Economics

COVID-19 Reopening Dashboard

Reopening Dashboard

The dashboard was last updated on 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

BCREA Nowcast

BC Monthly Real GDP Estimate for April 2020 & Flash Estimate for May 2020 (Updated: June 30, 2020) The BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for April 2020 is -10.6 per cent, down from -3.1 per cent annual growth in March. We have also included a flash

Mortgage Rate Forecast

To view the Mortgage Rate Forecast PDF, click here. Highlights Mortgage rates fall to record low Canadian economy in recession, but is a recovery on the horizon? Bank of Canada hits its effective lower bound…again Mortgage Rate Outlook The second quarter of 2020 will perhaps prove to be one of the most turbulent periods in

Housing Market Update – June 2020

Watch BCREA Chief Economist Brendon Ogmundson discuss the May 2020 statistics. [iframe width=”560″ height=”315″ src=”https://www.youtube.com/embed/80vQe8m80Ck” frameborder=”0″ allowfullscreen style=”position:absolute;top:0;left:0;width:100%;height:100%;” ][/iframe] Click here to visit our YouTube channel. Read the news release here. For more information, please contact: Brendon Ogmundson Chief Economist Direct: 604.742.2796 Mobile: 604.505.6793 Email: [email protected] To subscribe to receive BCREA publications such as this

Housing Market Activity Shows Signs of Recovery in May

For the complete news release, including detailed statistics, click here. Vancouver, BC – June 15, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 4,518 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May 2020, a decline of 45.2 per cent from May 2019. The average MLS® residential

BCREA Chief Economist Re-appointed to Economic Forecast Council

British Columbia Real Estate Association (BCREA) Chief Economist Brendon Ogmundson has been re-appointed as a member of the Province of British Columbia’s Economic Forecast Council until July 2023. Ogmundson was invited to extend his current term by Minister of Finance Carole James. “COVID-19 has had unprecedented impacts on BC’s economy,” says Ogmundson. “Now more than ever, I welcome

Commercial Activity Nosedives in 2020 Q1

To view the full Commercial Leading Indicator PDF, click here. The BCREA Commercial Leading Indicator (CLI) was down sharply in the first quarter of 2020 from 134.2 to 123.2, reflecting the slowdown prompted by the COVID-19 pandemic. Compared to the same time last year, the index was down by 4.8 per cent. The pandemic-induced shutdown

Behind BC’s Unemployment Rate During COVID-19

Highlights: BC’s unemployment rate 11.5 per cent in April, would have been 16.8 percent if underutilized workers included Services sector bears the brunt of physical distancing measures Younger workers have been more impacted, particularly younger women Since the pandemic was declared in March 2020, an unprecedented number of jobs have been lost in a very