID-19

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Canadian Inflation (Nov) - December 15, 2020

Canadian retail sales fell in December by 3.4% m/m on a seasonally-adjusted basis. This is the first decline since April 2020. Sales were down in 9 of 11 subsectors, representing 84% of retail sales. Compared to the same time last year, retail sales were up by 3.3%.  
Sales were down in all provinces for the first time since April 2020. In BC, seasonally-adjusted retail sales fell by 2.2% ($7.9 billion) and by 2.1% ($3.5 billion) in Vancouver. Contributing the most to the decline were sales at auto dealers. Compared to the same time last year, BC retail sales were up by 8.9%.   

In December, Canadian e-commerce sales totaled $4.7 billion, reaching a record high and accounted for 7.8% of

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Canadian Inflation (Jan) - February 17, 2021

Canadian inflation, as measured by the Consumer Price Index (CPI) rose by 1.0% in January year-over-year. The increase was largely due to higher gasoline prices (6.1%). Excluding gasoline, the CPI rose by 1.3%, which is up from 1.0% in December. Prices rose in seven of eight components year-over-year in January. Growth in the Bank of Canada's three measures of trend inflation inched up slightly, averaging 1.5%. 

Regionally, the CPI was positive in eight provinces, led by Newfoundland and Labrador (1.5%). In BC, CPI rose by 1.1% in January year-over-year, up from December's increase of 0.8%. Strong price growth continued for health and personal care and shelter. Home furnishings also pulled

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Canadian Housing Starts (Jan) - February 16, 2021

Canadian housing starts increased by 23% m/m to 282,428 units in January at a seasonally adjusted annual rate (SAAR), following a 12% decrease in the previous month. Housing starts increased in 6 of 10 provinces with the strongest gains in Quebec and Ontario. January's strong performance increased the six-month moving average to a historic high of 244,963 units SAAR.  

In BC, housing starts decreased by 17% m/m to 35,931 units SAAR in January, following a 12% decrease in the previous month. Building activity was down by 28% for multi-unit starts, while single-detached starts were up by 38% in January. Compared to the same time last year, housing starts were up by 24% in BC. 

We can expect

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Record low inventory coupled with persistent demand continued on into the new year. The Vancouver Island Real Estate Board area, in the first month of 2021, had 286 single family homes sold, up 66% from the same month last year. Condo sales also increased year over year as many buyers were pushed into this segment (up 46%). In a slight respite from the flurry of activity though, sales were actually down 5% and 26% respectively, compared to December 2020 board-wide.

Very likely, the slight decrease in sales from December to January is actually a product of the dwindling inventory. The end of January saw 420 active single family homes available on the market (compared to 421 at the end of December) and 212 condos (down 9% from December). January is

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A Record-Setting Start to 2021

stat release may 13 2020  

Vancouver, BC – February 11, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 7,169 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January 2021, an increase of 63.3 per cent over January 2020 and over a thousand sales higher than the previous record for the month of January. The average MLS® residential price in BC was $845,169, a 16.1 per cent increase from $728,269 recorded in January 2020. Total sales dollar volume was $6.1 billion, an 89.6 per cent increase from last year.

“It was once again a record-setting month for the provincial housing market,” said BCREA Chief Economist Brendon Ogmundson. “While sales were strong across all regions of

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The Victoria Real Estate market continued strong out the gate in 2021. Selling 57.2% more units than the same month the previous year, January 2021 came in at a total of 646 sales. Our team had our busiest January on record selling 2.3% of all properties sold in VREB or 1 in every 43 sold in Janaury! The most significant bump in year over year sales was in the condo segment which was up 83.1% with 216 sales compared to January last year. There was a higher volume of single family homes sales with 297 units changing hands, but only 48.5% more than Jan 2020. Of course the sales data here does not necessarily reflect the current demand. It is likely that there simply wasn’t enough single family listings on the market to keep up with the demand in that

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