Housing Demand Improves in July

Vancouver, BC – August, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 7,930 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July, an increase of 12.4 per cent from the same month last year. The average MLS® residential price in the province was $684,497, a decline of 1.6 per cent from July 2018. Total sales dollar volume was $5.43 billion, a 10.5 per cent increase from the same month last year.

“BC home sales climbed higher for the first time in 18 months on a year-over-year basis in July,” said BCREA Chief Economist Cameron Muir. Housing demand has also trended higher since March, rising 21 per cent on a seasonally adjusted basis. “Households appear to be adjusting to the tighter credit environment as the shock of the B20 stress test dissipates.”

MLS® residential active listings in the province trended lower in July, down 3 per cent from June and 6 per cent from April on a seasonally adjusted basis. Active listings were up 12.4 per cent to 41,621 units on a year-over year basis, while overall market conditions remained unchanged from 12 months ago with the sales-to-active listings ratio at 19.1 per cent.

Year-to-date, BC residential sales dollar volume was down 18.9 per cent to $30 billion, compared with the same period in 2018. Residential unit sales decreased 14.4 per cent to 43,612 units, while the average MLS® residential price was down 5.3 per cent to $687,413.

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For more information, please contact: Gino Pezzani.

Canadian Employment – August, 2019

Canadian employment declined by 24,200 jobs in July with the largest decline reported in Alberta. The national decline was evenly split between full-time and part-time work, notably in private sector employment in the service sector (retail and wholesale trade). The national unemployment rate rose 0.2 percentage points to 5.7 per cent, as more people were looking for work in July.

Meanwhile in BC, employment held steady for the second consecutive month in July. The unemployment rate was also little changed at 4.4 per cent.  Compared to one year ago, employment in BC is up 4.8 per cent.

For more information, please contact: Gino Pezzani.

July 2019 Vancouver Housing Market Insights (Video Update)

Please take a look at the July 2019 housing market for Metro Vancouver with REBGV President Ashley Smith.

Do Pets Make Us Happy?

Almost 60% of U.S. households have at least one resident dog or cat, reports The Washington Post. Do our pets make us happy, though? The General Social Survey asked questions related to that in 2018. The results may be surprising to dog and cat owners.

Dogs and cats don’t necessarily make us happier, for one thing. The survey found that among pet owners, slightly more than 30% in both groups identified themselves as “very happy,” while the number describing themselves as “Not too happy” was in the mid-teens for both groups.

However, dog owners are about twice as likely to say they’re very happy than cat owners, making dog owners slightly happier than people without any pets. People who are owned by a cat understand that the cat is not-so-secretly in charge and are generally very happy with that situation. All jokes aside, people owning both dogs and cats tend to fall in between the two camps, enjoying the benefit of both pets.

What creates the difference? The General Social Survey notes that dog owners tend to be older, married and own their own homes, which can contribute to overall happiness and satisfaction with life in general.

Stats Centre Reports July 2019 for Housing in Great Vancouver

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