Condo prices, wage increases

Canadian Retail Sales – November 20, 2015

After rising for four consecutive months, Canadian retail sales fell 0.5 per cent in September. Adjusted for the effects of changing prices, in particular declining gasoline prices, the volume of sales was actually up 0.1 per cent.vanhomesales

In BC, retail sales were up 0.2 per cent on a monthly basis and 6 per cent compared to September 2014. Year-to-date, retail sales in the province are up 7 per cent over last year.

Given today’s data release, Canadian real GDP is currently tracking at about 2.5 per cent in the third quarter, while the BC economy is on pace to grow 2.8 per cent for all of 2015.

 

For more information, please contact:  Gino Pezzani.

Engel & Völkers opens Vancouver office; YVR wants $400m expansion

Canadian manufacturing sales declined – November 16

Canadian manufacturing sales declined 1.5 per cent in September, the second consecutive monthly decline. Lower sales were the result of ongoing weakness in the energy sector as well as falling demand in the motor-vehicle industry. Overall, sales were lower in 13 of 21 Canadian manufacturing sub-sectors, representing about 80% of Canadian manufacturing output.

In BC, where the manufacturing sector employs roughly 170,000 people, sales rose 0.2 per cent on a monthly basis but were down 0.6 per cent compared to September 2014. BC manufacturing sales are being led by growth in shipments of wood products to the United States as well as strong demand for BC made machinery and equipment. Those sectors are helping to offset current weakness in commodity prices to produce growth of 3 per cent in manufacturing sales year-to-date.

For more information, please contact: Gino Pezzani.

Robust Housing Demand Continues in October

Vancouver, BC – November 12, 2015. TheBritish Columbia Real Estate Association (BCREA) reports that a total of 8,725 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October, up 14.1 per cent from the same month last year. Total sales dollar volume was $5.8 billion, up 32.3 per cent compared to the previous year. The average MLS® residential price in the province rose to $667,480, up 16 per cent from October 2014.

1

“Consumer demand continued at a heightened pace in October,” said Brendon Ogmundson, BCREA Economist. “Market conditions have diverged significantly in the province as very low supply and a near record pace of home sales in the metro-Vancouver area is offsetting resource sector driven weakness in northern markets.“

“There was a four month supply of residential inventory province wide in October, with markets in the Lower Mainland and Victoria closer to three months of supply. A balanced market typically exhibits a five to eight month supply of homes for sale.

The year-to-date, BC residential sales dollar volume increased 33.6 per cent to $55.3 billion, when compared with the same period in 2014. Residential unit sales climbed by 20.4 per cent to 87,895 units, while the average MLS® residential price was up 11 per cent to $628,909.

For more information, please contact:  Gino Pezzani.