Economics

Housing Market Update – October 2021

Watch BCREA Chief Economist Brendon Ogmundson discuss the September 2021 statistics. [iframe width=”560″ height=”315″ src=”https://www.youtube.com/embed/EwalnjqLgHs” 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-Low Supply Keeps Market Conditions Tight in September

For the complete news release, including detailed statistics, click here. Vancouver, BC – October 12, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 9,164 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in September 2021, a decrease of 19.9 per cent from September 2020. The average MLS® residential

Way Out of Balance: Housing Supply and Demand During the Pandemic

Vancouver, BC – October 7, 2021. The British Columbia Real Estate Association (BCREA) has published a report quantifying the imbalance between supply and demand in the BC housing market during the COVID-19 pandemic. BCREA’s recent Market Intelligence report, Way Out of Balance: Housing Supply and Demand During the Pandemic, estimates at the peak of market

BCREA Nowcast

BC Monthly Real GDP Estimate for July 2021 & Preliminary Estimate for August 2021 The BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for July 2021 is 6.9 per cent. For comparison, year-over-year growth in the Canadian economy in June was 4.7 per cent. We have also included a

UPDATE: COVID-19 Recovery Dashboard

The dashboard was last updated on September 24, 2021. 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 of emergency. To monitor the province’s progress, we

Mortgage Rate Forecast

To view the Mortgage Rate Forecast PDF, click here. Highlights Delta variant of COVID-19 drives global bond yields lower Canadian economy unexpectedly contracts in the second quarter Bank of Canada on hold a little longer? Mortgage Rate Outlook It was another quiet quarter in the Canadian mortgage market. Canadian five-year fixed rates moved essentially sideways

BC Home Sales Returning to Normal While Supply Hits Record Low

For the complete news release, including detailed statistics, click here. Vancouver, BC – September 14, 2021. The British Columbia Real Estate Association (BCREA) reports that a total 9,507 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August 2021, a decrease of 7.1 per cent over August 2020. The average MLS® residential price

Ongoing Economic Recovery Drives Q2 CLI Higher

To view the full Commercial Leading Indicator PDF, click here. The BCREA Commercial Leading Indicator (CLI) rose from 150 to 155 in the second quarter of 2021, representing the fourth consecutive increase as the economy recovered from the COVID-19-induced recession. Compared to the same time last year, the index was up by 25 per cent.

BCREA 2021 Third Quarter Housing Forecast Update: Provincial Housing Market Activity Normalizing into 2022

To view the BCREA Housing Forecast Update PDF, click here. Vancouver, BC – August 19, 2021. The British Columbia Real Estate Association (BCREA) released its 2021 Third Quarter Housing Forecast today. Multiple Listing Service® (MLS®) residential sales in the province are forecast to rise 26 per cent to 118,350 units this year, after recording 94,007

BC Housing Market Activity Continues Moderating Trend in July

For the complete news release, including detailed statistics, click here. Vancouver, BC – August 11, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 9,663 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July 2021, a decrease of 7.2 per cent over July 2020. The average MLS® residential

Housing Market Activity Normalizing After a Frenetic Year

For the complete news release, including detailed statistics, click here. Vancouver, BC – July 12, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 11,070 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June 2021, an increase of 34.7 per cent over June 2020. The average MLS® residential

Five Questions for the Post-Pandemic Housing Market

The COVID-19 pandemic has had substantial and often counter-intuitive impacts on the BC economy and housing market. As we hopefully put the worst of the pandemic behind us and look ahead to a post-pandemic world, there remains significant uncertainty about what exactly that world is going to look like. In this Market Intelligence, we look

Strong Demand, Dwindling Supply for BC Housing Markets

For the complete news release, including detailed statistics, click here. Vancouver, BC – June 14, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 12,638 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May 2021, an increase of 178.2 per cent over May 2020 when the onset of

BC Markets Calming but Sales Still on Record Pace

For the complete news release, including detailed statistics, click here. Vancouver, BC – May 12, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 13,683 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April 2021, an increase of 312.3 per cent over April 2020 when the onset of

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

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

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