BCREA Economics Update In Around Town

July 7, 2022

Your Weekly Construction Briefing

BC’s May home sales declined, while starts and new listings ticked upwards modestly. Sales fell in all areas of the province except for in the Northern region, where sales were up slightly. Rental costs continue to rise and remain elevated relative to most other points since the onset of the pandemic.

The BC Real Estate Association’s COVID-19 Recovery Report charts Homes Sales by provincial region for the years 2019-2022.

Retail sales rose in April to a new record. As of June, restaurant reservations in Vancouver are essentially at their pre-pandemic level. In BC, Google’s measure of movement trends is currently just 3 per cent below pre-pandemic levels.

Although aggregate employment has recovered  to pre-pandemic levels, the accommodation and food service sector was about 10 per cent below the pre-pandemic level in May. The number of tourists is on the rise,  reaching the highest level since the onset of the pandemic.

Exports and import both rose to a fresh record in April. Business and consumer confidence retreated in May, likely on trepidations related to higher inflation expectations and elevated fuel prices.

To monitor the province’s progress, we benchmark each indicator to February 2020, the month before the pandemic was declared. Data focuses on housing markets; retail, restaurant reservations and movement; jobs and hours worked, manufacturing and international trade, business and consumer confidences; and tourism. This dashboard is updated each month.

Source: BC Real Estate Associate COVID-19 Recovery report.

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