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Employment in Canada was essentially unchanged in April following a surge of job growth in March. Total employment fell by 2,100 jobs and the national unemployment rate held steady at 7.1 per cent.  Total hours worked, which is closely associated with economic growth, increased by 0.9 per cent over the past 12 months.Employment in BC continued to expand, rising by 13,000 jobs in April which hel…

Last month was the highest selling April on record for Metro Vancouver.Residential property sales in the region totalled 4,781 in April 2016, an increase of 14.4 per cent from the 4,179 sales recorded in April 2015 and a decrease of 7.6 per cent compared to March 2016 when 5,173 homes sold.April sales were 41.7 per cent above the 10-year sales average for the month.“Home buyer competition r…

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Vancouver, BC – March 14, 2016. The British Columbia Real Estate Association (BCREA) reports that a total of 9,637 residential unit sales were recorded by the Multiple Listing Service® (MLS®) last month, up 44.7 per cent from February of last year. This smashed the previous record of 8,157 unit sales for the month of February recorded in 1992. Total sales dollar volume was $7.51 billion in Februa…

The Canadian economy got off to a fast start in 2016 as real GDP expanded 0.6 per cent in the month of January, the fourth consecutive monthly increase. Output was led higher by gains in the manufacturing, oil and gas extraction, retail trade and finance industries. Given the strong start to the quarter, economic growth is tracking at a more than 3 per cent rate for the first quarter.The Canadi…

US Non-farm payrolls increased for a record 73rd consecutive month in March, rising by 215,000 jobs.  The US unemployment rate edged slightly higher to 5 per cent.  Over the past three months, the US economy added an average of 209,000 jobs per month.The US economy is steadily growing and producing jobs at a good but not spectacular pace. Wage growth is low but seems to be increasing and inflat…

The Bank of Canada announced this morning that it is maintaining its overnight rate at 0.5 per cent. In the press release accompanying the decision, the Bank noted that inflation is evolving as anticipated but that a weak economy will continue to dampen growth in consumer prices. Overall, the Bank judges that risks in the economy are roughly balanced, though financial vulnerabilities have increas…

Canadian housing starts jumped close to 30 per cent in February following a dip in activity to start the year. Total housing starts were 212,594 units at a seasonally adjusted annual rate (SAAR).   The six-month trend in Canadian housing starts of 198,880 was up slightly.Housing starts in BC were the highest on record in February, reaching an astounding 50,780 units SAAR. The record-setting pac…