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Summer Housing Market Continues to Sizzle

Vancouver, BC – August, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 9,275 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July, down 6.3 per cent from the same period last year. Total sales dollar volume was $6.48 billion, down 1.3 per cent from July 2016. The average MLS® residential price in the province was $698,761, a 5.3 per cent increase from the same period last year.

“Strong economic growth, an expanding population base and a lack of supply continue to drive BC home sales and prices this summer,” said Cameron Muir, BCREA Chief Economist. “However, home sales have edged back 4 per cent since May, with active listings beginning to bounce back from a 20-year low,” added Muir. “If these trends continue, it may signal that more balanced market conditions could emerge before the end of the year.”

Year-to-date, BC residential sales dollar volume was down 19.3 per cent to $45.6 billion, when compared with the same period in 2016. Residential unit sales declined 17.0 per cent to 64,107 units, while the average MLS® residential price was down 2.8 per cent to $710,921.

For more information, please contact: Gino Pezzani.

July 2017 Vancouver Housing Market Update Video By REBGV

Canadian Employment – August, 2017

Canadian employment increased by 11,000 jobs in July after adding almost 100,000 jobs over the previous two months. The national unemployment rate declined 0.2 points to 6.3 per cent, the lowest rate since October 2008. In the twelve months to July, employment in Canada is up 2.1 per cent, or 388,000 jobs including 354,000 full-time positions.emproyee

In BC, employment declined by 5,100 jobs, the first monthly decline since November 2016. However, the decline was entirely the result of fewer part-time positions while full-time employment actually expanded  by 7,000 jobs. The provincial unemployment rate edged up 0.2 points to 5.3 per cent.  Over the past twelve months, the BC economy has added 87,000 new jobs including 99,200 full-time jobs at the expense of part-time employment which has fallen by 12,200.

For more information, please contact:  Gino Pezzani.

Canadian Monthly Real GDP Growth (May) – July, 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: Gino Pezzani.

Sticks and Stones…

International Friendship Day is celebrated on July 30th in Canada – this story is a reminder of the power of being a true friend.STICKS AND STONES

On a warm desert evening just before dusk, two long-time friends Sarah and Jamie were talking about their plans to start tomorrow’s much anticipated 3-day hike.

As they each proposed a daily itinerary it became clear they had different ideas about the hike. They debated, persuaded and deliberated until finally the argument turned personal and names were called. Sarah picked up a stick and walked 10 feet before she stopped and wrote in the dirt: “Today my best friend hurt my feelings.” Soon they both laughed and continued planning.
The next day, the friends were rock climbing when Sarah’s harness broke, leaving her clinging to the side of a steep slope over a hundred-foot drop. With great effort, Jamie got her to safety. Back on solid ground an hour later, Sarah took out a pocketknife and carved on the rock: “Today my best friend saved my life.”
When a friend hurts you, it’s best to let the injury blow away like words in the sand. But when a friend helps you, preserve the memory so it will never fade.

Happy Friendship Day!

For more information, please contact: Gino Pezzani.

Canadian Retail Sales and Consumer Price Inflation – July, 2017

Canadian inflation, as measured by the Consumer Price Index (CPI), registered just 1 per cent in the 12 months to June. That is down from 1.3 per cent in May.   The Bank of Canada’s new core measure of inflation, called CPI-common,  registered 1.4 per cent, a sight uptick from May.   In BC, provincial consumer price inflation was 1.7 per cent in the 12 months to June.  The trend in inflation in upcoming months will be crucial to the direction of monetary policy in Canada. If inflation continues to run well below the Bank’s 2 per cent target, it is likely the Bank will move to the sidelines following a widely expected 25 basis point increase in the fall rather than embark on a more aggressive tightening cycle.

Canadian retail sales increased 0.6 per cent on a monthly basis in May and were 7.3 per cent higher year-over-year. Sales were higher in 5 of 11 retail sub-sectors with the main contribution coming from motor vehicle dealers. With today’s strong retail sales data, we are tracking second quarter Canadian real GDP growth at more than 3 per cent. In BC, consumer spending remained robust in May with retail sales rising 2.6 per cent on a monthly basis and 9.9 per cent year-over-year.

For more information, please contact:  Gino Pezzani.

Canadian Manufacturing Sales – July, 2017

A further sign of momentum in the Canadian economy this morning as Canadian manufacturing sales increased 1.1 per cent in May, the third consecutive monthly increase.  Overall, sales were higher in 16 of 21 manufacturing sub-sectors, reflecting broad-based strength in the Canadian economy.  Continued strong economic data will likely push the Bank of Canada closer to a second rate increase this fall. manufactory

In BC, manufacturing sales increased 1.8 per cent on a monthly basis and were up 8.2 per cent year-over-year. A strong manufacturing and trade sector has been a key contributor to economic growth in the province this year, which is on track to record a fourth consecutive year of 3 per cent or more growth in real GDP, the best performance for the provincial economy since 2007.

For more information, please contact:  Gino Pezzani.

Strong Economy Keeps Housing Demand Above Long-Run Average

Vancouver, BC – July, 2017. The The British Columbia Real Estate Association (BCREA) reports that a total of 11,671 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June, down 9.6 per cent from the same period last year. Total sales dollar volume was $8.47 billion, down 5.6 per cent from June 2016. The average MLS® residential price in the province was $725,778, a 4.4 per cent increase from the same period last year.1111

“Although home sales remain well off the record pace set last year, demand is still quite robust,” said Brendon Ogmundson, BCREA Economist. “That demand is supported by a strong provincial economy and vigorous job growth.”

“But, supply remains a challenge, which means most areas are seeing tight market conditions and significant upward pressure on prices,” said Ogmundson. Total active listings in the province were down 6.2 per cent to 29,651 units from June 2016.

Year-to-date, BC residential sales dollar volume was down 21.7 per cent to $39.1 billion, when compared with the same period in 2016. Residential unit sales declined 18.6 per cent to 54,830 units, while the average MLS® residential price was down 3.8 per cent to $712,993.

For more information, please contact: Gino Pezzani.