September 2020

The Unusual World of Pandemic Economics - September 2020

Posted on Sep 09, 2020 in Market Update

Pandemic Real Estate Vancouver Economics

Summary Findings:
• This is not a typical recession
• This recession has not been felt uniformly across the economy; jobs in high-wage sectors have not been impacted as much as others
• Swift response from fiscal and monetary policy has helped to boost housing demand and temper financial vulnerability
• Social distancing to stem the spread of COVID-19...

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Bank of Canada Interest Rate Announcement

Posted on Sep 09, 2020 in Mortgage News

Bank of Canada Interest Rates - September 2020The Bank of Canada held its overnight rate at 0.25 per cent this morning, a level it considers its effective lower bound. The Bank is also continuing its quantitative easing (QE) program, with large scale asset purchases of at least $5 billion per week in Government of Canada bonds. In the statement accompanying the decision, the Bank noted that th...

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Canadian Employment (August 2020)

Posted on Sep 04, 2020 in Economics

Employment in BCCanadian employment gained 246,000 jobs in August (1.4%, m/m), following a gain of 419,000 in July. Combined with gains in May and June, national employment is now within 1.1 million of its pre-COVID February level. The national unemployment rate fell by 0.7 percentage points to 10.2% from the previous month. August gains were driven by full-time w...

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Greater Vancouver Real Estate Statistics - July 2020

Posted on Sep 02, 2020 in Market Update

Home Sales - July 2020Home sale and listing activity continues to increase in August

Home buyers and sellers remained active across Metro Vancouver in August, with home sale and new listing activity outpacing the region’s historical averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,047 in August 2020...

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Commercial Activity Impacted by Pandemic in 2020 Q2

Posted on Sep 01, 2020 in Mortgage News

Commercial Real Estate Lending - Vancouver BCThe BCREA Commercial Leading Indicator (CLI) continued to fall in the second quarter of 2020 from 127.6 to 121.9, representing the fourth consecutive quarterly decline. It was the second largest drop in the indicator in over two decades, reflecting the hardest hit months of the pandemic in April and May. Compared to the same time last year, the ind...

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