During August, home sales continued to decline in BC. Starts rose while new listings declined. Sales fell once again all over the province, with all areas of the province below pre-pandemic levels except for the North. Rental costs in Vancouver and Victoria continue broadly rising and remain elevated relative to most other points since the onset of the pandemic.
Retail sales declined in July on lower gasoline and clothing sales. Restaurant reservations in Vancouver are back to pre-pandemic levels. In BC, Google’s measure of movement trends is currently just 4 per cent below pre-pandemic levels. .
Although aggregate employment has recovered in BC to pre-pandemic levels, the accommodation & food service sector remained about 13 per cent below the pre-pandemic level in August. 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 sectors is about 6 per cent below pre-pandemic employment levels.
Exports, imports, and manufacturing sales all fell in July.
Business confidence retreated in August, likely on continuing fears related to higher inflation expectations and rising interest rates.
The number of US and non-US tourists rose again in July, 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.
For more information, please contact: Gino Pezzani.