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.

Housing Demand Continues to Recover in August

Vancouver, BC – September, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 7,093 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August, an increase of 4.9 per cent from the same month last year. The average MLS® residential price in the province was $685,575, an increase of 2.6 per cent from August 2018. Total sales dollar volume was $4.86 billion, a 7.6 per cent increase from the same month last year.

BC home sales continue to recover from a policy-driven downturn,” said BCREA Deputy Chief Economist Brendon Ogmundson. Home sales have been rising through the spring and summer, but still remain well below pre-B20 stress test levels.”

MLS® residential active listings in the province were up 10 per cent from August 2018 to 40,098 units and were essentially flat compared to July on a seasonally adjusted basis. Overall market conditions remained in a balanced range with a sales-to-active listings ratio of about 18 per cent.

Year-to-date, BC residential sales dollar volume was down 16 per cent to $34.9 billion, compared with the same period in 2018. Residential unit sales were 12.2 per cent lower at 50,806 units, while the average MLS® residential price was down 4.4 per cent year-to-date at $686,303.

For more information, please contact: Gino Pezzani.

Q2 2019 Residential Sales Summary Report

BC Housing Market Overview

Take a look into Landcor’s Quarterly Residential Sales Summary Report on property sales values and number of sales within British Columbia for Q2 (April-June 2019), compared to previous quarter and year. This report provides you with sales information on a regional level and compares average and median pricing for different property types (detached, condo and attached).

Also, Economist Will Dunning shares his insights on the housing market indicators in BC. He looks at employment rates, mortgage rates and Landcor’s residential sales data to provide an outlook on the BC Housing Market.

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