Canadian Retail Sales – May, 2019

Canadian retail sales increased for a second consecutive month in March, rising 1.1 per cent to $51.3 billion. Retail sales were higher in 7 out of 11 subsectors with higher sales at gas stations and building and gardening material stores as the main contributors growth.

In BC, retail sales were up 0.7 per cent on a monthly basis and just 1.2 per cent year-over-year. Despite a strong labour market, BC consumers have been hesitant to spend over the past year. Interest rate sensitive and housing related sectors continue to be a drag on the retail sector. Sales of motor vehicles and parts were down 6 per cent year-over-year and sales of furniture and home furnishings fell 3.7 per cent.

For more information, please contact: Gino Pezzani.

Updated sub-area boundaries now in effect

Earlier this month, we updated the sub-areas in Vancouver, North Vancouver, and Ladner to better reflect changes in these communities over time.

These changes were made in consultation with members. You can see the new boundaries on our Community Maps tool.

If you’ve saved searches in a sub area that’s changed, please update them. If you’ve embedded links from REBGV Stats Centre that reference a sub area that’s changed, please update those links as well.

Need help? Please contact: Gino Pezzani.

Affordability Continues to Weigh on Housing Demand

Vancouver, BC – May 14, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 6,652 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April, a decline of 18.9 per cent from the same month last year. The average MLS® residential price in the province was $685,304, a decline of 6.2 per cent from April 2018. Total sales dollar volume was $4.6 billion, a 23.9 per cent decline from the same month last year.

“BC home sales were essentially unchanged from March on a seasonally adjusted basis,” said BCREA Chief Economist Cameron Muir. “Prospective home buyers continue to grapple with the decline in their purchasing power caused by federal government changes to mortgage policy.”

Total MLS® residential active listings increased 33.6 per cent to 38,672 units compared to the same month last year. The ratio of sales to active residential listings declined from 28.4 per cent to 17.2 per cent over the same period.

Year-to-date, BC residential sales dollar volume was down 29.8 per cent to $13.9 billion, compared with the same period in 2018. Residential unit sales decreased 24.5 per cent to 20,479 units, while the average MLS® residential price was down 7 per cent to $680,671.

For more information, please contact: Gino Pezzani.

2231 Oak St. Vancouver, BC – SPARK PAGE

2231 Oak St.

Canadian Employment – May, 2019

Canadian employment jumped by 107,000 jobs in April after posting a slight loss in March. In the past 12 months, the Canadian economy added 426,000 jobs including 248,000 full-time jobs. The national unemployment rate fell 0.1 points to 5.7 per cent.

In BC, employment grew by 5,900 jobs in April as a nearly 30,000 job increase in full-time work was partially offset by a drop in part-time employment.  On a year-over-year basis, employment was up 3.3 per cent. The provincial unemployment rate fell 0.1 points to 4.6 per cent.

For more information, please contact:  Gino Pezzani.

 

A Mother’s Day Story From The Book Of Love

Mrs. Aiken steps into the hallway at 8:15 AM every day and welcomes her students into the classroom. All her 3rd graders know that the first 45 minutes of the school day are set aside for reading – a warm-up for the day ahead.

When the students came to school one Monday, Mrs. Aiken told them to grab their books and line up at the door, as they were going to read a morning story to the kindergarteners down the hall. It went so well that she decided to start the morning that same way for the rest of the month. At drop off one morning, one student’s grandma turned up with a few books in hand and shyly asked the teacher if she could use a volunteer to help with the children. The teacher, always glad to have an extra grown-up on hand, cheerfully welcomed her to join them.

The elderly lady left the school that morning with a big grin on her face, amused by the young children and happily remembering all the things that she had loved about kindergarten. She volunteered again the next day and by the next week, the kindergartners started requesting her as their reading buddy. By the end of the month, she knew all of their names, their favourite colours, and what sort of books they liked to read.

On Mother’s Day, she walked into the classroom and saw a line of homemade cards, all addressed to “Mom,” next to a framed photo of herself, reading with all the children around her. As the tears welled up in her eyes, she looked to the teacher for an explanation, but one little boy blurted out: “Madison said you’re her Grandma, but you’re like a Mom to all of us and we love you!”

To all the Moms out there – thank you for reading to us, for listening to us, and for learning our favourite colours and foods. We cherish you.

April 2019 Vancouver Housing Market Insights (Video Update)

REBGV President Ashley Smith provides a summary of the April 2019 housing market statistics.

Canadian Housing Starts – May, 2019

Canadian housing starts increased 23 per cent on a monthly basis in April to 235,460 units at a seasonally adjusted annual rate (SAAR).  The trend in Canadian housing starts was up,  averaging 206,000 units SAAR over the past six months.

In BC, total housing starts were down 51 per cent on a monthly basis to 49,200 units SAAR.  Total starts were up 26 per cent compared to April of last year.  On a monthly basis, starts of multiple units were up 63 per cent to 41,000 units SAAR while single detached starts rose 11 per cent to 8,150 units SAAR.

Looking at census metropolitan areas (CMA) in BC:

  • Total starts in the Vancouver CMA were up 63 per cent on a monthly basis in April at 34,200 units SAAR as multiple unit starts jumped 75 per cent from March   Compared to April 2018, total starts in Vancouver were up 46 per cent.
  • In the Victoria CMA, housing starts more than doubled on a monthly basis to 5,305 units SAAR, mostly due to a spike in multiple unit starts. New home construction was up 66 per cent year-over-year.
  • Total starts in the Kelowna CMA increased 30 per cent on a monthly basis, though were still relatively low at just 760 units SAAR. Year-over-year, total starts were down 82 per cent as inventory of unsold units accumulate, constraining further new construction projects. This is precisely the risk we outlined when the provincial speculation tax was introduced.
  • Housing starts in the Abbotsford-Mission CMA were down 46 per cent in April at just under 1000 units SAAR. However, on a year-over-year basis, new home construction was up more than double due to strong multiple unit starts.

For more information, please contact:  Gino Pezzani.

JUST LISTED!! 2231 Oak St. Vancouver, BC

Stats Centre Reports April 2019 for Housing in Great Vancouver

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