The September issue of Mortgage Rate Forecast is now available

The September issue of Mortgage Rate Forecast is now available on BCREA Online.

Highlights:
• Stress test limiting impact of falling mortgage rates
• Canadian economy: Strong second quarter, but will it last?
• Bank of Canada on hold for now

For more information, please contact: Gino Pezzani.

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Potential Uptake of the First-Time Home Buyer Incentive

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Canadian Retail Sales – Sept, 2019

Canadian retail sales increased by 0.4% in July to $51.5 billion, driven largely by new auto sales. Retail sales were up in 6 of 11 sub-sectors, representing 71% of sales. In July, 6 of 10 provinces reported an increase in retail sales with the highest gain reported in Ontario (1.2%), while weaker sales were reported in Quebec (-0.4%) and in B.C. (-0.8%).

In B.C., retail sales declined by 0.8% from the previous month to $7.1 billion. Meanwhile, Vancouver reported a 3% rise in sales. Provincial sales were up in half of the sub-sectors, largely driven by sales at gasoline stations and in health and personal care. On a year-over-year basis, B.C. retail sales were down by 0.8% in July.

For more information, please contact: Gino Pezzani.

Canadian Inflation – Sept, 2019

Canadian inflation, as measured by the Consumer Price Index (CPI) rose by 1.9 per cent in August year-over-year, down from a 2 per cent increase in the previous month. This marks 6-months of consecutive year-over-year growth in the CPI, coinciding with strong labour market conditions. Excluding the impact of lower gasoline prices, the CPI rose by 2.4 per cent year-over-year. The Bank of Canada’s three measures of trend inflation remain unchanged to average 2 per cent in August.

In B.C., CPI slowed to 2 per cent year-over-year, down from 2.1 per cent in July. The decline was largely driven by gasoline prices, as global oil prices declined slightly in August due to higher production and soft international demand.

With Canadian inflation just under 2 per cent, the Bank of Canada will have to turn to other economic indicators at their next meeting on October 28. The Bank will have to consider how to balance a stable domestic economy with continued global uncertainty.

 

 

 

 

 

 

 

For more information, please contact: Gino Pezzani.

August 2019 Vancouver Housing Market Insights (Video Update)

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