To view the BCREA Housing Forecast PDF, click here.

For immediate release

BCREA 2022 Second Quarter Housing Forecast

Vancouver, BC – May, 2022. The British Columbia Real Estate Association (BCREA) released its 2022 Second Quarter Housing Forecast today. 

Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 22 per cent from a record high 2021 to 97,240 units this year. In 2023, MLS® residential sales are forecast to fall an additional 12.4 per cent to 85,150 units.   



“After a strong first quarter, BC markets are now adjusting to a much different interest rate environment,” said BCREA Chief Economist Brendon Ogmundson. “With mortgage rates surpassing 4 per cent for the first time in over a decade, the housing market over the next two years may have very little resemblance to the housing market of the past year.” 

On the supply side, we have begun to see active listings move off of record lows and re-sale inventories trend back toward balance. However, because inventories reached such low levels over the past year, the journey back to balance may take up to a year or more in some areas. As markets adjust to the new interest rate landscape, we anticipate that prices may be somewhat volatile but will ultimately flatten out through 2023.

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

For more information, please contact: Gino Pezzani.

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As expected, the Bank of Canada raised its overnight policy rate by 0.5 points to 1.5 per cent. In the statement accompanying the decision, the Bank noted that inflation will likely move higher in the near term before beginning to ease later this year. That inflation is occurring against the backdrop of strong Canadian economic activity, widespread labour shortages and strengthening wage growth. While housing activity is moderating, consumer spending is robust and the Bank judges the Canadian economy is clearly operating in excess demand. As a result, the Bank judges that rates will still need to rise further to achieve its 2 per cent inflation target.

The overnight rate is now within 25 basis points of its pre-pandemic level and markets continue to anticipate another 100 basis points of tightening on the horizon. Those future rate increases have largely already been priced into the average 5-year fixed mortgage rate, which has reached 4.29 per cent, its highest level since 2010.  The ultimate destination for the overnight rate will depend on the trajectory of inflation over the next few months. While some see signs of inflation peaking, significant upward pressure on consumer prices remains from rising commodity prices and shortages. As a result, we expect mortgage rates may continue to rise this year, with a possibility of testing the 5 per cent level if inflation remains elevated. 



Link: https://mailchi.mp/bcrea/boc

For more information, please contact: Gino Pezzani.

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In BC in April, home sales and new listings declined, while starts ticked upwards modestly. Sales fell in all areas of the province, but most substantially in the lower mainland. Rental costs in Vancouver and Victoria continue to rise broadly and remain elevated relative to most other points since the onset of the pandemic.

Retail sales eased somewhat in March but remain close to record highs. As of May, restaurant reservations in Vancouver are at roughly 87 per cent of the pre-pandemic level. In BC, Google’s measure of movement trends is currently about 10 per cent below pre-pandemic levels. 

Although aggregate employment has recovered in BC to pre-pandemic levels, the accommodation and food service sector was about 13 per cent below the pre-pandemic level in April. The labour market has served high-income workers much better than low-income workers. Employment in high-income industries is about 11 per cent above pre-pandemic employment levels, while employment in low-income industries is about 4 per cent below pre-pandemic employment levels.     

Manufacturing and imports both rose to a fresh record in March, while exports declined slightly off their record level.  

Business confidence retreated slightly in May. 

The number of US and non-US tourists rose in March, with US tourists reached the highest level since the onset of the pandemic. Still, tourism remains two-thirds below pre-pandemic levels.

For a more comprehensive overview of BC's economic recovery, click here

For more information, please contact: Gino Pezzani.

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National Running Day, June 1. This day is designated as a way for runners to reaffirm their passion for running and to encourage beginners to make a life-changing commitment to running.

World Oceans Day, June 8. On World Oceans Day, people around our blue planet celebrate and honor our ocean, which connects us all.

Father’s Day, June 19. Send a card, make a call, or share a meal—just remember to tell your dad or father figure you love him.

World Giraffe Day, June 21. World Giraffe Day  is dedicated to Operation Sahel Giraffe II, the second giraffe conservation translocation in West Africa.

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Please visit our Open House at 1007 1783 MANITOBA ST in Vancouver.
Open House on Saturday, May 28, 2022 2:00PM - 4:00PM
Welcome to The Residences at West located in the heart of Olympic Village. This bright & beautiful 708 SqFt quiet NW corner unit originally marketed as a 1 bedroom + flex bedroom has no wasted space. The floor to ceiling windows bring in the day & capture the lights at night. Boasting a large open & flexible living area for you to customize to your own personal use. Open kitchen features S/S European appliances & quartz counters with bar seating perfect for entertaining. Spa like bathroom with deep soaker tub & twin designer sinks. Freshly painted top to bottom with high quality designer paint & brand new 100% New Zealand wool carpet in bedroom. Custom built-in storage added, in-suite laundry, large balcony with nice view, 1 parking and storage. Excellent Building Manager. Highly convenient & desirable location. Amenities include a beautifully landscape boardwalk with seating area, Wi-Fi + meeting room, Health/fitness room and clubhouse. OPEN HOUSE Sat May 28, 2-4PM
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Huge leatherback sea turtles, which weigh as much as a compact car and date back to the dinosaur age, migrate thousands of miles across the Pacific Ocean to the coasts of Central and South America. According to U.S. News & World Report, scientists were startled by the discovery that leatherbacks could make such a long journey, feasting on jellyfish in cold water off the U.S. west coast, before heading back home. 

Now scientists are worried because the number of leatherback turtles off of California has dropped 80% in the last 30 years, for a 5.6% annual decline. If it continues—due to  international fishing, and the loss of nesting grounds—they could disappear off the coast within 30 years. The National Oceanic and Atmospheric Administration (NOAA) has launched an aggressive campaign to save them by reducing the number of eggs taken on beaches and reducing the number of leatherbacks tangled up in nets by commercial fishing.

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Should you wash that new shirt or sweater before wearing it? Probably, especially if it’s clothing for a child. Dr. Jennifer Shu, a pediatrician who answers questions on the CNN website, cautions that clothes have probably been handled by many different people in factories and stores before reaching store shelves.

In addition, clothing may have been sprayed or treated with chemicals to prevent bacteria growth or to keep them smelling fresh. Wash new clothes, or at least air them out thoroughly, before letting them get close to any sensitive skin.

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Please visit our Open House at 1007 1783 MANITOBA ST in Vancouver.
Open House on Saturday, May 21, 2022 2:00PM - 4:00PM
Welcome to The Residences at West located in the heart of Olympic Village. This bright & beautiful 708 SqFt quiet NW corner unit originally marketed as a 1 bedroom + flex bedroom has no wasted space. The floor to ceiling windows bring in the day & capture the lights at night. Boasting a large open & flexible living area for you to customize to your own personal use. Open kitchen features S/S European appliances & quartz counters with bar seating perfect for entertaining. Spa like bathroom with deep soaker tub & twin designer sinks. Freshly painted top to bottom with high quality designer paint & brand new 100% New Zealand wool carpet in bedroom. Custom built-in storage added, in-suite laundry, large balcony with nice view, 1 parking and storage. Excellent Building Manager. Highly convenient & desirable location. Amenities include a beautifully landscape boardwalk with seating area, Wi-Fi + meeting room, Health/fitness room and clubhouse. OPEN HOUSE Sat May 21, 2-4PM
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Aiming for greater diversity and inclusion means thinking about your business while focusing on what’s right. As you strive to make your organization more inclusive, follow this advice from Inc.: 

• Target new audiences. Bolster your commitment to diversity by looking for new markets and buyers. Motorcycle companies, for example, used to market exclusively to men; these days they’re also targeting women and other groups extensively. Look at your products and services to identify fresh markets for them.

• Review your language. The words you use have power, for good and for ill. Be mindful and use inclusive language. Have staff members read your marketing materials and other public statements to look for language with hidden biases that may alienate potential customers. Listen to their suggestions for a more inclusive way of communicating. 

• Look for connections, not divisions. We’re used to separating people into categories, especially for marketing purposes. Instead, try looking for what different groups have in common. Most single people want to date, for example, whatever their age, race, or orientation, and your offerings can reflect that common interest.  Look for intersections where you can appeal to a wider, more diverse market of customers with universal needs.

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Canadian prices, as measured by the Consumer Price Index (CPI), rose 6.8 per cent on a year-over-year basis in April, up from 6.7 per cent last month. This was the largest gain since January 1991 (+6.9 per cent). According to Statistics Canada, price rises were broad-based, with groceries up 9.7 per cent year over year, gasoline up 36.3 per cent, and shelter costs up 7.4 per cent. Excluding gasoline, the CPI rose 5.8 per cent year over year in April. On a monthly basis, prices were up 0.6 per cent, moderating from a 1.4 per cent increase in March. In BC, consumer prices rose 6.7 per cent year-over-year. 

With inflation stubbornly high through the first part of 2022 and unemployment in Canada hitting a record low, the Bank of Canada is now planning to bring its policy rate back to a neutral level, between 1.75 and 2.75 per cent, much faster than previously anticipated. We expect the Bank will continue to tighten until there is clear evidence that inflation and inflation expectations are moderating back to normal levels. This more aggressive policy stance has already been priced into 5-year fixed mortgage rates, which are now above 4 per cent for the first time in a decade.

For more information, please contact: Gino Pezzani.

Link: https://mailchi.mp/bcrea/canadian-inflation-april-2022

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