Economics

Housing Market Update – January 2021

| January 15, 2021

Watch BCREA Chief Economist Brendon Ogmundson discuss the December 2020 statistics. [iframe width=”560″ height=”315″ src=”https://www.youtube.com/embed/cg3Lw6b6rbs” 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 …

Strong December Home Sales Close Out an Unprecedented Year

| January 13, 2021

For the complete news release, including detailed statistics, click here. Vancouver, BC – January 13, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 93,953 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2020, an increase of 21.5 per cent from the 77,350 units sold in 2019. The …

UPDATE: COVID-19 Reopening Dashboard

| January 5, 2021

The dashboard was last updated on January 5, 2021. To view the COVID-19 Reopening Dashboard PDF, click here. The BCREA Economics team has created the COVID-19 Reopening Dashboard to help REALTORS® monitor the evolution of the economy as BC navigates the recovery. This dashboard focuses on the sectors and activities that have been most significantly impacted …

BCREA Nowcast

| January 4, 2021

BC Monthly Real GDP Estimate for October 2020 & Preliminary Estimate for November 2020 (Updated: January 4, 2021) The BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for October is -0.5 per cent. For comparison, output in the Canadian economy was 3.5 per cent lower year-over-year in October. We …

BC Housing Market Posts Strongest November on Record

| December 14, 2020

For the complete news release, including detailed statistics, click here. Vancouver, BC – December 14, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 9,416 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November 2020, an increase of 42.1 per cent from November 2019. The average MLS® residential …

Markets at a Glance: December 2020

| December 13, 2020

These charts provide year-to-date information on the pace of MLS® home sales for the province as well as in each of the BCREA member board regions and a comparison of current year sales with the previous year.

Mortgage Rate Forecast

| December 10, 2020

To view the Mortgage Rate Forecast PDF, click here. Highlights Bank of Canada actions have pushed mortgage rates to record lows Canadian economy bounced back in the third quarter, but the second wave looms Bank of Canada on hold, but when will quantitative easing end? Mortgage Rate Outlook Canadian mortgage rates were driven to a …

Commercial Activity Rebounded in 2020 Q3

| November 30, 2020

To view the full Commercial Leading Indicator PDF, click here. The BCREA Commercial Leading Indicator (CLI) rebounded in the third quarter of 2020 from 122.3 to 136.9, representing the first increase after four consecutive quarterly declines. It was the largest increase in the indicator since the start of the CLI series in 1999, reflecting a …

BC Housing Market Continues Record Pace in October

| November 12, 2020

For the complete news release, including detailed statistics, click here. Vancouver, BC – November 12, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 11,051 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October 2020, an increase of 43.8 per cent from October 2019. The average MLS® residential …

BCREA 2020 Fourth Quarter Housing Forecast: Economic Recovery and Low Rates Drive Housing Market in 2021

| November 4, 2020

To view the BCREA Housing Forecast PDF, click here. Vancouver, BC – November 4, 2020. The British Columbia Real Estate Association (BCREA) released its 2020 Fourth Quarter Housing Forecast today. Multiple Listing Service® (MLS®) residential sales in the province are forecast to rise 16.9 per cent to 90,450 units this year, after recording 77,350 residential …

COVID-19: Population Growth and Housing Demand

| October 29, 2020

To view the Market Intelligence Report PDF, click here. Summary Findings: Immigration is the most important driver of population growth in BC, with a growing share within the prime working-age and household-forming demographic. The global pandemic has resulted in a sharp drop in immigration and consequently BC reporting one of the lowest quarterly increases in …

Record September for BC Housing Markets

| October 14, 2020

For the complete news release, including detailed statistics, click here. Vancouver, BC – October 14, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 11,368 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in September 2020, an increase of 63.3 per cent from September 2019. The average MLS® residential …

BC Housing Markets Heat Up as Summer Ends

| September 14, 2020

For the complete news release, including detailed statistics, click here. Vancouver, BC – September 14, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 10,172 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August 2020, an increase of 42.8 per cent from August 2019. The average MLS® residential …

“The Unusual World of Pandemic Economics” – Why BC’s Housing Market Remains Strong Despite COVID-19

| September 9, 2020

Vancouver, BC – September 9, 2020. The British Columbia Real Estate Association’s (BCREA) latest Market Intelligence report, The Unusual World of Pandemic Economics, points to uneven job losses across sectors, an increase in many households’ rate of savings, swift government aid, a tighter-than-ever housing supply and low interest rates as the drivers behind BC’s recent …

Strong Recovery Continues for BC Housing Markets

| August 13, 2020

For the complete news release, including detailed statistics, click here. Vancouver, BC – August 13, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 10,090 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July 2020, an increase of 26.6 per cent from July 2019. The average MLS® residential …

BC Housing Markets Bounce Back in June

| July 14, 2020

For the complete news release, including detailed statistics, click here. Vancouver, BC – July 14, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 8,166 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June 2020, an increase of 16.9 per cent from June 2019. The average MLS® residential …

Housing Market Activity Shows Signs of Recovery in May

| June 15, 2020

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

| June 11, 2020

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 …

Behind BC’s Unemployment Rate During COVID-19

| May 21, 2020

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 …

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