Canadian Monthly Real GDP (February 2020)
Posted on Apr 30, 2020 in Economics
After three months of growth, Canadian real GDP was essentially flat in February as disruptions to education services and the transportation and warehousing sector stalled the economy. Excluding those sectors, economic growth was 0.2 per cent with 13 of 20 sub-sectors recording increased output. Activity in the real estate sector rose 5.9 per cent...Canadian Inflation - March 2020
Posted on Apr 23, 2020 in Economics
Canadian inflation, as measured by the Consumer Price Index (CPI) rose by 0.9 per cent in March year-over-year, down from a 2.2 per cent increase in February. This marked the largest decline in the CPI since the measure began in 1992. Energy prices were the main drag on inflation, excluding this category, national CPI rose by 1.7 per cent year-over...Canadian Retail Sales (February)
Posted on Apr 21, 2020 in Economics
Seasonally-adjusted Canadian retail sales were up by 0.3% in February at $52 billion. The rise in February was driven by auto dealers and general merchandise stores. Sales were up in 6 of 11 sub-sectors, representing 63% of retail sales. Some retailers reported that both the rail blockades and COVID-19 negatively impacted their sales in February. I...Is This Time Different? Recessions and the BC Housing Market
Posted on Apr 20, 2020 in Mortgage News
Summary Findings:• The 2020 COVID-19 driven recession will be deep, though the duration may be shorter than past recessions
• We expect that home sales will post an initial sharp decline as households and the real estate sector adhere to social distancing
• As measures implemented to mitigate the spread of COVID-19 are gradually lifted, we expect tha...
Bank of Canada Interest Rate Announcement
Posted on Apr 15, 2020 in Mortgage News
The Bank of Canada maintained its overnight policy rate at 0.25 per cent this morning, a level it considers to be its effective lower bound. The Bank also announced additional new measures to support the Canadian financial system. In its statement, the bank noted that efforts necessary to contain the spread of COVID-19 have caused a sudden and deep...Covid-19 Impacts March Real Estate Sales in Vancouver
Posted on Apr 15, 2020 in Market Update
The British Columbia Real Estate Association (BCREA) reports that a total of 6,717 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March 2020, an increase of 17.2 per cent from March 2019. The average MLS® residential price in BC was $789,548, a 15.1 per cent increase from $685,892 recorded the previous year. Total s...