Economics

BCREA Nowcast

BC Monthly Real GDP Estimate for January 2020 (Updated: March 31, 2020) The BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for January 2020 is 1.1 per cent, down from 1.4 per cent annual growth in December. The BC economy was clearly slowing even before the COVID-19 outbreak. We

Mortgage Rate Forecast

To view the Mortgage Rate Forecast PDF, click here. Highlights COVID-19 sends interest rates plummeting Canadian recession unavoidable Bank of Canada cutting rates, but how low? Mortgage Rate Outlook The growing fears of the potential impact of COVID-19 resulted in a full market meltdown in late February, sending equity markets into free fall and global

Sketching Out the Potential Impact of COVID-19 on the BC Housing Market

To view the Market Intelligence Report PDF, click here. Summary Findings: While it’s unknown how the unfolding COVID-19 outbreak will impact the economy in the long-term, BC is facing a sudden stop in economic activity with little guidance to when things may return to normal. Based on our scenario analysis, BC home sales and prices

Housing Market Update – March 2020

Watch BCREA Chief Economist Brendon Ogmundson discuss the February 2020 statistics. [iframe width=”560″ height=”315″ src=”https://www.youtube.com/embed/t5NVOhmyuJQ” 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

BC Home Sales Trend Higher in February

For the complete news release, including detailed statistics, click here. Vancouver, BC – March 12, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 5,741 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February 2020, an increase of 26.3 per cent from February 2019. The average MLS® residential

Estimating the Impacts of the Speculation and Vacancy Tax

To view the Market Intelligence Report PDF, click here. Summary Findings: While all BC markets experienced sharp declines since 2018, the Speculation and Vacancy tax (SVT) is estimated to have reduced home sales in taxable regions in BC by an additional 12.5 per cent compared to non-taxable regions. Growth in home prices since 2018 is

Commercial Activity Declined in 2019 Q4

To view the full Commercial Leading Indicator PDF, click here. The BCREA Commercial Leading Indicator (CLI) fell for the second straight month to 134.3 in the fourth quarter of 2019. Compared to the same time last year, the index is up by 0.3 per cent. Provincial economic activity continued to slow in the fourth quarter

BCREA Welcomes Change to Stress Test

Vancouver, BC – February 19, 2020. As the voice of BC’s 23,000 REALTORS®, the British Columbia Real Estate Association (BCREA) welcomes Minister of Finance Bill Morneau’s announcement of changes to the benchmark rate used to determine the minimum qualifying rate for insured mortgages, also known as the “stress test”. Minister Morneau announced that as of April 6,

BC Housing Markets Off to a Strong Start in 2020

For the complete news release, including detailed statistics, click here. Vancouver, BC – February 13, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 4,426 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January 2020, an increase of 23.7 per cent from the 3,579 units sold in January