Jeff Qian
Laboutique Realty
RSS

Posted on by
Canadian employment rose by 0.3 per cent to 20.17 million in June. The Canadian unemployment rate rose to 5.4 per cent after rising to 5.2 per cent in May. Total hours worked were up 2 per cent year over year, while average hourly wages were up 4.2 per cent from June of last year.

Employment in BC was little changed in June, falling 0.1 per cent to 2.778 million, while falling by 0.3 per cent in Metro Vancouver to 1.570 million. The unemployment rate jumped to 5.6 per cent in BC, up from 5 per cent in May, while rising to 5.7 per cent in Metro Vancouver. 



Read

Posted on by
Canadian prices, as measured by the Consumer Price Index (CPI), rose 2.8 per cent on a year-over-year basis in June, down from 3.4 per cent in May. While declines occurred in several categories, the largest contribution was from lower gasoline prices compared to the same month last year (-21.6 per cent). Ignoring gasoline, year-over-year inflation would have been 4 per cent in June. Shelter costs were up 4.8 per cent year over year, driven by much higher mortgage interest costs (up 30.1 per cent from last year) along with higher rents (up 5.8 per cent from June 2022). The homeowner's replacement cost, which tracks home prices, was down 0.7 per cent year over year. Grocery prices were up 9.1 per cent year over year. Month over month, CPI rose 0.1 per cent. In BC, consumer prices rose 3.5 per cent year-over-year.

The CPI continued to cool in June, with year-over-year prices rising at the slowest rate since March 2021, and now within the Bank of Canada's target of 1 to 3 per cent. Much lower gasoline prices compared to the same time last year are doing much of this work, but recovering supply chains also contributed, with furniture and household appliances both on average cheaper than the same time last year. The Bank of Canada's measures of core inflation, which strip out volatile components, are trending downwards and are now mostly below 4 per cent year-over-year. CPI is being pulled down by energy costs, household operations and furnishings, and clothing costs. In the other direction, food, shelter, and mortgage costs are dragging the CPI upwards. Taken together, that this month's headline inflation figure is within the Bank's 1 to 3 per cent target is excellent news and provides support for the Bank to ease off rate tightening going forward. 
Read

Posted on by
Canadian housing starts rose 41 per cent to 281,373 units in June at a seasonally adjusted annual rate (SAAR). Starts were up 4 per cent from the same month last year. Single-detached housing starts rose 1 per cent to 55,552 units, while multi-family and others rose 55 per cent to 225,817 (SAAR). 

In British Columbia, starts rose by 61 per cent in June to 65,904 units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts rose 2 per cent m/m to 6,402 units while multi-family starts rose 76 per cent to 57,241 units. Starts in the province were 17 per cent above the levels from June 2022. Month over month, starts were up by 19k in Vancouver, 4.3k in Victoria, and 2.6k in Kelowna, while declining by 1.3k in Abbotsford. The 6-month moving average trend rose 2.7 per cent to 51.4k in BC. 
Read

Posted on by
Canadian retail sales increased 0.2 per cent in May to $66 billion, led by sales of motor vehicles and parts as well as food and beverage. However, excluding volatile items like car sales, retail sales were essentially unchanged month-over-month. In BC, retail sales jumped 2.7 per cent, rising for a third consecutive month and were up 1.9 per compared to 1-year ago. 

Although BC retail spending has ticked higher in recent months, overall Canadian retail sales were up just 0.5 per cent compared to this time last year and preliminary estimates for June show flat sales. This could signal that consumer spending is finally slowing down following a year of aggressive tightening by the Bank of Canada. 



Read

Posted on by
Canadian prices, as measured by the Consumer Price Index (CPI), rose 3.4 per cent on a year-over-year basis in May, down from 4.4 per cent in March. The decline was mostly driven by lower gasoline prices from this time last year (-18.3 per cent). Month over month, CPI rose 0.4 per cent, in large part due to higher mortgage interest and traveler accommodation costs. Shelter costs were up 4.7 per cent year over year, driven by much higher mortgage interest costs (up 29.9 per cent from last year) along with higher rents (up 5.7 per cent from May 2022). The homeowner's replacement cost, which tracks home prices, was down 0.1 per cent year over year. Grocery prices were up 9 per cent year over year, down from 9.1 per cent last month. In BC, consumer prices rose 3.4 per cent year-over-year.

After unexpectedly hot inflation in April, the CPI cooled in May, with year-over-year prices rising at the slowest rate since June 2021. Much lower gasoline prices compared to the same time last year are doing much of this work, but recovering supply chains also contributed, with furniture and household appliances both on average cheaper than the same time last year. The Bank of Canada's measures of core inflation, which strip out volatile components, are trending downwards and are now mostly below 4 per cent year-over-year. Despite this progress, other components of the CPI remain stubbornly high, particularly food and shelter costs. Excluding energy prices, the CPI was up 4.6 per cent from last year, a rate that is still well beyond the Bank's target. In the context of solid GDP growth, a robust labour market, and a rebounding housing market, financial markets expect that the Bank will raise its benchmark interest rate by another 25 basis points to 5 per cent at its next meeting on July 12th. 


Read

Posted on by

In the first quarter of 2023, the BCREA Commercial Leading Indicator (CLI) held steady at 148, while the six-month moving average continued its downward trajectory to 149. Compared to the same quarter in 2022, the index was down by 5 per cent.   

It is important to note that the environment for commercial real estate remains highly abnormal and uncertain. The CLI is designed to interpret economic and office employment growth as positive indicators for commercial real estate demand. However, the recent strong growth in these indicators may not translate as readily into improved commercial real estate market conditions due to structural changes in the economy caused by the COVID-19 pandemic. 

The CLI held steady due to an improvement in the financial component, completely offsetting a decline in employment, while the economic component was essentially unchanged. Spreads between corporate and government borrowing costs declined in the first quarter while Real Estate Investment Trust (REIT) prices rose, strengthening the financial component of the index. In contrast, the employment component of the index fell due to declines in both office employment (finance, insurance, and real estate) as well as manufacturing employment. Finally, the economic component of the index was essentially unchanged as rising wholesale trade was entirely offset by declining inflation-adjusted retail sales and manufacturing sales. 
Read

Posted on by
Canadian real GDP was flat in March. Service-producing industries were unchanged from the prior month which goods producing industries edged down 0.1 per cent. Canadian real GDP is now roughly 3.6 per cent above its pre-pandemic, February 2020 level. Preliminary estimates suggest that output in the Canadian economy rose 0.2 per cent in April.

GDP grew 0.8 per cent in the first quarter of 2023, following roughly zero growth in the previous quarter. Almost all of this growth was concentrated in the month of January. Goods-producing sectors rose 0.1 per cent while services-producing sectors rose 0.9 per cent. The public sector (educational services, health care and social assistance, and public administration) was the largest contributor to growth for the third consecutive quarter. Exports rose 2.4 per cent in the first quarter, while imports rose just 0.2 per cent, spurring growth. Higher household spending on goods (1.5 per cent) and services (1.3 per cent) also pushed GDP upwards. Higher borrowing costs, meanwhile, caused housing investment to fall 3.9 per cent in the first quarter, with new construction (-6.0 per cent), renovations (-2.1 per cent), and ownership transfer costs (-1.5 per cent) all declining. Compensation of employees rose 1.7 per cent from the prior quarter, but disposable income nevertheless fell 1 per cent largely as a result of lower government transfers compared to last quarter. 

Canadian GDP outpaced expectations in the first quarter, expanding 3.1 per cent on an annualized basis. Following over a year of rate hikes from the Bank of Canada, the economy remains robust in many areas. A burst of economic growth at the start of the year supported a high first quarter growth rate, but April's preliminary GDP estimate shows growth continuing into the second quarter. Although housing markets swooned in the immediate aftermath of rate hikes, in recent months they have shown signs of a solid recovery. At 5 per cent, the Canadian unemployment rate remains near record lows. Meanwhile, inflation remains hot, with the year-over-year rate increasing to 4.4 per cent in April from 4.3 per cent in March. These indicators will put some pressure on the central bank to potentially change course following its 'conditional pause' on further rate hikes as of January. The Bank's rate decision next Wednesday will need to balance persistently hot numbers with the risk of overtightening given the long lags of monetary policy. 

Read

Posted on by
Canadian prices, as measured by the Consumer Price Index (CPI), rose 4.4 per cent on a year-over-year basis in April, a slight increase from the 4.3 per cent rate in March. Month over month, CPI rose 0.7 per cent, in large part due to higher gasoline prices, which jumped 6.3 per cent from last month. Shelter costs were up 4.9 per cent year over year, driven by much higher mortgage interest costs (up 28.5 per cent from last year) along with higher rents (up 6.1 per cent from April 2022). The homeowner's replacement cost, which tracks home prices, was up just 0.2 per cent year over year. Grocery prices were up 9.1 per cent year over year, down from 9.7 per cent last month. In BC, consumer prices rose 4.3 per cent year-over-year.

After rapid success in bringing down inflation since last fall, month-over-month CPI figures came in hotter than expected in April. Even after stripping out the large jump in gasoline prices, CPI rose 0.5 per cent from March, corresponding to a 6 per cent annualized rate, while food and shelter costs continue to rise faster than a 6 percent annualized rate. The Bank of Canada's measures of core inflation, which strip out volatile components, each fell on a year-over-year basis while rising month-over-month. Markets continue to expect the bank to hold its overnight rate steady at 4.5 per cent at their upcoming meeting on June 7th. However, in the context of a still strong labour market and the early signs of a rebound in the housing market, these CPI figures suggest that the Bank of Canada is still not entirely out of the woods on inflation.
Read

Posted on by
Canadian employment rose slightly to 20.13 million in April, up by 41,400 (0.2 per cent). The Canadian unemployment rate held steady at 5 per cent, unchanged since December. Employment gains were concentrated in wholesale and retail trade (+24,000); transportation and warehousing (+17,000); and information, culture and recreation (+16,000). Average hourly wages were up 5.2 per cent from April of last year.

Employment in BC was little changed in April, rising 0.1 per cent to 2.78 million, while declining by 0.1 per cent in Metro Vancouver to 1.564 million. The unemployment rate rose to 5 per cent in BC and to 5.4 per cent in Metro Vancouver. The rise was driven both by a rise in labour force participation, but also an increase in the number of unemployed workers. 



Read

Posted on by
Canadian housing starts rose 22 per cent to 261,559 units in April at a seasonally-adjusted annual rate (SAAR). Starts were up 0.5 per cent from April of 2022. Single-detached housing starts fell 4 per cent to 53,843 units, while multi-family and others rose 32 per cent to 207,715 (SAAR). 

In British Columbia, starts rose by 18 per cent in April to 60,633 units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts rose 14 per cent m/m to 5,676 units while multi-family starts rose 21 per cent to 52,420 units. Starts in the province were 13 per cent above the levels from April 2022. Starts were up by 13k in Vancouver, while declining by 2.9k in Victoria and 1.8k in Kelowna. Starts in Abbotsford were flat month over month. The 6-month moving average trend rose 5.3 per cent to 51.2k in BC in November. 


Read

Posted on by
Canadian employment rose slightly to 20.13 million in April, up by 41,400 (0.2 per cent). The Canadian unemployment rate held steady at 5 per cent, unchanged since December. Employment gains were concentrated in wholesale and retail trade (+24,000); transportation and warehousing (+17,000); and information, culture and recreation (+16,000). Average hourly wages were up 5.2 per cent from April of last year.

Employment in BC was little changed in April, rising 0.1 per cent to 2.78 million, while declining by 0.1 per cent in Metro Vancouver to 1.564 million. The unemployment rate rose to 5 per cent in BC and to 5.4 per cent in Metro Vancouver. The rise was driven both by a rise in labour force participation, but also an increase in the number of unemployed workers. 



Read
Newer posts : page 5 Older posts : page 7
Categories:   Arbutus Real Estate | Arbutus, Vancouver West Real Estate | Boyd Park Real Estate | Brentwood Park, Burnaby North Real Estate | Brighouse Real Estate | Brighouse, Richmond Real Estate | Cambie, Vancouver West Real Estate | Coal Harbour Real Estate | Coal Harbour, Vancouver West Real Estate | Coquitlam West, Coquitlam Real Estate | Downtown VW Real Estate | Downtown VW, Vancouver West Real Estate | Dunbar Real Estate | Edmonds BE, Burnaby East Real Estate | Grandview Surrey Real Estate | Grandview Woodland Real Estate | Guildford Real Estate | Guildford, North Surrey Real Estate | Kerrisdale Real Estate | Kitsilano Real Estate | Langley City Real Estate | Langley City, Langley Real Estate | Marpole Real Estate | Marpole, Vancouver West Real Estate | McLennan North Real Estate | McLennan North, Richmond Real Estate | Metrotown Real Estate | Metrotown, Burnaby South Real Estate | Morgan Creek, South Surrey White Rock Real Estate | Point Grey Real Estate | Queensborough, New Westminster Real Estate | Riverdale RI Real Estate | Saunders, Richmond Real Estate | Scottsdale Real Estate | South Vancouver, Vancouver East Real Estate | Southlands Real Estate | Steveston North Real Estate | Steveston North, Richmond Real Estate | Steveston South Real Estate | Steveston Village Real Estate | Tsawwassen North, Tsawwassen Real Estate | University VW Real Estate | University VW, Vancouver West Real Estate | Vancouver West Real Estate | West Cambie Real Estate | West Cambie, Richmond Real Estate | West End VW Real Estate | Whalley Real Estate
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.