In BC in May, home sales declined, while starts and new listings ticked upwards modestly. Sales fell in all areas of the province except for in the Northern region, where sales were up slightly. 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 April to a new record. As of June, restaurant reservations in Vancouver are essentially at their pre-pandemic level. In BC, Google’s measure of movement trends is currently just 3 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 10 per cent below the pre-pandemic level in May. The labour market has served high-income workers much better than low-income workers. Employment in high-income industries is about 10 per cent above pre-pandemic employment levels, while employment in low-income industries is about 3 per cent below pre-pandemic employment levels.
Exports and imports both rose to a fresh record in April, while manufacturing declined slightly off its record level. Business and consumer confidence retreated in May, likely on trepidations related to higher inflation expectations and elevated fuel prices.
The number of US and non-US tourists in BC rose in April, with both US and non-US tourists reaching the highest level since the onset of the pandemic.
For a more comprehensive overview of BC's economic recovery, click here.
BCREA's updated COVID-19 Recovery Dashboard is available here.
For more information, please contact: Gino Pezzani.