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.