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Apr 28, 2016

Bank of Canada Interest Rate Announcement – March 9, 2016

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 incre…

Apr 28, 2016

Canadian Housing Starts – March 8, 2015

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 p…

Apr 28, 2016

March sales set an all-time record

Metro Vancouver home sales eclipsed 5,000 in March for the first time on record.Residential property sales in the region totaled 5,173 in March 2016, an increase of 27.4 per cent from the 4,060 sales recorded in March 2015 and an increase of 24 per cent compared to February 2016 when 4,172 homes sold.Last month’s sales were 56 per cent above the 10-year sales average for the month.“March …

Mar 15, 2016

Homes Sales Off to a Strong Start in 2016

Vancouver, BC – February 12, 2016. The British Columbia Real Estate Association (BCREA) reports that a total of 5,831 residential unit sales were recorded by the Multiple Listing Service® (MLS®) last month, up 33.2 per cent from January of last year. Total sales dollar volume was $4.39 billion in January, up 69.1 per cent compared to the previous year.The average MLS® residential price in the…

Mar 15, 2016

Canadian Manufacturing Sales – February 16, 2016

Some good news for the Canadian economy this morning as Statistics Canada reported manufacturing sales increased 1.2 per cent in December, the second consecutive monthly advance.  Sales were led higher by gains in the motor vehicle, wood product and chemical product industries. However, for all of 2015, manufacturing sales were down 1.5 per cent, posting the first annual decline since 2009, as …

Mar 15, 2016

Canadian Retail Sales and Consumer Price Inflation – February 19, 2016

Following a 1.7 per cent increase in November, Canadian retail sales disappointed in December, falling 2.2 per cent. Weakness in sales was widespread with 10 of 11 retail sub-sectors recording a decline in sales.  Given disappointing consumer spending in the final month of 2015, we estimate that growth the Canadian economy was approximately zero in the fourth quarter. In BC, retail sales fell 1…

Mar 15, 2016

Canadian and US Employment – February 5, 2016

Employment in Canada was essentially unchanged in January with the total number of employed Canadians dipping by 5,700 people. The national unemployment rate edged slightly higher from 7.1 to 7.2 per cent while the total number of hours worked, which is closely correlated with GDP growth, was up 1.2 per cent over the past 12 months.In BC, employment grew by a modest 1,200 job to break a strin…

Mar 15, 2016

CLI Signals Steady Economic Climate for Commercial Real Estate

Vancouver, BC – February 25, 2016.  The BCREA Commercial Leading Indicator (CLI) broke a string of two consecutive declines, eking out a 0.1 point increase to an index value of 120.0 in the fourth quarter of 2015. On a year-over-year basis, the CLI was 0.4 per cent higher than in 2014.“Uncertainty in the global economy roiled financial and commodity markets in the second quarter,” said BCREA …

Jan 21, 2016

BCREA ECONOMICS NOW

The BCREA Economics Department forecasts that the number of homes changing hands on the Multiple Listing Service® will exceed 100,000 in 2015. That’s the third strongest unit sales figure on record and marks the first time since 2007 that BC home sales will exceed the ten-year average.While sales are expected to decrease somewhat in 2016, the forecast is still strong with an expectation of 93…

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