Statistics Canada released August employment data today, showing continued growth in excess supply in labour markets nationwide. Employment changed little last month, up 22,100. The employment rate—the proportion of the population aged 15 and older who are employed—decreased a tick to 60.8%, marking the fourth consecutive monthly decline and the 10th decline in the past 11 months. On a year-over-year basis, the employment rate was down 1.2 percentage points in August, as employment growth (+1.6%) was outpaced by growth in the working-age population (+3.5%).

Full-time jobs declined by 44,000 while part-time work increased by 66,000. This was the fourth straight month of very modest employment gains.

The Bank of Canada expressed mounting concern…

259 Views, 0 Comments

Read Full Post

Two Rate Cuts Not Enough to Ignite Summer Home Sales in the Fraser Valley

SURREY, BC – The Fraser Valley residential resale market slowed again in August, as homebuyers continue to face affordability challenges.

The Fraser Valley Real Estate Board (FVREB) recorded 1,067 sales in August, down by 13 per cent over last month and by 30 per cent over the 10-year seasonal average. August sales were the second slowest seasonally adjusted sales in a decade.

Inventory levels in the Fraser Valley dipped slightly in August, with active listings at 8,626, down one per cent from July, but 37 per cent higher than August 2023.

“Despite two policy rate cuts by the Bank of Canada, buyers are still feeling the squeeze of overall affordability challenges…

651 Views, 0 Comments

Read Full Post

The initial Bank of Canada rate cuts this past summer did not spur housing activity as anticipated, but potentially more on the way will continue to affect the housing market outlook. New listing levels are expected to rise as sellers who may have held back enter the market with the hope that lower mortgage rates will attract additional buyers.

While the current Bank of Canada rate of 4.5% may still not be enough to make a dent in home affordability, it does provide a glimmer of hope for potential buyers as interest rates continue to fall.

Canadians across the country are anxiously awaiting additional rate cuts, promoting future home affordability. While consumer confidence is beginning to rise, mortgage affordability will need to be balanced…

536 Views, 0 Comments

Read Full Post

Looking to settle down in a vibrant, diverse, and convenient location? Richmond, BC, might just be the perfect spot for you! This city, just a stone's throw away from Vancouver, offers a variety of living options that cater to all lifestyles, whether you're a young professional, a growing family, or looking for a peaceful retirement. In this article, we’ll explore some of the top condos and apartments available in Richmond, showcasing what makes this city an excellent place to call home.

The Appeal of Living in Richmond

Richmond is not just another suburb of Vancouver; it has its own unique charm and appeal. With its close proximity to Vancouver, excellent public transport, and a rich blend of cultures, Richmond provides an unmatched living…

447 Views, 0 Comments

Read Full Post

More Good News On The Canadian Inflation Front

Inflation in Canada decelerated once again in July to its slowest pace in three years, assuring the central bank will cut rates for the third consecutive meeting on September 4. The US is also widely expected to begin easing monetary policy at its September confab.

Inflation Rate Update

The annual inflation rate in Canada fell to 2.5% in July from 2.7% in June, matching market expectations. The deceleration in headline inflation was broad-based, stemming from lower prices for travel tours, passenger vehicles, and electricity. This confirmed the Bank of Canada’s expectation that inflation would fall to 2.5% in the second half of this year.

Monthly Changes in CPI

The CPI rose 0.4% in July after…

350 Views, 0 Comments

Read Full Post

Weaker-Than-Expected July Jobs Report Keeps BoC Rate Cuts In-Play

Canadian employment data, released today by Statistics Canada, showed a continued slowdown, which historically would have been a harbinger of recession. This cycle, immigration has augmented the growth of the labour force and consumer spending, forestalling a significant economic downturn.

Employment declined again in July, down 2.8K. The employment rate—the proportion of the population aged 15 and older who are working—fell 0.2 percentage points to 60.9% in July. The employment rate has followed a downward trend since reaching a high of 62.4% in January and February 2023 and has fallen in nine of the last ten months.

In July 2024, an increase in full-time work (+62,000; +0.4%) was…

486 Views, 0 Comments

Read Full Post

More Selection Not Translating to More Transactions

VANCOUVER, BC – August 2, 2024 – Newly listed properties registered on the Multiple Listing Service® (MLS®) rose nearly twenty per cent year over year in July, helping to sustain a healthy level of inventory in the Metro Vancouver housing market.

On the demand side, the Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,333 in July 2024, a 5 per cent decrease from the 2,455 sales recorded in July 2023. This was 17.6 per cent below the 10-year seasonal average (2,831).

“The trend of buyers remaining hesitant, that began a few months ago, continued in the July data despite a fresh quarter percentage point cut to the Bank of Canada’s policy rate,” Andrew Lis,…

566 Views, 0 Comments

Read Full Post

Cool Summer Market Persists in Fraser Valley with Second Slowest July Sales in a Decade

SURREY, BC – Sluggish seasonally-adjusted sales and a continued rise in inventory have the Fraser Valley market slowly shifting to favour buyers.

The Fraser Valley Real Estate Board recorded 1,230 sales in July, down by seven per cent over last month and down by 26 per cent over the 10-year seasonal average.

Inventory levels in the Fraser Valley reached a 10-year seasonally adjusted high in July with active listings at 8,731, up 5 per cent over June and 41 per cent higher than July 2023.

“Amidst an overall balanced market, some REALTORS® are experiencing pockets within the Fraser Valley that favour buyers, where prices have come down,” said Jeff Chadha,…

360 Views, 0 Comments

Read Full Post

Canadian real GDP grew 0.2 per cent in May, following a 0.3 per cent increase in April. The growth was driven by goods-producing industries (+0.4 per cent), in which 4 of 5 sectors grew, led by manufacturing (+1 per cent) and agriculture, forestry, fishing and hunting (+0.9 per cent). However, the mining, quarrying, and oil and gas extraction sector contracted by 0.6 per cent in May, entirely driven by a 2.1 per cent decrease in the oil and gas extraction subsector. Service producing industries grew by 0.1 per cent, with both retail trade and wholesale trade contracting by 0.9 per cent and 0.8 per cent, respectively. Finally, the GDP for the offices of real estate agents and brokers grew by 0.17 per cent in May. Preliminary estimates suggest that output…

343 Views, 0 Comments

Read Full Post

Vancouver, BC – July 15, 2024. The British Columbia Real Estate Association (BCREA) reports that 7,082 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in June 2024, a 19 per cent decrease from June 2023. The average MLS® residential price in BC in June 2024 was up 1 per cent at $998,159 compared to an average price of $988,632 in June 2023. The total sales dollar volume was $7.1 billion, an 18 per cent decline from the same time the previous year. BC MLS® unit sales were 24 per cent lower than the ten-year average for June.

“Sales activity in June was much softer than the same time last year, with June of 2023 representing the market peak following last summer’s pause in rate hikes,” said BCREA Chief Economist…

244 Views, 0 Comments

Read Full Post