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Market Update

Found 58 blog entries about Market Update.

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July 2  

COVID-19 Reopening Dashboard - July 2, 2020

The BCREA Economics team has created the COVID-19 Reopening Dashboard to help REALTORS® monitor the evolution of the BC economy as the province gradually reopens. This dashboard focuses on the sectors and activities that have been most significantly impacted by the pandemic and the province’s subsequent state of emergency.

To monitor the province’s progress toward a “new normal,” we benchmark each indicator to February 2020, the month before the pandemic was declared. This dashboard will be updated each month.

BCREA's COVID-19 Reopening Dashboard is available here.

For more information, please contact:

Kellie Fong
Economist
778.357.0831
kfong@bcrea.bc.ca 

BCREA is the professional association

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june20-1 june20-2  

Canadian Retail Sales (April) - June 19, 2020

Seasonally-adjusted Canadian retail sales fell by a staggering 26% in April to $35 billion. The largest drop since the data became available in 1991. About one-third of retailers were closed in April, while in the clothing subsector it was 70%. Sales were down in all subsectors for the first time since 1993, led by auto dealers (-44%), gas stations (-32%), and food and beverage stores (-13%). 

Sales were down in all provinces for the second consecutive month in April, leading the decline were Ontario (-33%) and Quebec (-28%). In BC, seasonally-adjusted retail sales were down by 21% at $5.6 billion, while Vancouver sales were down by 24%. All subsectors were hit hard with the largest monthly

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june17-1 june17-2  

Canadian Inflation (May) -June 17, 2020

Canadian inflation, as measured by the Consumer Price Index (CPI) fell by 0.4 percent in May year-over-year. This was the second consecutive month of decline in the CPI since the summer of 2009. Transportation prices were the main drag on inflation due to lower gas prices compared to the same time last year. Rents also declined for the second consecutive month, as physical distancing measures and high unemployment dampened demand, while the conversion of short-term rentals to long-term rentals increased supply. Mortgage interest costs also declined as banks lowered rates in tandem with falling bond yields and a lower Bank of Canada policy rate. In contrast, food prices continued to increase in

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

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

 

For more information, please contact:

Brendon Ogmundson
Chief Economist
604.742.2796
bogmundson@bcrea.bc.ca 

The Housing Market Update video webcast is produced monthly by the British Columbia Real Estate Association. Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: "Copyright British Columbia Real Estate Association. Reprinted with permission." BCREA makes no guarantees as to the accuracy or completeness of this information.

 BCREA is the

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june82020  

Canadian Housing Starts (May) - June 8, 2020

Canadian housing starts rebounded by 16.2% m/m to 193,453 units in May at a seasonally adjusted annual rate (SAAR). Notably, Quebec was not included in last month's numbers, as the province shut down its construction sector due to the pandemic. Outside of Quebec, housing starts decreased in May. The trend in national housing starts fell to an average of 197,000 units SAAR over the past six months. 

In BC, housing starts rose by 29% m/m to 38,043 units SAAR, following a 14% fall in the previous month. The increase was entirely driven by multi-units (42%), while singles decreased (-5%). Although housing starts in BC have been trending downwards since last summer, they are still not at levels seen

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Following significant declines in sales activity beginning in mid-March, sales activity has been on the increase since mid-April. The pent up demand became apparent in the Victoria Real Estate Market as total sales volume increased by 59.2% in May 2020 from April. Still well below normal levels, there were only 457 properties sold in May, 46.1% less than the same month the previous year. As the Realtors find ways to provide services safely and the public feel increasingly comfortable to venture out, sales activity is returning to a new normal. There were 254 single family units sold and 108 condo units (down 55.7% and 42.9% respectively from the previous year).

While board-wide sales were down, our The Neal Estate Team sales partners outpaced the

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The Vancouver Island Real Estate Board saw a surge in sales as restrictions eased in May 2020. While not back to pre-COVID numbers, the board had a 23.1% increase in single-family home sales compared to April reaching 246 sales (still down 46% from May 2019). Condo sales were up 61.3% from April with 44 units sold, 56% down from the previous year. Although sales volume was down across the board, The Neal Estate Team, thanks to our Coming Soon Program, outpaced the market and actually increased our number of sales from the same month last year.

The number of active single-family home listings on the market at the end of May 2020 was 14% lower than May 2019 with 1,282 homes available. Condo inventory on the other was up 21% compared to last year with 410

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Bank of Canada Interest Rate Announcement - June 3, 2020

The Bank of Canada held its overnight rate at 0.25 percent this morning, a level it considers it's effective lower bound. In the statement accompanying the decision, the Bank noted that incoming data seems to signal that the impact of COVID-19 on the economy has peaked, though there remains significant uncertainty regarding the outlook. The Bank further commented that the Canadian economy appears to have avoided the most severe scenario the Bank had previously presented as a possible outcome of COVID-19, though it does expect a 10-20 percent decline in the level of GDP in the second quarter.  However, positive growth is expected to resume in the third quarter.

Like the Bank, BCREA is

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bcrea nowcast

May30-2

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.

 

Download the full report (PDF) 

For more information, please contact:

Brendon Ogmundson
Chief Economist
604.742.2796
bogmundson@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

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May30-1  

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

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