Economics

Mortgage Rate Forecast

To view the Mortgage Rate Forecast PDF, click here. Highlights 5-year fixed mortgage rate falls under 2 per cent Canadian economic recovery entering recuperation phase Bank of Canada on hold until 2023? Mortgage Rate Outlook The average Canadian 5-year fixed rate has fallen to under 2 per cent, the result of a rapid and overwhelming

Housing Market Update – September 2020

Watch BCREA Chief Economist Brendon Ogmundson discuss the August 2020 statistics. [iframe width=”560″ height=”315″ src=”https://www.youtube.com/embed/DX2stu3uBNU” 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 Housing Markets Heat Up as Summer Ends

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

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

Commercial Activity Impacted by Pandemic in 2020 Q2

To view the full Commercial Leading Indicator PDF, click here. The BCREA Commercial Leading Indicator (CLI) continued to fall in the second quarter of 2020 from 127.6 to 121.9, representing the fourth consecutive quarterly decline. It was the second largest drop in the indicator in over two decades, reflecting the hardest hit months of the

BCREA Nowcast

BC Monthly Real GDP Estimate for June 2020 & Preliminary Estimate for July 2020 (Updated: August 28, 2020) The BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for June 2020 is -5.7 per cent. For comparison, the Canadian economy contracted 7.8 per cent year-over-year in June. We have also

UPDATE: COVID-19 Reopening Dashboard

The dashboard was last updated on August 25, 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 2020 Third Quarter Housing Forecast Update: Surprisingly Strong Recovery to Propel Housing Market in 2021

To view the BCREA Housing Forecast Update PDF, click here. Vancouver, BC – August 25, 2020. The British Columbia Real Estate Association (BCREA) released its 2020 Third Quarter Housing Forecast Update today. Multiple Listing Service® (MLS®) residential sales in the province are forecast to rise 6.5 per cent to 82,380 units this year, after recording

Strong Recovery Continues for BC Housing Markets

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

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