As June arrives and summer begins, it is a natural point in the year to take a breath. The first half of the year tends to fill up quickly. Projects, deadlines, family commitments, and daily responsibilities stack up, and before long, staying busy starts to feel normal.

There is a difference between accomplishing something and simply doing something. A full schedule can create the sense that we are making progress, but constant activity does not always lead to meaningful results. Over time, that pace can leave you feeling rushed, stretched thin, and mentally tired.

Some experts refer to this as the “captivity of activity.” It happens when slowing down feels irresponsible, even when you know you need it. You may think that if you step away for a day, or even an hour, things will start to slide.

In most cases, they will not.

Summer offers a practical opportunity to reset your pace. That does not require major changes. It may simply mean protecting a few hours of uninterrupted time, taking a long weekend, or being more thoughtful about what you commit to.

Stepping back is not the same as falling behind. It is a way to protect your energy and maintain the focus needed for the months ahead. A short pause can help you think more clearly and make better decisions. It also allows you to return to your responsibilities with steadier momen-tum. Small adjustments now can make the rest of the year feel more manageable.

Canadian real GDP fell by 0.1 per cent in March, after growing by 0.2 per cent in February. Goods-producing industries contracted by 0.8 per cent, partially offset by service-producing sectors edging up by 0.1 per cent. Sectoral growth was led by wholesale trade (1.8 per cent), while the biggest detractors to growth came from mining, quarrying, and oil and gas extraction (-2.1 per cent), forestry and agriculture (-1.1 per cent), and construction (-0.6 per cent). Output for the offices of real-estate agents and brokers fell by 0.9 per cent month-over-month. Preliminary estimates suggest that real GDP by industry increased by 0.4 per cent in April.
     
Real GDP was largely unchanged in the first quarter of 2026, registering an annualized growth rate of -0.1 per cent. Contraction was driven by an uptick in imports and continued weakness in business capital investment. Household spending remains resilient, rising by rose 0.4 per cent in Q1, driven by higher expenditures on food and financial services. Total capital investment decreased by 1.1 per cent, as previous public spending on defense systems and private investment. Meanwhile, business investment declined by 0.7 per cent, marking a fifth consecutive quarter of contraction. However, investments into both residential and non-residential structures fell by 2.0 and 0.8 per cent, respectively. The household savings rate slowed to 3.5 per cent, as disposable income growth was outpaced by nominal spending by 0.3 per cent, bringing the overall saving rate to its lowest level since the first quarter of 2024. 

Canada’s economic performance in Q1 marks a second consecutive quarter of annualized growth dipping below 0 for a second straight quarter, sharply underperforming the Bank’s projection of 1.5 per cent growth. Behind the headline number, increases in imports was the largest drag on growth, while final domestic demand also weakened. Household spending remains fairly robust, with income growth being outpaced by consumption. While a slowdown in government spending was expected after purchasing new weapons systems last year, private residential spending has contracted by over 2 per cent in each of the last two quarters, reflective of weak resale activity throughout the country. Taken together, while a gold-driven surge of imports is likely an anomalous headwind, further weakening of domestic demand is worth note, and will likely need to improve looking ahead for Canada to avoid a third straight contracting quarter. Absent the Iran conflict, the Bank of Canada would likely lower its policy rate to address downturns in both the economy and labour market. However, its decisions will be largely dictated by the severity of the price shock on Canadian inflation. Overall, we tentatively expect another rate hold from the Bank in June.

     
For more information regarding British Columbia's GDP growth, please visit our Nowcast for an estimate of economic activity throughout the province: 

BCREA Nowcast - British Columbia Real Estate Association

Canadian prices, as measured by the Consumer Price Index (CPI), rose 2.8 per cent on a year-over-year basis in April, following a 2.4 per cent increase in March. On a seasonally adjusted monthly basis, the CPI was up 0.3 per cent in April, equivalent to a 3.7 per cent increase on an annualized basis. The CPI ex-gasoline increased by 2.0 per cent in April, down from 2.2 per cent in the previous month. Additionally, food prices overall increased by 3.5 per cent year-over-year, down from 4.0 per cent in March. In BC, consumer prices rose 2.5 per cent year-over-year in April, matching the increase from March. The Bank of Canada's preferred measures of median and trimmed inflation, which strip out volatile components, rose by 2.1 per cent and 2.0 per cent year-over-year, respectively. 
 
As many expected, the ongoing Iranian conflict and its shock to global oil supply is placing upward pressure on headline inflation. Nonetheless, the CPI excluding gasoline has decelerated over the past two months, while 3-month annualized core inflation remains below the Bank of Canada’s target, sitting at about 1.8 per cent. With core inflation and the labour market remaining soft, we tentatively expect a fifth consecutive rate hold in June, as the Bank assesses the depth of the oil shock on headline inflation as well as other intermediate and final goods which are constrained by the conflict.

Canadian housing starts increased 17 per cent from the previous month, totalling 279,317 units in April at a seasonally adjusted annual rate (SAAR).Starts were down 1 per cent from the same month last year (SAAR). In areas with 10,000 or more residents, single-detached housing starts decreased by 19 per cent year-over-year, while multi-family and other starts increased by 3 per cent compared to April 2025

In British Columbia, starts rose by 88 per cent from last month to 57,640 units (SAAR) in all areas of the province. In areas of the province with 10,000 or more residents, single-detached starts decreased by 26 per cent to 3,156 units, while multi-family starts rose by 116 per cent to 52,041 units month-over-month (SAAR). Starts in the province were 5 per cent above the levels from April 2025 (SAAR). Year-to-date starts are up 142 per cent in Nanaimo, 55 per cent in Victoria, and 12 per cent in Vancouver, but down 71 per cent in Abbotsford and 6 per cent in Kelowna.

Vancouver, BC – May 11, 2026. The British Columbia Real Estate Association (BCREA) reports that 6,311 residential unit sales were recorded in Multiple Listing Service^® (MLS^®) Systems in April 2026, down 1.9 per cent from April 2025. The average MLS^® residential price in BC in April 2026 was up 0.8 per cent at $952,768 compared to $944,796 in April 2025.

Total MLS^® residential sales dollar volume was $6.01 billion, down 1.1 per cent from the same time the previous year. BC MLS^® unit sales were 25.38 per cent lower than the ten-year average for the month of April.

“Challenges in the local economy and labour market, combined with upward pressure on rates due to the ongoing oil supply shock, are continuing to suppress pent-up demand and weaken overall market activity,” said BCREA Chief Economist Brendon Ogmundson. “However, modest monthly gains (seasonally adjusted) in some regions hopefully depict the beginning of a broader stabilization in housing activity, underpinned by improved affordability conditions that should encourage prospective buyers to enter the market.”

Year-to-date, BC residential sales dollar volume is down 9.5 per cent to $18.7 billion, compared with the same period in 2025. Residential unit sales are down 7.6 per cent year-over-year at 20,059 units, while the average MLS^® residential price is also down 2 per cent to $932,492.

Canadian employment took a slight downturn from the previous month, with the economy losing 18,000 jobs (-0.1 per cent) to 21.034 million in April. The employment rate fell by 0.1 points to 60.5 per cent, while the unemployment rate rose by 0.2 points to 6.9 per cent. Average hourly wages rose 4.5 per cent year-over-year to $37.77 in April.
           
Employment in B.C. decreased by 0.1 per cent to about 2.904 million, with the provincial economy losing 4,300 jobs in April. Employment in Metro Vancouver rose by 0.2 per cent to 1.677 million. The unemployment rate in B.C. rose 0.1 points to 6.8 per cent in April. Meanwhile, Vancouver's unemployment rate rose by 0.2 points to 7.0 per cent in April. 

The Canadian labour market gave back minimal gains found in March, contributing to a cumulative net loss of over 100,000 jobs thus far in 2026. Floundering employment and a weak economic outlook represent the downside risks facing the Bank of Canada, which must also address the inflationary pressure of the oil price shock stemming from the Iran conflict. While we tentatively expect another rate hold next month, this month’s inflation and growth data will determine the accuracy of the Bank’s updated first-quarter projection, which may illuminate its future policy direction.

Canadian employment took a slight downturn from the previous month, with the economy losing 18,000 jobs (-0.1 per cent) to 21.034 million in April. The employment rate fell by 0.1 points to 60.5 per cent, while the unemployment rate rose by 0.2 points to 6.9 per cent. Average hourly wages rose 4.5 per cent year-over-year to $37.77 in April.
           
Employment in B.C. decreased by 0.1 per cent to about 2.904 million, with the provincial economy losing 4,300 jobs in April. Employment in Metro Vancouver rose by 0.2 per cent to 1.677 million. The unemployment rate in B.C. rose 0.1 points to 6.8 per cent in April. Meanwhile, Vancouver's unemployment rate rose by 0.2 points to 7.0 per cent in April.  

The Canadian labour market gave back minimal gains found in March, contributing to a cumulative net loss of over 100,000 jobs thus far in 2026. Floundering employment and a weak economic outlook represent the downside risks facing the Bank of Canada, which must also address the inflationary pressure of the oil price shock stemming from the Iran conflict. While we tentatively expect another rate hold next month, this month’s inflation and growth data will determine the accuracy of the Bank’s updated first-quarter projection, which may illuminate its future policy direction.

To view the full interactive BCREA Housing Forecast, click here.
To view the BCREA Housing Forecast PDF, click here.

BC Housing Market Faces Multiple Headwinds in 2026

BCREA 2026 Second Quarter Housing Forecast

Vancouver, BC – April 27, 2026. The British Columbia Real Estate Association (BCREA) released its 2026 Second Quarter Housing Forecast today.

Multiple Listing Service^® (MLS^®) residential sales in BC are forecast to fall 2.1 per cent to 68,700 units this year. In 2027, MLS^® residential sales are forecast to move higher, rising 7.7 per cent to 74,000 units.

“The housing market continues to be challenged by persistent global headwinds and a struggling economy,” said BCREA Chief Economist Brendon Ogmundson. “However, improved affordability in many markets combined with several years of pent-up demand creates conditions for a rebound, though households will likely need a prolonged period of stability to re-enter the market.”

With active listings at their highest level since 2015, and additional pressure from elevated new-home inventory, we anticipate the average price in BC will fall by 1.4 per cent in 2026 to $939,800, down from $952,930 in 2025. This decrease largely reflects disproportionate weakness in more expensive markets in the Lower Mainland, casting downward pressure on the broader provincial average price.

Canadian prices, as measured by the Consumer Price Index (CPI), rose 2.4 per cent on a year-over-year basis in March, following a 1.8 per cent increase in February. On a seasonally adjusted monthly basis, the CPI was up 0.5 per cent in March, equivalent to a 5.9 per cent increase on an annualized basis. The CPI ex-gasoline increased by 2.2 per cent in March, down from 2.4 per cent in the previous month. Additionally, food prices overall increased by 4 per cent year-over-year, down from 5.4 per cent in February. In BC, consumer prices rose 2.5 per cent year-over-year in March, up about 0.8 points from February. The Bank of Canada's preferred measures of median and trimmed inflation, which strip out volatile components, rose by 2.3 per cent and 2.2 per cent year-over-year, respectively. 
 
A sizeable uptick in headline inflation was largely driven by higher gasoline prices as a result of the oil price shock arising from the Middle Eastern conflict. However, 3-month annualized core inflation, while rising by roughly 0.5 points month-over-month, remains at about 1.65 per cent, below the Bank of Canada’s 2 per cent target. Unfortunately, the economy continues to face double-sided risks, as growth and employment have weakened while inflationary pressures loom. Looking ahead, we expect a fourth consecutive rate hold from the Bank next week, as they continue monitoring the scale and duration of rising oil prices amidst tumultuous negotiations from both sides. Ultimately, the Bank’s guidance during its April meeting should provide its perception of the oil shock, thus anchoring expectations for monetary policy through the next few months.

Canadian housing starts decreased 6 per cent from the previous month, totaling 235,852 units in March at a seasonally adjusted annual rate (SAAR).Starts were up 10 per cent from the same month last year (SAAR).  In areas with 10,000 or more residents, single-detached housing starts decreased by 9 per cent year-over-year, while multi-family and other starts increased by 14 per cent compared to March 2025. 

In areas of British Columbia with 10,000 or more residents, starts were down by about 6.3 per cent from last March to 30,430 units (SAAR). In these urban areas, single-detached starts increased by 7 per cent, while multi-family starts fell by 8 per cent year-over-year. In 2026, year-over-year starts are up by 39 per cent in Vancouver, 13 per cent in Victoria, and 3 per cent in Kelowna, but down by 90 per cent in Abbotsford, 22 per cent in Nanaimo.