The Bank of Canada held its overnight rate at 0.25 percent this morning, a level it considers it’s effective lower bound. In the statement accompanying the decision, the Bank noted that incoming data seems to signal that the impact of COVID-19 on the economy has peaked, though there remains significant ...
Continue ReadingThe British Columbia Real Estate Association (BCREA) reports that a total of 6,717 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March 2020, an increase of 17.2 percent from March 2019. The average MLS® residential price in BC was $789,548, a 15.1 percent increase from $685,892 recorded the ...
Continue ReadingSummary Findings While it’s unknown how the unfolding COVID-19 outbreak will impact the economy in the long-term, BC is facing a sudden stop in economic activity with little guidance to when things may return to normal. Based on our scenario analysis, BC home sales and prices will likely face declines ...
Continue ReadingThe British Columbia Real Estate Association (BCREA) reports that a total of 4,426 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January 2020, an increase of 23.7 per cent from the 3,579 units sold in January 2019. The average MLS® residential price in BC was $725,370, a 9.1 ...
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