Economics

Housing Market Update – March 2021

Watch BCREA Chief Economist Brendon Ogmundson discuss the March 2021 statistics. [iframe width=”560″ height=”315″ src=”https://www.youtube.com/embed/49ABaYoIrCY” 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

Record-Setting Month for BC Homes Sales

For the complete news release, including detailed statistics, click here. Vancouver, BC – April 13, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 15,073 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March 2021, an increase of 123.3 per cent over March 2020 and a new all-time

BCREA Nowcast

BC Monthly Real GDP Estimate for January 2021 & Preliminary Estimate for February 2021 (Updated: March 31, 2021) The BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for January 2021 is 1.4 per cent. We have also included a preliminary estimate for February 2021 of 2 per cent. Because

Mortgage Rate Forecast

To view the Mortgage Rate Forecast PDF, click here. Highlights Mortgage rates increase as economic growth expectations revised higher Growth in the Canadian economy set to take-off in 2021 Bank of Canada remains on hold but may be tested by increased inflation Mortgage Rate Outlook Canadian 5-year bond yields jumped in February and are now

UPDATE: COVID-19 Recovery Dashboard

The dashboard was last updated on March 23, 2021. To view the COVID-19 Recovery Dashboard PDF, click here. The BCREA Economics team has created the COVID-19 Recovery Dashboard to help REALTORS® monitor BC’s economic recovery. This dashboard focuses on the sectors and activities that have been most significantly impacted by the pandemic and the province’s state

Supply and Demand: A Quantitative History of BC Home Prices

To view the Market Intelligence Report PDF, click here. Summary Findings: Growth in home prices is a function of many factors and those factors do not always impact prices to the same degree Shocks to housing demand and interest rates are the largest contributors to fluctuations in home prices, but provincial and municipal governments have

BC Housing Market Continues at a Record Pace

For the complete news release, including detailed statistics, click here. Vancouver, BC – March 11, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 10,918 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February 2021, an increase of 89.1 per cent over February 2020 and over a thousand

Commercial Indicator Reaches High In Q4 2020

To view the full Commercial Leading Indicator PDF, click here. The BCREA Commercial Leading Indicator (CLI) reached a new high since the start of the series in 1999. The CLI rose from 139 to 144 in the fourth quarter of 2020, representing the second consecutive increase after four consecutive quarterly declines. Compared to the same

A Record-Setting Start to 2021

For the complete news release, including detailed statistics, click here. Vancouver, BC – February 11, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 7,169 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January 2021, an increase of 63.3 per cent over January 2020 and over a thousand

BCREA 2021 First Quarter Housing Forecast Update: Provincial Housing Market Set Up for Very Strong 2021

To view the BCREA Housing Forecast Update PDF, click here. Vancouver, BC – January 25, 2021. The British Columbia Real Estate Association (BCREA) released its 2021 First Quarter Housing Forecast Update today. Multiple Listing Service® (MLS®) residential sales in the province are forecast to rise 15.6 per cent to 108,680 units this year, after recording

Strong December Home Sales Close Out an Unprecedented Year

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

BC Housing Market Posts Strongest November on Record

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

BC Housing Market Continues Record Pace in October

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

COVID-19: Population Growth and Housing Demand

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

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

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

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