Strong June Job Growth Won’t Please the Bank of Canada
Posted on Jul 11, 2023
It's a Close Call Which Way the Bank Will Go
Employment growth last month came in at a whopping 60,000 jobs, tripling expectations, and most of those net new jobs were for full-time workers. As our population grows, more people are available to fill job vacancies. Employment rose in wholesale and retail trade (+33,000), manufacturing (+27,000), heal...Greater Vancouver Real Estate - June 2023 Market Update
Posted on Jul 05, 2023
Home prices continue to rise in Metro Vancouver’s housing market to kick off the summer
Continuing the trend that has emerged in the housing market this year, the benchmark price for all home types in Metro Vancouver1 increased in June as home buyer demand butted up against a limited inventory of homes for sale in the region.The Real Estate Board of...
Canadian Real GDP Growth (April 2023)
Posted on Jul 01, 2023 in Economics
Canadian real GDP was flat from the prior month in April, following a 0.1 per cent increase in March. Goods-producing sectors of the economy grew 0.1 per cent while services-producing sectors were flat. Construction activity rose 0.4 per cent as lower residential construction activity was offset by other subsectors, including engineering constructi...Will May’s Inflation Drop Prevent a July Rate Hike?
Posted on Jun 29, 2023 in Mortgage News
The May inflation data, released this morning by Statistics Canada, bore no surprises. The year-over-year (y/y) inflation measured by the Consumer Price Index (CPI) at 3.4% was just as expected--down a full percentage point from the April reading. This is the smallest increase since June 2021. Economists hit this one on the head because we knew dro...Lower Mainland Commercial Real Estate Drops in Q1 2023
Posted on Jun 29, 2023 in Market Update
Commercial real estate sales and dollar volumes had a slow start to 2023, with year-over-year declines across all property types.There were 273 commercial real estate sales in the Lower Mainland in Q1 2023, a 58.1 per cent decrease from 651 sales in Q1 2022, according to data from Commercial Edge, a commercial real estate system operated by the Rea...
Canadian Housing Starts (May 2023)
Posted on Jun 24, 2023 in Market Update
Canadian housing starts fell 23 per cent to 202,494 units in May at a seasonally adjusted annual rate (SAAR). Starts were down 28 per cent from the same month last year. Single-detached housing starts rose 3 per cent to 55,967 units, while multi-family and others fell 29 per cent to 146,528 (SAAR). In British Columbia, starts fell by 33 per cent in...
