In BC in July, home sales continued to decline, while starts and new listings were largely steady. Sales fell once again in all areas of the province, with the lower mainland, Vancouver Island and Thompson Okanagan now below pre-pandemic levels. Rental costs in Vancouver and Victoria continue to rise and remain elevated relative to most other points since the onset of the pandemic.
Retail sales rose in June to a fresh record. Restaurant reservations in Vancouver are currently about 8 per cent above their pre-pandemic level. In BC, Google’s measure of movement trends is currently just 2 per cent below pre-pandemic levels.
Although aggregate employment has recovered to pre-pandemic levels, the accommodation and food service sector was about 13 per cent below the pre-pandemic level in July. 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.
Exports and manufacturing sales fell in June, while imports rose slightly.
Consumer confidence retreated in July, likely on continuing fears related to higher inflation expectations and rising interest rates.
The number of US and non-US tourists rose again in June, with both US and non-US tourists reaching the highest level since the onset of the pandemic.
BCREA's updated COVID-19 Recovery Dashboard is available here.
For more information, please contact: Gino Pezzani.