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Market Update

Found 292 blog entries about Market Update.

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May30-1  

Canadian Employment (August 2022) - September 9, 2022

Canadian employment declined by 40,000 (-0.2 per cent) to 19.527 million in August, falling for the third consecutive month. The Canadian unemployment rate also jumped by 0.5 to 5.4 per cent, rising from the lowest rate on record in the prior two months and up for the first time in seven months. Average hourly wages were up 5.4 per cent year-over-year, increasing from 5.2 per cent in June and July. Wage gains remain below the inflation rate, however, which hit 7.6 per cent year-over-year in the most-recent data. Total hours worked were unchanged in August, but are up 3.7 per cent year-over-year.

Employment in BC declined by 28.1k to 2.719 million in August, while Metro Vancouver's

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May30-1  

Canadian Monthly Economic Growth (Q2'2022) - August 31, 2022

The Canadian economy rose 0.1 per cent in June, up for the fifth consecutive month. Goods-producing sectors rose 0.1 per cent while services-producing industries were up 0.2 per cent. Canadian real GDP is now roughly 2.3 per cent above its pre-pandemic, February 2020 level. However, preliminary estimates suggest that output in the Canadian economy declined 0.1 per cent in July.

Growth in the second quarter of 2022 registered 3.3 per cent at an annualized rate from the prior quarter, rising for the fourth consecutive month. Growth was driven by increased business investment in inventories and household spending. As consumers returned to offices amid easing COVID restrictions,

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Vancouver Island Real Estate Overview - Vancouver Island is seeing a significant slow down in sales as buyers wait on the sidelines to see what will happen next. Rising interest rates have taken a chunk out of the affordability pie and hesitancy about what home prices will do in the near future have many not wanting to buy at a peak. Summer is typically a slower period in Real Estate and seeing how many buyers return in the spring will tell us a lot about the medium-range future of the market.

Digging into the Numbers - There was a total of 933 sales on all of Vancouver Island. 510 of those sales were in the Victoria area and you can read more about or Victoria report HERE. The rest of the sales were in the Vancouver Island Real Estate Board area

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Reviewing July and August to Date in the Victoria Real Estate Market - Both July and August have seen a huge decrease in property sales in Victoria as well as significant increases in inventory. And as of August 15th, Victoria is trending well under half last year's sales volume (12.6 sales per day compared to 28.8 sales per day in August last year). These numbers show a continuation of a slow down which was present in July and will likely continue at least until the end of the month and likely longer. This “slow down” relieved a lot of pressure from any buyers who are still out there looking and is considered by most to be a sign of a pretty reasonable market correction. The swift change has revealed lots of opportunities where there might not have

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May30-1  

COVID-19 Recovery Dashboard - July 28, 2022

In BC in June, home sales declined, while starts and new listings ticked upwards modestly. Sales fell in all areas of the province, with the lower mainland and Vancouver Island now below pre-pandemic levels. Rental costs in Vancouver and Victoria continue to rise broadly and remain elevated relative to most other points since the onset of the pandemic.

Retail sales rose in May to a new record. As of July, restaurant reservations in Vancouver are roughly at pre-pandemic levels. In BC, Google’s measure of movement trends is currently just 5 per cent below pre-pandemic levels.

Although aggregate employment has recovered in BC to pre-pandemic levels, the accommodation and

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Reviewing June and July to date in the Victoria Real Estate Market we see that the previously red hot sales have continued to stumble in a big way while inventory used the cooler climate to grow. The increasing inventory is great news for buyers, presenting more options and greatly reducing the occurrence of multiple offer bidding and properties selling over ask. That being said, inventory is still well below historical levels and any attempt at long-term stability will need to involve new housing products matching the pace of population growth. The more relaxed market conditions are mostly a result of a huge change on the demand side. Sales in June were way down and July has continued that trend. While the change in the market is refreshing for many,

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Vancouver Island Real Estate continued the trend of sliding sales and increasing inventory, with more options for buyers but hurdles in affordability with rising interest rates.

Digging into the Numbers, on all of Vancouver Island, there was a total of 1170 properties sold in June 2022 (both Victoria Real Estate Board (VREB) and Vancouver Island Real Estate Board (VIREB). For a closer look at VREB numbers click HERE. Looking at the VIREB numbers, of the total 558 sales in that area 408 were single-family homes, 82 were condos and 68 were townhomes. Here is a breakdown of year-over-year and month-over-month percentages for each property segment:

  Year/year Month/month
Single Family Dwellings -23% -10%
Condos -37%
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May30-1  

Canadian Housing Starts (June 2022) - July 18, 2022

Canadian housing starts fell by 8.3k (3 per cent) to 273.8k units in June at a seasonally-adjusted annual rate (SAAR). Comparing year-over-year, starts were down from June of 2021 (1.6 per cent). Single-detached housing starts declined 3.9 per cent to 72.1k, while multi-family and others fell 2.6 per cent to 201.8k (SAAR). 

In British Columbia, starts rose 34.6 per cent in June, rising to 56.4k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts declined 10.3 per cent m/m to 6.9k units while multi-family starts rose 48.4 per cent to 46k units. Starts in the province were 15.3 per cent below the levels from June 2021.

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May30-1  

Canadian Employment (June 2022) - July 8, 2022

Canadian employment declined by 43,000 (-0.2 per cent) to 19.597 million in June, falling for the first time since January. As a result of fewer people looking for work, the Canadian unemployment rate also declined by 0.2 to 4.9 per cent, the lowest rate on record for a fourth consecutive month. Average hourly wages were up 5.2 per cent on a year-over-year basis, increasing from 3.9 per cent in May and 3.3 per cent in April. Wage gains remain below the inflation rate, however, which hit 7.7 per cent year-over-year in the most-recent data. Total hours worked rose 1.3 per cent in June, the first increase since March 2022.

Employment in BC grew by 6.1k to 2.747 million in June, while Metro

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May30-1  

Canadian Inflation (May 2022) - June 22, 2022

Canadian prices, as measured by the Consumer Price Index (CPI), rose 7.7 per cent on a year-over-year basis in May, up from 6.8 per cent last month. This was the fastest growth rate since January 1983. According to Statistics Canada, price rises were broad-based, with groceries up 9.7 per cent year-over-year, gasoline up 48 per cent, and shelter costs up 7.4 per cent. Excluding gasoline, the CPI rose 6.3 per cent year over year in May. Month-over-month, on a seasonally-adjusted basis, prices were up 1.1 per cent, the fastest pace since the introduction of the series in 1992. In BC, consumer prices rose 8.1 per cent year-over-year. Average hourly wages grew 3.9 per cent year-over-year in

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