News: Vancouver Real Estate Market
BC Home Sales, BC Housing Market, BC Provincial GDP, BCREA, British Columbia Real Estate Association, Canadian Economy, COVID-19 Economic Data, COVID-19 Recession, Economic Growth, Economic impact of COVID-19, Greater Vancouver, Home Owners, Interest Rates, Metro Vancouver, Residential Homes, Unemployment Rate
In the past 40 years, the Canadian economy has had three recessions, each of them different in cause, depth, and duration. The 2020 COVID-19 recession is said to be deep, but will not last long when compared to past recessions. The one glaring similarity throughout these recessions is how the BC housing market has both endured and recovered successfully.
According to the current forecast, the Canadian economy is said to contract approximately by 4% in the first quarter of 2020, followed by a startling...
Bank of Canada, Canadian Economy, Covid-19 Economic Data, Economic Forecast, Economic impact of COVID-19, Economic Update, GDP, Job Losses, Oil Prices, Provincial GDP, RBC, RBC Economics, Recession, Recovery Efforts, Statistics Canada, Unemployment Rate
The Bank of Canada economic update reveals one million job losses in the month of March, which exceeded anything we've experienced. Furthermore, the losses in April are said to be far higher compared to last month. All provinces are said to slip into severe recession this year. Here are some of the important statistics you need to know:
- 20% to 25% of provincial GDP are highly impacted industries like retail trade, transportation services (including airlines), education, arts and recreation, and food...
Aggregate Home Price, Aggregate Price, Attached Homes, BC Home Sales, Canadian Economy, Covid-19 House Price Survey, Detached House, Economic impact of COVID-19, Greater Vancouver, Greater Vancouver Housing, Home Owners, Market Data, Market Statistics, Real Estate Analysis, Real Estate Statistics, Royal LePage House Price Survey
According to the Royal LePage House Price Survey and Market Survey Forecast released today, if the strict stay-at-home restrictions are eased during the second quarter Canada's aggregate home price could grow a modest 1% by the end of 2020, to $653,800. If the restrictions on personal movement continues through summer, the home prices to go down by 3%, to $627,900 year-over-year.
"The impact of COVID-19 on the Canadian economy has been swift and violent, with layoffs driving high levels of unemployment...
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The COVID-19 outbreak has caused a steep decline in interest rates, however, it is uncertain as to how severe the impact will be on economic activity. Considering the importance of tourism and our trade links with China, the magnitude of the impact is expected to be higher in BC. In addition, the Canadian economy also saw the collapse of oil prices and this makes the probability of a recession in Canada that much higher.
An unfortunate byproduct of recession is the loss of jobs and incomes, which...