• phone: 604-926-6233
  • fax: 604 926-6929
  • mobile: 604-649-9995
  • toll-free: 1800-715-2201

For immediate release

BC Home Sales Ratchet Higher in September

Vancouver, BC – October 12, 2017. The . The British Columbia Real Estate Association (BCREA) reports that a total of 8,340 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in September, an increase of 9.9 per cent from the same period last year. Total sales dollar volume was $5.8 billion, up 30.2 per cent from September 2016. The average MLS® residential price in the province was $693,774, up 18.5 per cent from September 2016.

“BC home sales rose nearly 5 per cent from August on a seasonally adjusted basis," said Cameron Muir, BCREA Chief Economist. "Total active listings on the market continue to trend at ten-year lows in most BC regions, limiting unit sales and pushing home prices higher. While the economic fundamentals support elevated housing demand, rising home prices are eroding affordability, particularly for first-time buyers."

Year-to-date, BC residential sales dollar volume was down 12.8 per cent to $57.6 billion, when compared with the same period in 2016. Residential unit sales declined 13 per cent to 81,608 units, while the average MLS® residential price was down 0.2 per cent to $705,501.

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For more information, please contact: 

Cameron Muir

Chief Economist

Direct: 604.742.2780

Direct: 778.229.1884

Email: cmuir@bcrea.bc.ca

BCREA is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada's real estate boards to ensure maximum exposure of properties listed for sale.





BCREA ECONOMICS NOW

Canadian Housing Starts - October 10, 2017

Canadian housing starts decreased by 4 per cent in September to 217,118 units at a seasonally adjusted annual rate (SAAR).  The six-month trend in Canadian housing starts also declined to 214,821 units SAAR.

New home construction in BC rose 6 per cent on a monthly basis to 37,470 units SAAR but was down 18 per cent on a year-over-year basis.  Single detached starts were flat compared to one year ago while multiple unit starts declined 24 per cent year-over-year.

Looking at census metropolitan areas (CMA) in BC: 

  • ·         Total starts in the Vancouver CMA fell 13 per cent from August and were down about half compared to September 2016. Multiple unit starts were down 58 per cent from one year ago as record levels of units under construction weigh on new projects.
  • ·         In the Victoria CMA market, housing starts continue to surge, rising 127 per cent year-over-year. Multiple unit starts continue to drive new home construction, with starts more than triple levels seen last September.
  • New home construction in the Kelowna CMA jumped more than 200 per cent year-over-year as close to 350 new multiple unit starts were recorded.
  • Housing starts in the Abbotsford-Mission CMA also more than doubled year-over-year due to strong growth in both single and multiple starts.

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.





BCREA ECONOMICS NOW

Canadian Employment - October 6, 2017

Canadian employment increased by 10,000 jobs in September while the the national unemployment rate remained steady at 6.2 per cent. In the twelve months to August, employment in Canada is up 1.8 per cent, or 320,000 jobs. Somewhat tepid job growth along with slumping exports and flat real GDP in recent months means the Bank of Canada will very likely hold off on raising rates at its October meeting.
 
In BC, employment declined for a third consecutive month, falling by 6,700 jobs in September. Full-time employment was up by 5,000 jobs but an 11,600 decrease in part-time work more than offset those gains.   Over the past twelve months, the level of employment in BC is up 3.6 per cent.  Despite three months of falling employment, the provincial unemployment rate continued to slide lower due to declining participation in the labour market. The BC unemployment rate fell 0.2 points to 4.9 per cent, the lowest rate since September 2008.

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.





BCREA ECONOMICS NOW

Canadian Monthly GDP (July 2017) - September 29, 2017

Growth in the Canadian economy was essentially flat in July following 8 consecutive months of growth.  Only 11 of 20 industrial sub-sectors posted positive growth with output in key industries like mining, oil and gas and manufacturing declining.   Given today's release, third quarter growth in the Canadian economy is tracking at about 2.5 per cent - a deceleration from the nearly 4 per cent growth in the first half of 2017. 

The Bank of Canada has been emphatic that future rate adjustments will be highly data dependent. Slower growth in the third quarter likely means the Bank will hold off on increasing rates at its October meeting. However, beyond that meeting, as long as the Canadian economy is growing well above trend, which the Bank sees as a signal of rising future inflation, we expect further rate increases to come either by the end of this year or in early 2018.

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.







For the complete news release, including detailed statistics, click here.

For immediate release

BC Home Sales Robust and Unchanged in August

Vancouver, BC – September 14, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 9,162 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August, an increase of 2.4 per cent from the same period last year. Total sales dollar volume was $6.2 billion, up 22 per cent from August 2016. The average MLS® residential price in the province was $678,186, a 19.1 per cent increase from August 2016.

“BC home sales in August remained unchanged from July, on a seasonally adjusted basis," said Cameron Muir, BCREA Chief Economist. "Strong economic conditions are underpinning demand. However, rising home prices combined with upward pressure on mortgage interest rates is expected to temper demand over the balance of the year."

Year-to-date, BC residential sales dollar volume was down 15.9 per cent to $51.8 billion, when compared with the same period in 2016. Residential unit sales declined 15.0 per cent to 73,267 units, while the average MLS® residential price was down 1.1 per cent to $706,839.

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For more information, please contact: 

Cameron Muir

Chief Economist

Direct: 604.742.2780

Direct: 778.229.1884

Email: cmuir@bcrea.bc.ca

BCREA is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada's real estate boards to ensure maximum exposure of properties listed for sale.




For immediate release

Robust BC Home Sales Supported by Strong Economy  
BCREA 2017 Third Quarter Housing Forecast Update

Vancouver, BC – August 31, 2017. The British Columbia Real Estate Association (BCREA) released its 2017 Third Quarter Housing Forecast update today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 10 per cent to 100,900 units this year, after reaching a record 112,209 units in 2016. Strong economic fundamentals are underpinning consumer demand and are expected to keep home sales at elevated levels through 2018. The ten-year average for MLS® residential sales in the province is 84,700 units.

“British Columbia's position as the best performing economy in the country is bolstering consumer confidence and housing demand," said Cameron Muir, BCREA Chief Economist. "Strong employment growth, a marked increase in migrants from other provinces, and the ageing of the millennial generation is supporting a heightened level of housing transactions. However, a limited supply of homes for sale is causing home prices to rise significantly in many regions, particularly in the Lower Mainland condominium market".

The average MLS® residential price in the province is forecast to increase 3.5 per cent to $715,000 this year, and a further 4.1 per cent to nearly $745,000 in 2018. However, the provincial average price is being skewed lower as the result of a change in the mix and share of homes selling. Fewer detached home sales relative to attached and apartment properties and a larger proportion of home sales occurring outside the Metro Vancouver region are operating to hold back the provincial average price. Home prices in ten of the 11 real estate board areas are forecast to rise at a higher rate than the provincial average.

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To view the full BCREA Housing Forecast, click here.

For more information, please contact: 

Cameron Muir

Chief Economist

Direct: 604.742.2780

Mobile: 778.229.1884

Email: cmuir@bcrea.bc.ca

BCREA is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.





BCREA ECONOMICS NOW

Canadian Monthly Real GDP Growth (May) - July 28, 2017

The Canadian economy posted blockbuster growth in May, expanding 0.6 per cent on a monthly basis and 4.6 per cent year-over-year.  This was the seventh consecutive month of positive growth for the Canadian economy. Moreover, growth was broad based with output increasing in 14 of 20 industrial sectors.  Given the first two months of GDP data, the Canadian economy is on track to post a second consecutive quarter of growth close to 4 per cent.

Strong economic growth further solidifies the Bank of Canada's case for raising interest rates one more time this year, likely at its October meeting. However, the path of interest rates beyond that rests heavily on the evolution of Canadian inflation, which has been trending well below the Bank's 2 per cent target. 

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.





BCREA ECONOMICS NOW

Canadian Building Permits - July 6, 2017

The total value of Canadian building permits jumped 8.9 per cent in April to the third highest value on record. The increase was primarily due to higher residential construction intentions in Ontario.  

The total value of permits issued in BC increased 4.4 per cent on a monthly basis and were up 8.3 per cent year-over-year. Residential permits rose 7.6 per cent on a monthly basis and were 8.3 per cent higher year-over year while non-residential permits declined 3.5 per cent on a monthly basis but were 8.3 per cent higher year-over-year.

Construction intentions were higher in three of BC's four census metropolitan areas (CMA):

  • Permits in the Abbotsford-Mission CMA  fell almost 40 per cent in May to $45 million after a very strong April. Year-over-year, permit values were more than double the value of May 2016.
  • In the Victoria CMA, total construction intentions totaled close to $130 million, a 20 per cent monthly increase and a doubling of permit values from one year ago.
  • In the Kelowna CMA, permits were 39 per cent lower on a monthly basis and 10 per cent down from May 2016 at about $71 million.
  • In the Vancouver CMA, permit activity was up 14 per cent to $722 million.  However, on a year-over-year basis, construction intentions fell 6.1 per cent.

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.





BCREA ECONOMICS NOW

Canadian Inflation - June 23, 2017

Canadian inflation, as measured by the Consumer Price Index (CPI), registered just 1.3 per cent in the 12 months to May. That is down from 1.6 per cent in April.   The Bank of Canada's new core measure of inflation, called CPI-common,  was also up 1.3 per cent for the fourth consecutive month.   In BC, provincial consumer price inflation was 1.9 per cent in the 12 months to May.

Given the Bank of Canada's recent hawkish turn on monetary policy, the trend in inflation will be even more important in coming months. So far, there is little in the inflation numbers to justify an interest rate increase, though the very strong economic growth over the past year could put some upward pressure on prices soon.

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.






For the complete news release, including detailed statistics, click here.

For immediate release

BC Home Sales to Exceed 100,000 Units for Third Consecutive Year  
BCREA 2017 Second Quarter Housing Forecast

Vancouver, BC – June 19, 2017The British Columbia Real Estate Association (BCREA) released its 2017 Second Quarter Housing Forecast today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 10 per cent to 101,000 units this year, after reaching a record 112,209 units in 2016. Housing demand gained strength this spring, as some of the effects of federal and provincial policy efforts to tamp it down dissipate. In addition, strong market fundamentals continue to underpin an elevated level of home sales. The ten-year average for MLS residential sales in the province is 84,700 units.

“The province is in its fourth year of above-trend economic growth," said Cameron Muir, BCREA Chief Economist. "Strong employment growth, consumer confidence and an influx of inter-provincial migrants are important drivers of the housing market this year." In addition, with the millennial generation now entering their household forming years, the condominium market in major urban centres is experiencing pressure on supply.

The average MLS® residential price in the province is forecast to decline 1.1 per cent to $683,500 this year, and increase 5.2 per cent to $719,100 in 2018. The decline in the provincial average price is largely due to rising demand for more affordable condominiums and a larger proportion of home sales occurring outside the Metro Vancouver region. The supply of homes for sale is at a 20-year low in the province, with sellers' market conditions prevelant across most BC regions and home types.






For the complete news release, including detailed statistics, click here.

For immediate release

Housing Supply Not Keeping Pace with Demand in Most BC Regions

Vancouver, BC – June 13, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 12,402 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May, down 7.9 per cent from the same period last year. Total sales dollar volume was $9.33 billion, down 4.0 per cent from May 2017. The average MLS® residential price in the province was $752,536, a 4.2 per cent increase from the same period last year.

“Market conditions have tightened considerably this spring as an upturn in consumer demand has not been accompanied by a rise in homes listed for sale," said Cameron Muir, BCREA Chief Economist. "The supply of homes for sale in the province has fallen 50 per cent over the past five years."

"The entire southern portion of the province is experiencing a shortage of housing supply, which makes continuing upward pressure on home prices inevitable, at least in the near term," added Muir. Total active listings in the province were down 11.1 per cent to 28,404 units from May 2016. The ratio of home sales to active listings was well over 20 per cent in nine of the province's 11 real estate boards, and over 50 per cent in Vancouver, the Fraser Valley, Chilliwack and Victoria.

Year-to-date, BC residential sales dollar volume was down 25.2 per cent to $30.6 billion, when compared with the same period in 2016. Residential unit sales declined 20.1 per cent to 43,158 units, while the average MLS® residential price was down 5.7 per cent to $709,541.

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For more information, please contact: 

Cameron Muir

Chief Economist

Direct: 604.742.2780

Direct: 778.229.1884

Email: cmuir@bcrea.bc.ca

BCREA is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada's real estate boards to ensure maximum exposure of properties listed for sale.





BCREA ECONOMICS NOW

Canadian Real GDP Growth Q1 2017 - May 31, 2017

The Canadian economy expanded 3.7 per cent in the first quarter of 2017, led by an acceleration in household consumption spending as well as a nearly 3 per cent rise in business investment. The latter is a particularly welcome sign for the economy given that business investment had declined in eight of the previous nine quarters.  A build up of inventories, especially in the manufacturing sector was also a significant contributor to growth in the first quarter, but also signals a slowing in the second quarter as firms produce fewer goods and wind down that inventory.

Although the Canadian economy has grown much faster than the Bank's estimate of potential growth for three consecutive quarters, it is not expected that the economy will sustain that level of growth for much longer. We forecast that real GDP growth will fall back to an average of 1.5 per cent quarterly growth for the remainder of 2017. However, the strong start to the year means that annual growth for this year is likely to register close to 2.5 per cent, the strongest economic growthin three years. Despite faster growth, a significant amount of slack remains in the economy and there is therefore very little pressure on inflation. Without a signal that inflation is going to push higher, the Bank will remain sidelined at least until early 2018 when it expects remaining slack in the economy will be eliminated.

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.






BCREA ECONOMICS NOW

Bank of Canada Interest Rate Announcement - May 24, 2017

The Bank of Canada announced this morning that it is holding the target for its overnight rate at 0.5 per cent. In the press release accompanying the decision, the Bank noted that inflation is broadly in line with the Bank's projection, though intense retail competition is pushing inflation temporarily lower.  The Bank also noted that the tightening of mortgage regulations implemented in the Fall of 2016 have yet to have a substantial cooling effect on markets but it does expect those measures will contribute to a more sustainable debt profile for Canadian households. 

Although the Canadian economy has expanded well above the Bank's estimate of potential growth for three consecutive quarters, including a first quarter that is tracking at close to 4.5 per cent growth in real GDP, the Bank is not optimistic that the economy will sustain that level of growth for much longer.  Moreover,  despite faster growth, a significant amount of slack remains in the economy and there is therefore very little pressure on inflation. Without a signal that inflation is going to push higher, the Bank will remain sidelined at least until early 2018 when it expects remaining slack in the economy will be eliminated.

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.






BC Home Sales Turn Higher, Inventories at 20-Year Low

Vancouver, BC – May 15, 2017. The British Columbia Real Estate Association (BCREA) that a total of 9,865 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April, down 23.9 per cent from the same period last year. Total sales dollar volume was $7.19 billion, down 25.4 per cent from April 2016. The average MLS® residential price in the province was $728,955, a 2 per cent decrease from the same period last year.

“BC home sales are on an upward trend this spring, led by a sharp increase in consumer demand in the Lower Mainland," said Cameron Muir, BCREA Chief Economist. The seasonally adjusted annual rate (SAAR) of home sales was over 106,000 units in April, significantly above the five-year SAAR for April of 89,000 units.

The supply of homes for sale declined 17 per cent from April 2016. On a seasonally adjusted basis, active residential listings have declined 50 per cent since 2012 and are now at their lowest level in over 20 years. The imbalance between supply and demand is continuing to drive home prices higher in most regions, further eroding affordability.

Year-to-date, BC residential sales dollar volume was down 31.8 per cent to $21.3 billion, when compared with the same period in 2016. Residential unit sales declined 25.0 per cent to 30,757 units, while the average MLS® residential price was down 9.2 per cent to $692,220.






BCREA ECONOMICS NOW

Canadian Housing Starts - May 8, 2017

Canadian housing starts declined to 214,098 units at a seasonally adjusted annual rate (SAAR) in April following a surge in new home construction in March that saw a pace of over 250,000 units SAAR.  The six-month trend in Canadian housing starts continues to trend higher at about 214,000 units SAAR. 

In BC, total housing starts were 44,604 units SAAR, a 1 per cent dip from the previous month and 1 per cent higher compared to April 2016.  Single detached starts declined 9 per cent month-over-month but were 16 per cent higher year-over-year. Multiple unit starts increased 2 per cent month-over-month and were down 3 per cent year-over-year.

Looking at census metropolitan areas (CMA) in BC: 

  • ·         Total starts in the Vancouver CMA were flat month-over-month and down 7 per cent year-over-year with declines posted in both single and multiple units starts. 
  • ·         In the supply constrained Victoria CMA market, housing starts jumped 25 per cent from March as new multiple unit projects broke ground. However new home construction was well off the pace set in 2016 with total starts down 26 per cent year-over-year . 
  • ·         New home construction in the Kelowna CMA dropped 24 per cent on a month-over-month basis after a strong March. However, year-over-year, total housing starts were four times higher than April 2016.
  • ·         Housing starts in the Abbotsford-Mission CMA were down 26 per cent from March but were up close to 60 per cent compared to April 2016 due to a stronger pace of multiple unit starts.

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.

 


BCREA ECONOMICS NOW

Canadian Monthly Real GDP Growth (February 2017) - April 28, 2017

Canadian GDP was essentially unchanged in February following very strong growth in January and three consecutive monthly increases. At the industry level, output was led by higher output in the real estate sector, as well as growth in the finance and construction industries.  Declining output in the goods sector, particularly manufacturing and oil and gas, offset gains in other sectors. 

Despite February's disappointing GDP number, we are still tracking first quarter growth at 3.5 per cent due to very strong economic data observed year-to-date. However, it was also reported today that the US economy grew only 0.7 per cent in the first quarter of the year, which could mean Canadian exports were weaker than expected.

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.





For the complete news release, including detailed statistics, click here.

For immediate release

February Home Sales Reflect Typical Consumer Demand

Vancouver, BC – March 15, 2017The British Columbia Real Estate Association (BCREA) reports that a total of 6,580 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February, down 31.7 per cent from the same period last year. Total sales dollar volume was $4.53 billion, down 39.7 per cent from February 2016. The average MLS® residential price in the province was $688,117, an 11.7 per cent decrease from the same period last year.

“Consumer demand has returned to a more typical level over the first two months of the year," said Cameron Muir, BCREA Chief Economist. "While the home sales have declined nearly 32 per cent from the extraordinary performance of a year ago, last month's activity reflected the average for the month February since the year 2000."

“The average MLS® residential price for the province was down nearly 12 per cent from a record $779,419 in February 2016. However, this change is largely the result of a decline in the proportion of provincial sales originating from the Vancouver region. Last month, 37 per cent of BC home sales occurred in the Real Estate Board of Greater Vancouver's area, compared to 44 per cent in February 2016.

Year-to-date, BC residential sales dollar volume was down 38.5 per cent to $7.3 billion, when compared with the same period in 2016. Residential unit sales declined 28.5 per cent to 11,067 units, while the average MLS® residential price was down 14.1 per cent to $660,943.




BCREA ECONOMICS NOW

Bank of Canada Interest Rate Announcement - March 1, 2017

The Bank of Canada announced this morning that it is holding the target for its overnight rate at 0.5 per cent. In the press release accompanying the decision, the Bank noted that growth in the economy is improving and recent higher CPI inflation should be only temporary, reflecting increased energy costs.  The Bank stated that it is remaining attentive to significant uncertainties weighing on its outlook. 

While the Canadian economy is showing signs of improving, with strong hiring and faster than expected growth in real GDP, the outlook remains clouded by uncertainty over trade and tax policy in the United States.  If economic growth and inflation evolve as the Bank currently projects,  the Bank would likely be contemplating raising its overnight rate some time in early 2018.  However, given that we have no more clarity now than at the time of the Bank's previous rate decision regarding changes to trade agreements or the stance of US fiscal policy, the Bank will remain sidelined until the path forward becomes more clear.

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.




For the complete news release, including detailed statistics, click here.

For immediate release

BC Home Sales Return to Historic Average

Vancouver, BC – February 15, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 4,487 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January, down 23 per cent from the same period last year. Total sales dollar volume was $2.79 billion, down 36.5 per cent from January 2016. The average MLS® residential price in the province was $621,093, a 17.5 per cent decrease from the same period last year.

“Housing demand across the province returned to long-term average levels last month," said Cameron Muir, BCREA Chief Economist. "However, regional variations persist, with Victoria posting above average performance and Vancouver falling below the average."

“A marked decrease in the average MLS® residential price is largely the result of relatively more home sales occurring outside of the Lower Mainland," added Muir.

Home sales from Vancouver fell from 43 per cent of provincial transactions in January 2016 to 35 per cent last month. In addition, fewer detached home sales in Vancouver relative to multi-family units has skewed the average price statistic down in the province's largest urban area. In contrast, the MLS® Residential Benchmark Price in the Real Estate Board of Greater Vancouver area has declined 3.7 per cent over the past six months, but is up 15.6 per cent from January 2016.

-30-

For more information, please contact: 

Cameron Muir

Chief Economist

Direct: 604.742.2780

Direct: 778.229.1884

Email: cmuir@bcrea.bc.ca

BCREA is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada's real estate boards to ensure maximum exposure of properties listed for sale.





BCREA ECONOMICS NOW

Canadian Housing Starts - February 8, 2017

Canadian housing starts began the year on a high note, edging up from a strong December to 207,400 total units at a seasonally adjusted annual rate (SAAR) in January. The six-month trend in Canadian housing starts was also higher at 199,900 units, which is slightly above average annual growth in Canadian households. 

Housing starts in BC slowed to begin the year from a torrid pace is 2016. Starts were down 33 per cent on a monthly basis and 13 per cent year-over-year,  though unseasonably high snowfall in December and January likely played a role in limiting construction activity. Single detached starts were down 36 per cent while multiple unit starts were down 5 per cent year-over-year. 

Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA were down 24 per cent year-over-year in January, with a sharp decline in single detached starts compared to last year. In the Victoria CMA, housing starts were up 28 per cent year-over-year due to strong growth in new multiple unit starts. New home construction in the Kelowna CMA fell 6 per cent compared to last year as fewer multiple unit projects got underway. Housing starts in the Abbotsford-Mission CMA were 87 per cent higher compared to January 2016 as several multiple unit projects broke ground, leading to a doubling of multiple unit starts compared to last year. 

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.






BCREA ECONOMICS NOW

Canadian Manufacturing Sales - January 19, 2017

Canadian manufacturing sales rose 1.5 per cent in November after posting a moderate decline the previous month.  Sales were higher in 14 of 21 manufacturing sub-sectors. After adjusting for inflation, the total volume of sales was 1.2 per cent higher. 

In BC, where the manufacturing sector is a significant employer and a key driver of economic growth, sales were up 2.4 per cent on a monthly basis and 9.2 per cent year-over-year. The manufacturing sector has been on a significant upswing after a slow first half with sales posting nearly 8 per cent growth over the second half of the year. That growth is adding to already strong momentum in other sectors and supporting housing demand across BC communities where manufacturing, particularly of forestry products, is an important driver of local economic activity. 

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.






For the complete news release, including detailed statistics, click here.

For immediate release

BC Home Sales Post Record Year

Vancouver, BC – January 13, 2017. The British Columbia Real Estate Association (BCREA) reports that a record 112,209 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2016, an increase of 9.5 per cent from the previous year. Total sales dollar volume was a record $77.6 billion, up 18.8 per cent from 2015. The average MLS® residential price in the province climbed 8.6 per cent to $691,144 on an annual basis in 2016.

“Broad-based consumer demand driven by strong economic conditions, employment growth, consumer confidence, and an expanding population base pushed home sales to record levels in many BC regions last year," said Cameron Muir, BCREA Chief Economist. "However, home sales have fallen back from their lofty peaks early last year." The seasonally adjusted annual rate of sales activity was approximately 92,000 units in December.

A total of 4,721 residential unit sales were recorded by the MLS® in December, down 28.4 per cent from the same month last year. Total sales dollar volume was $3.1 billion last month, a decline of 33.1 per cent compared to the same month the previous year. The average MLS® residential price in the province was $654,699 in December, a 6.6 per cent decline from December 2015.

-30-

For more information, please contact: 

Cameron Muir

Damian Stathonikos

Chief Economist

Director of Communications and Public Affairs

Direct: 604.742.2780

Direct: 604.742.2793

Direct: 778.229.1884

Mobile: 778.990.1320

Email: cmuir@bcrea.bc.ca

Email: dstathonikos@bcrea.bc.ca

BCREA is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada's real estate boards to ensure maximum exposure of properties listed for sale.






BCREA ECONOMICS NOW

Canadian and US Employment - January 6, 2017

The Canadian labour market finished the year strong, adding 54,000 jobs in December, the fourth consecutive month of positive job growth. More importantly,  full-time employment jumped by over 80,000 jobs in December while part-time work declined. The national unemployment rate increased 0.1 points to 6.9 per cent as more people participated in the labour market. For all of 2016, Canadian employment expanded by 214,000 jobs  or 1.2 per cent. 

In BC, employment grew by 17,000 jobs while the provincial unemployment rate fell 0.3 points to 5.8 per cent. BC led all provinces in job growth in 2016 with employment expanding 3.1 per cent. The BC economy added a total of 72,000 jobs over the course of the year, evenly split between full-time and part-time work. 

In the US, payrolls increased by156,000 in December while the US unemployment rate ticked 0.1 points higher to 4.7 per cent. 

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.





BCREA ECONOMICS NOW

Canadian Manufacturing Sales - November 16, 2016

Canadian manufacturing sales rose 0.3 per cent in September, the fourth consecutive monthly increase. Sales were higher in 12 of 21 manufacturing sub-sectors, however after adjusting for inflation, the total volume of sales was actually down 0.2 per cent. 

In BC, where the manufacturing sector employs approximately 170,000 people and is a key driver of economic growth, sales were up 0.6 per cent on a monthly basis and 7.8 per cent year-over-year. A strengthening manufacturing sector in recent months, and in particular a growing forestry sector, has helped BC maintain its Canada leading rate of economic growth, which we estimate to be around 3.5 per cent through the first nine months of the year.

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.







BCREA ECONOMICS NOW

Canadian Manufacturing Sales - November 16, 2016

Canadian manufacturing sales rose 0.3 per cent in September, the fourth consecutive monthly increase. Sales were higher in 12 of 21 manufacturing sub-sectors, however after adjusting for inflation, the total volume of sales was actually down 0.2 per cent. 

In BC, where the manufacturing sector employs approximately 170,000 people and is a key driver of economic growth, sales were up 0.6 per cent on a monthly basis and 7.8 per cent year-over-year. A strengthening manufacturing sector in recent months, and in particular a growing forestry sector, has helped BC maintain its Canada leading rate of economic growth, which we estimate to be around 3.5 per cent through the first nine months of the year.

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.






BCREA ECONOMICS NOW

Bank of Canada Interest Rate Announcement - October 19, 2016

The Bank of Canada announced this morning that it is holding its target for the overnight interest rate at 0.5 per cent. In the press release accompanying the decision, the Bank noted that the profile for growth in Canada over the near-term is lower than it previously expected though the Bank is still projecting stronger growth in the second half of 2016. However, the Bank has pushed out its forecast for the economy to return to full capacity to mid-2018 while inflation is projected to return to its 2 per cent target next year. 

There is downside risk to the economy given the Federal Government's decision to tighten mortgage credit this month, though it will take some time to see the effects on economic growth. That said, even if growth moderates as a result of the housing policy changes, the Bank of Canada's public support for that policy likely means interest rates would not be lowered in response. With growth recovering from a second quarter contraction and inflation still tame, We therefore expect the Bank to leave rates unchanged for the foreseeable future.

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.






For the complete news release, including detailed statistics, click here.

For immediate release

BC Home Sales Reflect Regional Demand Variations

Vancouver, BC – October 14, 2016. The British Columbia Real Estate Association (BCREA) reports that 7,591 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in September, down 11.2 per cent from the same month last year. Total sales dollar volume was $4.45 billion in September, down 14.1 per cent compared to the previous year. The average MLS® residential price in the province was $585,844, a decline of 3.2 per cent compared to the same month last year.

“Housing demand in the province continued to trend lower in September," said Cameron Muir, BCREA Chief Economist. "While Vancouver, Fraser Valley and the North experienced year-over-year declines last month, the rest of the province posted an increase in the number of residential transactions."

“The average residential price in the province continued to reflect a change in the composition and location of homes sold," added Muir. "However, the effect was less pronounced in September than in August, when detached home sales fell to just 28 per cent of total demand in Vancouver."

Year-to-date, BC residential sales dollar volume increased 33.5 per cent to $66 billion, when compared with the same period in 2015. Residential unit sales climbed by 18.5 per cent to 93,797 units, while the average MLS® residential price was up 12.7 per cent to $703,986.

-30-

For more information, please contact: 

Cameron Muir

Damian Stathonikos

Chief Economist

Director of Communications and Public Affairs

Direct: 604.742.2780

Direct: 604.742.2793

Direct: 778.229.1884

Mobile: 778.990.1320

Email: cmuir@bcrea.bc.ca

Email: dstathonikos@bcrea.bc.ca

BCREA is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada's real estate boards to ensure maximum exposure of properties listed for sale.

  




BC Home Sales Reflect Regional Demand Variations

Vancouver, BC – October 14, 2016. The British Columbia Real Estate Association (BCREA) reports that 7,591 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in September, down 11.2 per cent from the same month last year. Total sales dollar volume was $4.45 billion in September, down 14.1 per cent compared to the previous year. The average MLS® residential price in the province was $585,844, a decline of 3.2 per cent compared to the same month last year.

"Housing demand in the province continued to trend lower in September," said Cameron Muir, BCREA Chief Economist. "While Vancouver, Fraser Valley and the North experienced year-over-year declines last month, the rest of the province posted an increase in the number of residential transactions."

"The average residential price in the province continued to reflect a change in the composition and location of homes sold," added Muir. "However, the effect was less pronounced in September than in August, when detached home sales fell to just 28 per cent of total demand in Vancouver."

Year-to-date, BC residential sales dollar volume increased 33.5 per cent to $66 billion, when compared with the same period in 2015. Residential unit sales climbed by 18.5 per cent to 93,797 units, while the average MLS® residential price was up 12.7 per cent to $703,986.

-30-

For more information, please contact: 

Cameron Muir Damian Stathonikos
Chief Economist Director, Communications and Public Affairs
Direct: 604.742.2780 Direct: 604.742.2793
Mobile: 778.229.1884 Mobile: 778.990.1320
Email: cmuir@bcrea.bc.ca Email: dstathonikos@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for over 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province's 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada's real estate boards to ensure maximum exposure of properties listed for sale.

To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.






BCREA ECONOMICS NOW

Canadian Housing Starts - October 11, 2016

Canadian housing starts jumped 20 per cent in September to 220,617 total units at a seasonally adjusted annual rate (SAAR).  The six-month trend in Canadian housing starts moved moderately higher to just under 200,000 units SAAR, above average annual growth in Canadian households. New home construction will likely slow in coming months as the consequences of government's new mortgage regulations ripple through the housing market.

Housing starts in BC surged 40 per cent higher to 47,560 in September and were 79 per cent higher on a year-over-year basis. Single detached starts rose 27 per cent compared to last September while multiple unit starts nearly doubled. Through the first three quarters of the year, BC housing starts are up 39 per cent compared to 2015. 

Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA were up 110 per cent year-over-year in September, led by triple digit growth in both single and multiple units. In the Victoria CMA, housing starts tripled compared to September 2015 due to strong growth in new multiple unit starts. New home construction in the Kelowna CMA rose 16 per cent on balanced growth between single and multiple unit starts. Housing starts in the Abbotsford-Mission CMA declined 64 per cent compared to last year as multiple unit projects took a breather in September following several strong months of activity. 

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.






BCREA ECONOMICS NOW

Canadian Monthly GDP (July 2016) - September 30, 2016

The Canadian economy built on momentum from a 0.6 per cent increase in June, expanding a further 0.5 per cent in July. Those increases follow equal size monthly declines in the spring which led to a second quarter contraction of 1.6 per cent, the largest decline since the second quarter of 2009. A recovery of output in the mining and oil and gas extraction sector was the primary driver behind strong growth in July. 

While some downside risks remain, particularly due to highly leveraged Canadian households, we expect Canadian economic growth will rebound sharply in the third and fourth quarter as oil production normalizes and the federal government's uptick in expenditures and tax credits impacts the economy. The Canadian economy is forecast to expand more than 3 per cent in the third quarter of this year before leveling off to an average of 2.5 per cent in the second half into 2017.  
   

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.





BCREA ECONOMICS NOW

Canadian Manufacturing Sales - September 16, 2016

Canadian manufacturing sales improved in July, reflecting a recovering Canadian economy following a difficult second quarter. Sales rose 0.1 per cent, but were higher in just 9 of 21 manufacturing sectors. In inflation adjusted terms, sales were up 0.6 per cent. 

In BC, where the manufacturing sector employs approximately 170,000 people, sales jumped 2.2 per cent on a monthly basis and 4 per cent year-over-year, reaching their highest level since February 2006. The gains were largely attributable to a growing forestry sector, particularly strong growth in paper manufacturing following shutdowns in June. Manufacturing and trade have been lagging behind the rest of the BC economy this year, so July's strong showing is reason for further optimism about the BC economy. Overall, the BC economy is on track to grow 3.5 per cent this year, well ahead of any other Canadian province. 

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.







The September issue of Mortgage Rate Forecast is now available on BCREA Online.

Highlights:

  • Mortgage rates may feel upward pressure in coming months
  • Canadian economy set for a second half rebound
  • Bank of Canada: lower for longer, but not forever

Send questions and comments about Mortgage Rate Forecast to: Cameron Muir, Chief Economist, cmuir@bcrea.bc.ca; Brendon Ogmundson, Economist, bogmundson@bcrea.bc.ca.

Additional economics information is available on BCREA's website at: www.bcrea.bc.ca. To sign up for BCREA news releases by email visit click here.

Mortgage Rate Forecast is published quarterly by the British Columbia Real Estate Association. Real estate boards, real estate associations and REALTORS(R) may reprint this content, provided that credit is given to BCREA by including the following statement: "Copyright British Columbia Real Estate Association. Reprinted with permission." BCREA makes no guarantees as to the accuracy or completeness of this information.

Copyright(C) British Columbia Real Estate Association
1420 - 701 Georgia Street West
PO Box 10123, Pacific Centre
Vancouver, BC V7Y 1C6
Phone 604.683.7702
Fax 604.683.8601
www.bcrea.bc.ca 
bcrea@bcrea.bc.ca






For immediate release

BC Housing Demand Remains Strong Despite Fewer Vancouver Home Sales

Vancouver, BC – September 13, 2016. The British Columbia Real Estate Association (BCREA) reports that 8,945 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August, up 1.5 per cent from the same month last year. Total sales dollar volume was $5.1 billion in August, down 6.7 per cent compared to the previous year. The average MLS® residential price in the province was $569,393, a decline of 8.1 per cent compared to the same month last year.

"Strong housing demand across most regions of the province offset slowing home sales in Vancouver last month," said Cameron Muir, BCREA Chief Economist. "The newly introduced 15 per cent foreign buyer tax combined with the 3 per cent property transfer tax on homes over $2 million brought in earlier this year, slowed demand at the top end of the market in Vancouver last month."

"The decline in the average home price was due to a change in the composition and location of homes sold in the province," added Muir. "Fewer sales of high priced detached homes relative to all other homes sales in Vancouver as well as fewer Vancouver home sales relative to the rest of the province has caused the average price statistic to decline."

Year-to-date, BC residential sales dollar volume increased 39.1 per cent to $61.6 billion, when compared with the same period in 2015. Residential unit sales climbed by 22.1 per cent to 86,206 units, while the average MLS® residential price was up 13.9 per cent to $714.400.

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For more information, please contact: 

Cameron Muir

Damian Stathonikos

Chief Economist

Director of Communications and Public Affairs

Direct: 604.742.2780

Direct: 604.742.2793

Direct: 778.229.1884

Mobile: 778.990.1320

Email: cmuir@bcrea.bc.ca

Email: dstathonikos@bcrea.bc.ca

BCREA is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province's 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada's real estate boards to ensure maximum exposure of properties listed for sale.






BCREA ECONOMICS NOW

Canadian Building Permits - September 8, 2016

The total value of Canadian building permits increased 0.8 per cent on a monthly basis in July as the result of higher construction intentions in the institutional and industrial sectors, primarily in Alberta and Ontario. 

In BC, total permit activity was down 4.8 per cent from June to July, falling under $1 billion for the first time in several months.  On a year-over-year basis, the dollar value of building permits in the province was 15 per cent lower than July 2015, led by a 21 per cent decrease in residential permits. That could signal a modest slowing of construction activity in coming months following record construction activity in the first half of the year. 

Construction intentions were mixed in BC's four census metropolitan areas (CMA). Permits in the Abbotsford-Mission CMA  were down more than 50 per cent on both and monthly and year-over-year basis while the Vancouver CMA saw a 2.6 per cent decline from June and a 30 per cent drop year-over-year. Conversely, in the Kelowna CMA, permits were up 63 per cent from June and were 40 per cent higher year-over-year. In Victoria, construction intentions fell 32 per cent on a monthly basis, but were 30 per cent higher than in July 2015. 

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email:bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.





BCREA ECONOMICS NOW

Canadian Real GDP Growth (Q2'2016) - August 31, 2016

The Canadian economy contracted 1.6 per cent in the second quarter, the largest decline since the second quarter of 2009. The impact of Alberta wildfires on oil production and other other industries was the primary cause of negative growth. Excluding the large decline in crude petroleum output, real GDP increased 1.2 per cent. 

Very strong consumption growth in the second quarter and a 0.6 per cent rebound in growth in June means that the hand-off to third quarter growth should be very strong. We expect Canadian economic growth will rebound sharply in the third and fourth quarter as oil production normalizes and the federal government's uptick in expenditures and tax credits impacts the economy. The Canadian economy is forecast to expand at an average of 2.5 per cent in the second half of 2016 and into 2017.

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.






Strong BC Economy Fuels Growth in Commercial Real Estate

Vancouver, BC – August 31, 2016. The BCREA Commercial Leading Indicator (CLI) increased 1.7 index points in the second quarter of 2016, propelled higher by strong growth in the BC economy. The CLI index rose to a new high of 122.2, up 2.2 per cent compared to the second quarter of 2015.

“The recent uptrend in the CLI is reflective of a strong underlying economy and accelerated employment growth,” said BCREA Economist Brendon Ogmundson. “The CLI was further boosted by a rebound in financial markets that were previously dragging the index lower.“

All components of the CLI contributed positively to the index in the second quarter with strong economic growth, and robust consumer spending in particular, acting as the primary driver. A rising CLI over the first half of 2016 pulled the underlying index trend higher following several quarters of flat growth. That rising trend points to a higher uptick in the pace of commercial real estate activity over the next two to four months.

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To view the full BCREA Commercial Leading Indicator index, click here.

For more information, please contact: 

Brendon Ogmundson

Damian Stathonikos

Economist

Director of Communications and Public Affairs

Direct: 604.742.2796

Direct: 604.742.2793

Direct: 604.505.6793 4

Mobile: 778.990.1320

Email: bogmundson@bcrea.bc.ca

Email: dstathonikos@bcrea.bc.ca

BCREA is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada's real estate boards to ensure maximum exposure of properties listed for sale.






For the complete news release, including detailed statistics, click here.

For immediate release

Record BC Home Sale Forecast Despite Vancouver Slowdown  
BCREA 2016 Third Quarter Housing Forecast Update

Vancouver, BC – August 25, 2016. The British Columbia Real Estate Association (BCREA) released its 2016 Third Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to climb 10.4 per cent to a record 113,000 units this year, eclipsing the previous record of 106,310 units in 2005. Housing demand is expected to moderate next year, with home sales declining nearly 8 per cent to 104,400 units. However, housing demand is expected to remain well above the ten-year average of 85,000 unit sales.

"The introduction of a 15 per cent tax on foreign national home buyers in Metro Vancouver is expected to accelerate a moderating trend in the market that began earlier in the year," said Cameron Muir, BCREA Chief Economist. "However, other regions of the province are performing above expectations and at the provincial level, largely offsetting Metro Vancouver's deceleration."

The average MLS® residential price in the province is forecast to increase 11 per cent to $706,900 this year and a further 5.2 per cent to $743,700 in 2017.

"While the cyclical nature of housing markets can exact a harsh toll on affordability in the short term, there is some relief for beleaguered home buyers on the horizon, added Muir. Housing starts in the province are expected to reach near record levels this year, and the highest amount since 1993. In Metro Vancouver, a record number of homes are now under construction. "A moderation in housing demand combined with a rising number of both new and resale homes on the market is expected to create more balance and less upward pressure on home prices."

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To view the full BCREA Housing Forecast, click here.

For more information, please contact: 

Cameron Muir

Damian Stathonikos

Chief Economist

Director of Communications and Public Affairs

Direct: 604.742.2780

Direct: 604.742.2793

Mobile: 778.229.1884

Mobile: 778.990.1320

Email: cmuir@bcrea.bc.ca

Email: dstathonikos@bcrea.bc.ca

BCREA is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province's 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.







For immediate release

Housing Market Slows to a Simmer in BC

Vancouver, BC – August 11, 2016. The British Columbia Real Estate Association (BCREA) reports that 9,900 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July, down 3.4 per cent from the same month last year. Total sales dollar volume was $6.57 billion in July, up 5.4 per cent compared to the previous year. The average MLS® residential price in the province was up 9.1 per cent year-over-year, to $663,411.

“Housing demand has moderated in many regions of the province, after setting records earlier in the year,” said Cameron Muir, BCREA Chief Economist. “The less frenetic pace of home sales will likely provide a much needed boost to the inventory of homes for sale. The rate of home price appreciation is also expected to slow from the unsustainable level exhibited this spring.“

Year-to-date, BC residential sales dollar volume increased 45.5 per cent to $56.5 billion, when compared with the same period in 2015. Residential unit sales climbed by 25 per cent to 77,261 units, while the average MLS® residential price was up 16.4 per cent to $731,189.

-30-

For more information, please contact: 

Cameron Muir

Damian Stathonikos

Chief Economist

Director of Communications and Public Affairs

Direct: 604.742.2780

Direct: 604.742.2793

Direct: 778.229.1884

Mobile: 778.990.1320

Email: cmuir@bcrea.bc.ca

Email: dstathonikos@bcrea.bc.ca

BCREA is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada's real estate boards to ensure maximum exposure of properties listed for sale.






BCREA ECONOMICS NOW

Canadian Monthly GDP (May 2016) - July 29, 2016

The Canadian economy contracted 0.6 per cent in May, the largest decline in real GDP since March 2009. This decline was the result of a 22 per cent drop in output of the non-conventional oil extraction industry due to the Fort McMurray wildfire.  Excluding that decline, real GDP was down 0.1 per cent. 

Given the large decline in May, second quarter real GDP growth could contract by more than -1 per cent.  However, since the decline is almost entirely due to the Fort McMurray wildfires, growth should post a  strong rebound as oil production comes back on-line and the reconstruction effort begins. That rebound will be further supported by a boost of fiscal stimulus planned for the second half of the year pushing growth above 2 per cent for the remainder of 2016. 

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.






BCREA ECONOMICS NOW

Canadian Manufacturing Sales - July 15, 2016

Canadian manufacturing sales declined 1 per cent in May after posting a similar sized increase in April. Sales were lower in 15 of 21 industries representing 70 per cent of manufacturing sales. The decline was led by lower sales of motor vehicles and motor vehicle parts resulting from supply disruptions in Japan as well as weak sales in the petroleum and coal products industry due to the Fort McMurray wildfires. 

In BC, where the manufacturing sector employs approximately 170,000 people, sales were up 1.1 per cent on a monthly basis and were up 3.8 per cent year-over-year. The BC economy continues to outpace the overall Canadian economy by a wide margin. Given today's economic data, growth in the provincial economy is tracking well over 3 per cent for the year. 

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.

To change your email address, subscribe to more BCREA publications or unsubscribe from this distribution list, click 






BCREA ECONOMICS NOW

Bank of Canada Interest Rate Announcement - July 13, 2016

The Bank of Canada announced this morning that it is holding its target for the overnight interest rate at 0.5 per cent. In the press release accompanying the decision, the Bank noted that inflation is on track to return to its target of 2 per cent by 2017, though heightened global uncertainty presents a risk to that forecast.  The Bank judges the overall risks to its forecast as roughly balanced, but noted financial vulnerabilities are elevated in the greater Vancouver and Toronto areas due to rising home prices. 

Economic growth in Canada appears to be slowing as expected in the second quarter.  Our tracking estimate of second quarter real GDP growth is currently at -0.5 per cent following a strong start to the year. Most of the slowdown is due to disruptions caused by the Alberta wildfires which points to a strong rebound as oil production comes back on-line and the reconstruction effort begins. That rebound will be further supported by a boost of fiscal stimulus planned for the second half of the year. An improved outlook for growth and firm but low trend inflation probably rule out any further rate cuts from the Bank, particularly given that long-term interest rates have already fallen to near record lows in recent weeks.  Our forecast remains that the Bank will be sidelined for the remainder of 2016 and through most if not all of 2017.

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.






BCREA ECONOMICS NOW

Canadian Building Permits - July 7, 2016

The total value of Canadian building permits declined 1.9 per cent on a monthly basis in May as lower construction intentions in Ontario and Quebec offset strong gains in other provinces, including the BC non-residential sector.

In BC, total permit activity increased 2.2 per cent from April to May and posted a third consecutive month of over $1.1 billion in permits. On a year-over-year basis, the dollar value of building permits in the province was 20.3 per cent higher than May 2015, led by a 22.6 per cent increase in non-residential permits. Residential activity was slightly lower on a monthly basis in May, but was up 19.5 per cent year-over-year, indicating that new home construction should remain strong in subsequent months. 

Construction intentions were mixed in BC's four census metropolitan areas (CMA). Permits in the Abbotsford-Mission CMA  jumped close to 40 per cent on a monthly basis but were 4.9 per cent lower year-over-year.  In the Kelowna CMA, permits fell almost 7
 per cent from April but were 27 per cent higher year-over-year. In the Vancouver CMA, permits increased 9 per cent on a monthly basis and were up 23 per cent year-over-year.  In the Victoria CMA, permit activity was down 23 per cent on a monthly basis but was up 26.6 per cent compared to May 2015.

For more information, please contact: 

Cameron Muir Brendon Ogmundson
Chief Economist Economist
Direct: 604.742.2780 Direct: 604.742.2796
Mobile: 778.229.1884 Mobile: 604.505.6793
Email: cmuir@bcrea.bc.ca Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.

 






For the complete news release, including detailed statistics, clickhere.

For immediate release

Record Home Sales Creates Wave of New Home Construction

Vancouver, BC – June 15, 2016. The British Columbia Real Estate Association (BCREA) reports that a record 13,458 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May, up 32.3 per cent from the same month last year. Home sales last month exceeded April’s record of 12,969 units. Total sales dollar volume was $9.72 billion in May, up 51.1 per cent compared to the previous year. The average MLS® residential price in the province was up 14.2 per cent year-over-year, to $722,146.

“Record housing demand and dwindling inventories are continuing to push home prices higher in most BC regions,” said Cameron Muir, BCREA Chief Economist. “Total active residential listings across the province are nearly 30 per cent lower than twelve months ago.“

“New home construction activity is at a near record pace in the province,” added Muir. In the Metro Vancouver market, a record number of homes are now under construction. “Once the current crop of homes are ready for occupancy there will likely be more selection for home buyers and less upward pressure on home prices."

Year-to-date, BC residential sales dollar volume increased 62 per cent to $41 billion, when compared with the same period in 2015. Residential unit sales climbed by 35.2 per cent to 54,455 units, while the average MLS® residential price was up 19 per cent to $752,105.

-30-

For more information, please contact: 

Cameron Muir

Damian Stathonikos

Chief Economist

Director of Communications and Public Affairs

Direct: 604.742.2780

Direct: 604.742.2793

Direct: 778.229.1884

Mobile: 778.990.1320

Email: cmuir@bcrea.bc.ca

Email: dstathonikos@bcrea.bc.ca

BCREA is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada's real estate boards to ensure maximum exposure of properties listed for sale.





BCREA ECONOMICS NOW

Canadian Manufacturing Sales - June 15, 2016

Canadian manufacturing sales broke a string of consecutive down months, rising 1 per cent in April. Sales were higher in just 10 of 21 industries representing about half of all manufacturing sales, with the largest gains coming from the petroleum and coal industry and sales of transportation equipment. In inflation adjusted terms, total sales were up 1.4 per cent. 

In BC, where the manufacturing sector employs approximately 170,000 people, sales fell 1.3 per cent on a monthly basis but were up 2.2 per cent year-over-year. The manufacturing and export sector is the one piece of the provincial economy that is lagging behind otherwise very strong growth in 2016. With improvement in the US economy as well as BC's major provincial trading partners like Alberta, we expect that the manufacturing sector should be pulled out of its current sluggish growth, providing a further boost to an already robust BC economy. 

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email:bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.





BCREA ECONOMICS NOW

Canadian Employment - June 10, 2016

The Canadian economy added 14,000 jobs in May, including a 61,000 increase in full-time employment which was mostly offset by declining part-time work. If not for the wildfires in Alberta, which saw 24,000 jobs lost last month, May's employment growth would have been even stronger. Solid job gains in recent months and a drop in the number of people looking for work pushed the national unemployment rate lower by 0.2 points to 6.9 per cent  Total hours worked, which is closely associated with economic growth, increased by 0.8 per cent over the past 12 months. 

Employment in BC declined by 8,400 jobs in May, the first month of negative job growth in 2016 following four months of gains. On a year-over-year basis, employment was 3 per cent higher compared to May 2015 and year-to-date employment is up 3.2 per cent in 2016. The provincial unemployment rate increased 0.3 points to 6.1 per cent

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.





BCREA ECONOMICS NOW

Canadian Housing Starts - June 8, 2016

Canadian housing starts declined 1.5 per cent in May to 188,570 units at a seasonally adjusted annual rate (SAAR). The six-month trend in Canadian housing starts of 191,000 was also down slightly and remains roughly in-line with growth in Canadian households. 

Housing starts in BC cooled off of the near record-setting pace from the first five months of the year, recording 35,312 units at a seasonally adjusted annual rate, a 23 per cent decline from April's torrid pace of 45,000 units.New home construction was driven higher by growth in apartments and other multi-family units, which were up 34 per cent on a year-over-year basis while single-detached starts were 32 per cent higher compared to last May. 

Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA were up 36 per cent year-over-year in May due to broad strength in both multiple and single units. New home construction in the City of Vancouver, Surrey and Langley was particularly strong last month. In the Victoria CMA, housing starts of both single and multiple units more than doubled year-over-year with 224 total units breaking ground.  New home construction in the Kelowna CMA surged 196 per cent, compared to one year ago, largely as a result of large condo projects getting underway.  Housing starts in the Abbotsford-Mission CMA were also up sharply, rising 179 per cent year-over-year in May. 

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email:bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.

To change your email address, subscribe to more BCREA publications or unsubscribe from this distribution list, click here






For the complete news release, including detailed statistics, click here.

For immediate release

Record Breaking Housing Demand Sweeps BC  
BCREA 2016 Second Quarter Housing Forecast

Vancouver, BC – June 2, 2016. The British Columbia Real Estate Association (BCREA) released its 2016 Second Quarter Housing Forecast today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to climb 12.3 per cent to a record 115,200 units this year, eclipsing the previous record of 106,310 units in 2005. Housing demand is expected to pull back by 8.3 per cent to 105,600 units in 2017. Strong economic fundamentals are expected to underpin the housing market and produce above average consumer demand through 2017. The ten-year average for the province is 83,000 MLS® residential unit sales.

“Robust employment growth and a marked increase in migration from other provinces is buoying consumer confidence and housing demand in most regions of the province,” said Cameron Muir, BCREA Chief Economist. “Record housing demand has depleted inventories in many urban areas, and the resulting imbalance between supply and demand has pushed home prices considerably higher."

The average MLS® residential price in the province is forecast to increase 20.4 per cent to $766,600 this year and a further 3.4 per cent to $792,800 in 2017.

New home construction activity has ramped up to meet the extraordinary demand for housing. Waning inventories of newly completed and unoccupied units are being offset by a marked increase in the number of homes under construction. Total housing starts in the province are forecast to climb 20 per cent to 37,800 units this year, before edging back to 34,200 units in 2017.

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To view the full BCREA Housing Forecast, click here.

For more information, please contact: 

Cameron Muir

Damian Stathonikos

Chief Economist

Director of Communications and Public Affairs

Direct: 604.742.2780

Direct: 604.742.2793

Mobile: 778.229.1884

Mobile: 778.990.1320

Email: cmuir@bcrea.bc.ca

Email: dstathonikos@bcrea.bc.ca

BCREA is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.





BCREA ECONOMICS NOW

Canadian Economic Growth (Q1'2016) - May 31, 2016

The Canadian economy rebounded from a sluggish end to 2015, with real GDP (economic output adjusted for inflation) growing at a 2.4 per cent at an annualized rate in the first quarter of this year, well short of the 3 per cent growth expected by most economists. Economic growth was led by a rise in exports, residential investment and household consumption.

Growth is expected to slow sharply in the second quarter as a result of the wildfires in Alberta and their impact on oil production. However, the economy is expected to recover in the third and fourth quarter as the rebuilding effort gets underway and an expected increase in federal government spending is realized. Slow growth will keep the Bank of Canada on the sidelines in 2016, even as the US Federal Reserve looks to raise interest rates as early as June. Of note, while Canada's economy as a whole is on track to expand at around 1.5 per cent this year, the BC economy continues to prosper and is tracking at 3.3 per cent growth for 2016. 

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email:bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.







BCREA ECONOMICS NOW

Canadian Retail Sales - May 20, 2016

After starting the year with two consecutive months of increases, Canadian retail sales declined 1 per cent in March. Sales were lower in  6 of 11 subsectors with the largest declines coming in the motor vehicle sector due to a drop in new car sales. With today's release, first quarter real GDP growth in Canada is tracking at 3.4 per cent, a significant improvement from just 0.8 per cent growth in the fourth quarter of 2015.

In BC, retail sales declined 1.1 per cent on a monthly basis but were up a 4.9 per cent compared to March 2015. Thanks to strong consumer demand and a blistering pace of residential construction, the BC economy is off to a very strong start in 2016, with growth in the early months tracking at more than 3 per cent on an annualized basis.

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.






For immediate release

Contract Changes Benefit Real Estate Consumers

Vancouver, BC – May 10, 2016. Consumer awareness took a step forward with the announcement of new requirements for real estate contracts.

Following on a promise made by Premier Clark in March, as of May 16, 2016 the government will require contracts prepared by real estate licensees to include clauses stating that the contract cannot be assigned without the written consent of the seller, and that any profit from an assignment goes to the initial seller. Clients can instruct licensees to omit or change the clauses.

"Real estate consumers now have a tool to help them decide whether they want their contracts to be assignable," says BC Real Estate Association (BCREA) President Deanna Horn. "Like many other provisions in the contract, buyers and sellers have the option of keeping the new paragraph, changing it or striking it out completely—but at least the conversation is more likely to happen now."

BCREA supports the new requirements. To help consumers and REALTORS® with the transition, the Association is adding the following paragraph to the residential and commercial Contracts of Purchase and Sale:

The Seller and the Buyer agree that this Contract: (a) must not be assigned without the written consent of the Seller; and (b) the Seller is entitled to any profit resulting from an assignment of the Contract by the Buyer or any subsequent assignee.

"Assignment" is the practice of someone assigning their rights in a contract to someone else before the transaction completes. In simple terms, someone can buy the right to step into the original buyer's shoes to complete the contract. Assigning one's right to a contract is a legitimate practice, allowed by common law and also by section 36 of the Law and Equity Act.

Also today, Minister of Finance Mike de Jong announced that, starting in June 2016, the provincial government will begin collecting citizenship data of real estate owners through the Property Transfer Tax form.

"BCREA is pleased that the government will collect this information, in which there is obviously a lot of public interest," says Association CEO Robert Laing. "Strong policy is based on solid information, and we look forward to learning more about this aspect of the real estate market."

-30-

More information:

BCREA is the professional association for over 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province's 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

For more information, please contact: 

Damian Stathonikos

Director of Communications and Public Affairs

Direct: 604.742.2793

Email: dstathonikos@bcrea.bc.ca






BCREA ECONOMICS NOW

Canadian Housing Starts - May 9, 2016

Canadian housing starts declined 5 per cent in April following several months of robust construction activity. Total housing starts were 191,512 units at a seasonally adjusted annual rate (SAAR).   The six-month trend in Canadian housing starts of 195,064 was down slightly and remains roughly in-line with growth in Canadian households. 

Housing starts in BC continued at a torrid pace in April, rising 14 per cent to 45,591 units SAAR. New home construction was driven higher by growth in apartments and other multi-family units, which were up 34 per cent on a year-over-year basis while single-detached starts were 2 per cent higher in April. 

Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA were up 37 per cent year-over-year in April as a result of a 45 per cent increase in multiple unit starts. In the Victoria CMA, housing starts were up 9 per cent year-over-year with strong gains in both single and multiple starts. New home construction in the Kelowna CMA dipped 19 per cent, dragged lower by fewer multiple units starts compared to last April.  Housing starts in the Abbotsford-Mission CMA were up 21 per cent in April due to a surge in multiple units starts.

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email:bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.






BCREA ECONOMICS NOW

Canadian and US Employment - May 6, 2016

Employment in Canada was essentially unchanged in April following a surge of job growth in March. Total employment fell by 2,100 jobs and the national unemployment rate held steady at 7.1 per cent.  Total hours worked, which is closely associated with economic growth, increased by 0.9 per cent over the past 12 months.

Employment in BC continued to expand, rising by 13,000 jobs in April which helped drive the provincial unemployment rate down 0.5 points to 5.8 per cent. April marks the first time since 1976 that BC has had the lowest unemployment rate in the country. On a year-over-year basis, employment was 4.1 per cent higher compared to last April and year-to-date employment is up 3.3 per cent in 2016.

US Non-farm payrolls increased by 160,000 jobs in April and the US unemployment rate edged remained steady at 5 per cent. Over the past three months, the US economy added an average of 200,000 jobs per month in spite of weak economic growth in the first quarter. 

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email:bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.





BCREA ECONOMICS NOW

Canadian Monthly GDP (February) - April 29, 2016

Following four consecutive monthly increases, Canadian real GDP declined in February, dropping 0.1 per cent from January. The decline in output was the result of decreases in manufacturing as well as mining and oil and gas extraction. However, sectors including retail trade, finance and construction edged higher.

Despite a poor showing in February, economic growth for the first quarter is still tracking at a robust rate above 3 per cent. A higher Canadian dollar and a slow first quarter for the US economy could bring that estimate lower once all data is in, but overall the Canadian economy seems to be improving following weak growth in 2015.
 
 

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email:bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.











BCREA ECONOMICS NOW

US Economic Growth Q1'2016  - April 28, 2016

US real GDP growth registered a disappointing 0.5 per cent in the first quarter of 2016, the slowest quarterly growth in two years. Growth was pulled lower by a softening of consumer spending as well as the high US dollar's impact on exports. It should be noted that today's release is a preliminary estimate and is subject to revisions which can be substantial. 

As noted yesterday afternoon by the US Federal Reserve's Open Market Committee in its decision to leave its target interest rate unchanged, the US faces some headwinds from a struggling global economy but consumer demand is expected to accelerate, buoyed by strong gains in the labour market.  We expect that the US economy will get back on track in subsequent quarters, ultimately expanding 2.2 per cent in 2016. Low growth and modest inflationary pressure should keep the Federal Reserve sidelined most of this year, though one more rate-hike before the end of the year remains likely. 

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email:bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.






BCREA ECONOMICS NOW

Canadian Monthly GDP (January) - March 31, 2016

The Canadian economy got off to a fast start in 2016 as real GDP expanded 0.6 per cent in the month of January, the fourth consecutive monthly increase. Output was led higher by gains in the manufacturing, oil and gas extraction, retail trade and finance industries. Given the strong start to the quarter, economic growth is tracking at a more than 3 per cent rate for the first quarter.

The Canadian economy grew just over 1 per cent for all of 2015 and so the strong start to the year is a welcome turn of events. However, with oil and other commodity prices still low, it is too early to say whether 2016 will see continued strong growth. That said, we do anticipate a stronger economy this year, helped along by a strengthening US economy, a low dollar and fiscal stimulus that should start having an effect during the second half of 2016. 
 

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 18,500 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.




BCREA ECONOMICS NOW

Canadian Monthly GDP (January) - March 31, 2016

The Canadian economy got off to a fast start in 2016 as real GDP expanded 0.6 per cent in the month of January, the fourth consecutive monthly increase. Output was led higher by gains in the manufacturing, oil and gas extraction, retail trade and finance industries. Given the strong start to the quarter, economic growth is tracking at a more than 3 per cent rate for the first quarter.

The Canadian economy grew just over 1 per cent for all of 2015 and so the strong start to the year is a welcome turn of events. However, with oil and other commodity prices still low, it is too early to say whether 2016 will see continued strong growth. That said, we do anticipate a stronger economy this year, helped along by a strengthening US economy, a low dollar and fiscal stimulus that should start having an effect during the second half of 2016. 
 

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 18,500 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.





BC Home Sales Sizzle at Record Pace

Vancouver, BC – March 14, 2016. The British Columbia Real Estate Association (BCREA) reports that a total of 9,637 residential unit sales were recorded by the Multiple Listing Service® (MLS®) last month, up 44.7 per cent from February of last year. This smashed the previous record of 8,157 unit sales for the month of February recorded in 1992. Total sales dollar volume was $7.51 billion in February, up 76.4 per cent compared to the previous year. The average MLS® residential price in the province was up 21.9 per cent year-over-year, to $779,419.

“Housing demand is now at a break-neck pace,” said Cameron Muir, BCREA Chief Economist. “Home sales last month were not only a record for the month of February, but on a seasonally adjusted basis, demand has never been stronger in the province.”

“Downward pressure on active listings has created significant upward pressure on home prices in some regions, particularly in Vancouver and the Fraser Valley,” added Muir. “While home builders have responded with a record pace of housing starts for BC last month, the supply isn’t expected alleviate the imbalance in these markets in the near term."

The year-to-date, BC residential sales dollar volume increased 73.6 per cent to $11.9 billion, when compared with the same period in 2015. Residential unit sales climbed by 40.1 per cent to 15,468 units, while the average MLS® residential price was up 23.9 per cent to $769,424.

-30-

For more information, please contact: 

Cameron Muir

Damian Stathonikos

Chief Economist

Director of Communications and Public Affairs

Direct: 604.742.2780

Direct: 604.742.2793

Mobile: 778.229.1884

Mobile: 778.990.1320

Email: cmuir@bcrea.bc.ca

Email: dstathonikos@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 18,500 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada's real estate boards to ensure maximum exposure of properties listed for sale.






BCREA ECONOMICS NOW

Canadian Employment - March 11, 2016

Employment in Canada was unchanged in February as gains in part-time work offset a decline in full-time jobs. The national unemployment rate rose 0.1 points to 7.3 per cent, the highest rate of unemployment in three years. 

BC was the only province that saw job growth in February. Employment was up by 14,000 jobs and was 3 per cent higher than one year ago, the highest rate of job growth in Canada. The provincial unemployment rate remained unchanged at 6.6 per cent as in-migration from other provinces continues to add to the pool of individuals actively looking for work

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email:bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 18,500 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.





BCREA ECONOMICS NOW

Canadian Economic Growth - March 1, 2016

The Canadian economy slowed substantially in the fourth quarter as growth was pulled down by renewed pressure on energy prices. Canadian real GDP, that is economic output adjusted for inflation, was just 0.8 per cent higher in the fourth quarter following a 2.4 per cent expansion in the third quarter. Economic growth was led by a 1 per cent increase in household consumption, a 1.5 per cent increase in government expenditures and nearly 2 per cent growth in residential construction. The lower Canadian dollar also helped improve Canada's trade balance, as imports declined close to 9 per cent. Real GDP growth for all of 2015 registered just 1.2 per cent. 

The Canadian economy was sluggish throughout 2015 and the outlook for growth in 2016 looks to be fairly similar. Absent a major turnaround in oil prices, the national economy will continue to be dragged down by slow growth or even recessions in energy producing provinces. We expect that economic growth in 2016 will be about 1 per cent before picking up in 2017. Slow growth likely means tempered inflation and little ability for households to support higher interest rates. Therefore, we expect the Bank of Canada to remain on the sidelines throughout the year, placing the emphasis on fiscal policy to boost growth. 

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 18,500 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.



BCREA ECONOMICS NOW

Canadian and US Economic Growth - January 29, 2016

Economic output in Canada rose 0.3 per cent in November after two consecutive months of falling or flat growth.  The increase in economic activity was led by gains in retail and wholesale trade as well as oil and gas extraction and manufacturing.  Given November's GDP data, Canadian economic growth is tracking at close to zero for the fourth quarter. 

US real GDP also experienced a significant slowdown in the fourth quarter, registering just 0.7 per cent at an annual rate. Growth was pulled lower by tempered household spending and a decline in business investment . For all of 2015, the US economy expanded 2.4 per cent, matching the rate of growth in 2014. 
 

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 18,500 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.





For a PDF version of this news release, including data table, follow this link:
www.bcrea.bc.ca/docs/news-2016/2016-01-28forecast.pdf.

For immediate release

Strong Housing Demand Forecast Through 2017
BCREA 2016 First Quarter Housing Forecast Update

Vancouver, BC – January 28, 2016. The British Columbia Real Estate Association (BCREA) released 2016 First Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) rresidential sales in the province are forecast to edge back 6.2 per cent to 96,100 units this year, after reaching 102,517 units in 2015. Strong consumer demand is expected to push MLS® residential sales up by 2 per cent to 98,000 units in 2017.  

Housing demand in the province is being supported by a relatively robust economy, leading to strong employment growth and rising wages. In addition, net interprovincial migration is on an upswing as many Albertans look to BC for job opportunities. BC home sales are forecast to remain well above the ten-year average of 83,200 units over the next two years.

“The inventory of homes for sale is now at its lowest level in almost a decade,” said Cameron Muir, BCREA Chief Economist. “Fewer homes for sale and strong consumer demand are expected to push home prices higher in most BC regions this year and in 2017.” The average MLS® residential price in the province is projected to increase 6.4 per cent to $677,200 this year and a further 4.1 per cent to $705,300 in 2017.

New home construction activity is expected to remain at elevated levels corresponding to strong consumer demand and relatively thin inventories, particularly on the South Coast.  Total housing starts in the province are forecast to remain close to an annual pace of 30,000 units through 2017, which will be the strongest two year performance since the 2007-2008 period.

- 30 -

To view the full BCREA Housing Forecast Update, click here.

For more information, please contact:

Cameron Muir

Damian Stathonikos

Chief Economist

Director of Communications and Public Affairs

Direct: 604.742.2780

Direct: 604.742.2793

Mobile: 778.229.1884

Mobile: 778.990.1320

Email: cmuir@bcrea.bc.ca

Email: dstathonikos@bcrea.bc.ca


BCREA is the professional association for more than 18,500 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

 

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.






BCREA ECONOMICS NOW

US Federal Reserve Interest Rate Announcement - January 27, 2016

On the heels of the first rate increase in 8 years, the US Federal Reserve's Open Market Committee (the Fed) opted to leave its target overnight rate unchanged at a range of 0.25 to 0.50 per cent.   In the statement accompanying the Fed's decision, it was noted that with gradual adjustments to the stance of monetary policy, economic activity will continue to expand at a moderate pace and labour market indicators will continue to strengthen. The Fed expects that inflation will remain low in the near term, but slowly rise to 2 per cent over the medium term as the impact of low energy prices fades.

While early speculation was that the Fed would raise rates at least four times this year, a slowdown in the economy to end 2015 along with still tame inflation and volatility in financial markets will likely put monetary policymakers on a much more cautious footing.  We expect that the Fed will raise rates a maximum of one more time in 2016 which should translate to very little upward pressure on Canadian bond yields and mortgage rates. 

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 18,500 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.






BCREA ECONOMICS NOW

Bank of Canada Interest Rate Announcement - January 20, 2016

The Bank of Canada announced this morning that it is maintaining its overnight rate at 0.5 per cent. In the press release accompanying the decision, the Bank noted that inflation is evolving as expected with total CPI continuing to test the bottom of the Bank's 1-3 per cent target range due to low energy prices. However, the Bank expects that inflation will rise over the next year, reaching its 2 per cent target by mid-2017.  On the economy, the Bank sees economic growth firming after a slowdown in the fourth quarter of last year. The Bank projects that the Canadian economy will grow a modest 1.5 per cent this year before strengthening to 2.5 per cent in 2017. 
 
In not moving on interest rates this morning, the Bank is recognizing that there is little that monetary policy can do to offset a significant supply-side shock such as the dramatic decline in oil prices. Indeed, given Canada's floating exchange rate, the loonie has already adjusted to help partially absorb the negative impact of falling commodity prices on exports.   Keeping in mind that the Canadian economy is still projected to grow at a rate very close to its somewhat diminished potential for 2016 and that inflation will be spurred by a dramatically lower Canadian dollar, we anticipate that the Bank will reassess the need for monetary stimulus once the worst of the oil-shock had passed. That means, barring a significant deterioration in the economy, the Bank will more than likely remain sidelined for 2016. 

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 18,500 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.





For immediate release

December Smashes Home Sales Record and 2015 Enters Record Book

Vancouver, BC – January 15, 2016. The British Columbia Real Estate Association (BCREA) reports that a record number of home sales were recorded in the province for the month of December. A total of 6,590 residential unit sales were recorded by the Multiple Listing Service® (MLS®) last month, up 29.8 per cent from the same month the previous year. Total sales dollar volume hit a record $4.62 billion for the month of December, up 55.4 per cent compared to the previous year.

The average MLS® residential price in the province climbed above the $700,000 threshold for the first time in BC last month, rising 19.7 from December 2014 to $700,943.

“The 2015 housing market finished in dramatic fashion, with record demand for month of December,” said Cameron Muir, BCREA Chief Economist. “BC home sales breached the 100,000 unit threshold in 2015, and it was only the third time on record that this high watermark was achieved.”

The combination of record home average home prices and near record annual unit sales prices propelled the dollar volume of MLS® residential to a record $65.3 billion in 2015, up nearly 37 per cent from the previous year. The average annual residential price reached a record $636,627 last year, up 12 per cent from 2014. A total of 102,517 residential unit sales were recorded, an increase of 22 per cent compared to 2014. A record 106,310 residential unit sales were recorded in 2005, while the only other year eclipsing 2015 were 2007 when 102,805 unit sales were recorded.

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For more information, please contact: 

Cameron Muir

Damian Stathonikos

Chief Economist

Director of Communications and Public Affairs

Direct: 604.742.2780

Direct: 604.742.2793

Mobile: 778.229.1884

Mobile: 778.990.1320

Email: cmuir@bcrea.bc.ca

Email: dstathonikos@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 18,500 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada's real estate boards to ensure maximum exposure of properties listed for sale.





BCREA ECONOMICS NOW

Canadian Housing Starts - January 11, 2016

Canadian housing starts closed the year down close to 20 per cent, falling from 212,028 units at a seasonally adjusted annual rate (SAAR) in November to 172,965 units SAAR in December.  The six-month trend in Canadian housing starts of 203,500 units SAAR was also down. For the year 2015,  total Canadian housing starts were up 6 per cent over 2014.  Large declines in oil-producing provinces such as Alberta, Saskatchewan and Newfoundland were largely offset by strong new home construction in BC and Ontario. 

Housing starts in BC rebounded in December, rising 26 per cent to 33,346 units SAAR.  On a year-over-year basis, housing starts were up 15 per cent, led by a 22 per cent increase in multiple unit starts which offset a 3 per cent decline in single detached starts. For the year 2015, total housing starts in BC increased 12 per cent compared to 2014. 

Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA were up 20 per cent year-over-year in December due to a 27 per cent jump in multiple starts. For all of 2015,  Vancouver CMA new home construction rose 9 per cent, finishing the year at 20,863 total starts.  In the Victoria CMA, housing starts more than doubled compared to December 2014, with strong gains in both single and multiple starts. For all of 2015, Victoria CMA starts increased 53 per cent to 2,008 total starts. Home construction in the Kelowna CMA closed the year down, falling 44 per cent year-over-year. For all of 2015, total housing starts dipped slightly, falling 2 per cent to 1,280 total starts.  Housing starts in the Abbotsford-Mission CMA were up 21 per cent to finish the year and were 62 per cent higher for all of 2015 at 806 total starts. 

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 18,500 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.





November Home Sales Second Strongest on Record

Vancouver, BC – December 14, 2015. The British Columbia Real Estate Association (BCREA) reports that a total of 8,032 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November, up 34.5 per cent from the same month last year. Total sales dollar volume was $5.38 billion, up 56.4 per cent compared to the previous year. The average MLS® residential price in the province rose to $668,317, up 16.3 per cent from November 2014.

“Housing demand last month was the second strongest ever recorded for the month of November,” said Cameron Muir, BCREA Chief Economist. “You’d need to look all the way back to the frenetic market of 1989 to find more homes trading hands in November.“

The largest increase in consumer demand occurred in the Fraser Valley, where home sales climbed over 60 per cent from November 2014. Vancouver and Chilliwack experienced an increase of over 40 per cent, while Kamloops home sales were up 30 per cent.

The year-to-date, BC residential sales dollar volume increased 35.4 per cent to $60.7 billion, when compared with the same period in 2014. Residential unit sales climbed by 21.5 per cent to 95,927 units, while the average MLS® residential price was up 11.4 per cent to $632,209.

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For more information, please contact: 

Cameron Muir

Damian Stathonikos

Chief Economist

Director of Communications and Public Affairs

Direct: 604.742.2780

Direct: 604.742.2793

Mobile: 778.229.1884

Mobile: 778.990.1320

Email: cmuir@bcrea.bc.ca

Email: dstathonikos@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 18,500 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada's real estate boards to ensure maximum exposure of properties listed for sale.






BCREA ECONOMICS NOW

Canadian Government Change to Minimum Down Payment on Insured Mortgages - December 11, 2015

Policy Change

The Canadian government announced today that it is increasing the minimum down payment on insured mortgages from 5 per cent to a two tiered system under which the minimum down payment on houses priced above $500,000 will remain at 5 per cent, but there will be an additional 10 per cent required on the portion of the house price above $500,000. 

As an example, for a house priced at $700,000, the minimum down payment for mortgage insurance purposes under the status quo would be $35,000. Under the new system, the minimum down payment would be 5 per cent x $500,000 + 10 per cent x ($700,000-$500,000) or $45,000. It is important to note that the homes priced at or above $1 million already require a minimum down payment of 20 per cent. 

The changes to minimum down payments will take effect on February 15, 2016 and apply to new mortgage loans where a mortgage insurance application is received on February 15, 2016 or later. 

Market Impact 

The increase in minimum down payments on homes above $500,000 is designed to target excess risk taking in Canada's most expensive housing markets. Most homes in BC are priced below $500,000 and therefore this change will have limited impact in much of the province. However, 35 per cent of homes sold in Metro-Vancouver are priced between $500,000 and $1 million and so this change could adversely affect or delay demand in those markets, particularly for first-time homebuyers. That said, given the incremental nature of the change, and since minimum down payments are less frequent at higher home prices, we expect the overall impact to be relatively minor.

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 18,500 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.






BCREA ECONOMICS NOW

Canadian Housing Starts - December 8, 2015

Canadian housing starts increased 7.2 per cent in November to 211,916 units at a seasonally adjusted annual rate (SAAR).  The six-month trend in Canadian housing starts of 208,401 units SAAR has risen for several months and is currently above the rate of household formations in Canada, a sign that new home construction could slow next year. 

Housing starts in BC fell 24 per cent following a similar size increase the previous month, registering 25,507 units SAAR.  On a year-over-year basis, housing starts were down 10 per cent with both single detached and multiple starts posting declines compared to last year. Year-to-date, total housing starts in BC are up 11 per cent compared to 2014. 

Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA were down 9 per cent year-over-year in November following a large increase in new home construction in October.  Single detached units were down 5 per cent while multiple units were off 10 per cent year-over-year.  In the Victoria CMA, new home construction was 55 per cent lower compared to November 2014. Multiple starts accounted for all of the decline while single units starts were 2 per cent higher. Total housing starts in the Kelowna CMA fell 28 per cent year-over-year with both single and multiple unit starts posting weaker November new home construction than in 2014.  Housing starts in the Abbotsford-Mission CMA were the lone CMA to post a gain in November with housing starts more than quadrupling to 111 total units compared to just 25 units in November 2014.

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for more than 18,500 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.





BCREA ECONOMICS NOW
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