Found 2 blog entries tagged as inflation.

Based on BCREA's housing forecast for the second quarter, the housing market in BC is not doing well and is currently at a low-activity state. There are fewer sales and listings than usual. This has caused home prices to adjust after the sharp rise in interest rates with home sales starting the year down 50% from last year and still about 25% lower than usual. This may also affect the new home construction market, but long-term population growth is expected to keep housing starts higher than normal.

When the housing market is slow, people usually spend less money on home-related things like furniture and appliances. However, in British Columbia, retail sales have remained steady, possibly because people have been spending less for the past two years.

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Home sale and listing activity continue trending below long-term averages in November

While typically a quiet month of market activity based on seasonal patterns, November home sale and listing totals lagged below the region’s long-term averages.

“With the most recent core inflation metrics showing a stubborn reluctance to respond significantly to the furious pace of rate increases, the Bank of Canada may choose to act more forcefully to bring inflation back toward target levels.” the REBGV’s director, economics and data analytics said. “While it’s always difficult to predict what the bank will do with certainty, this persistent inflationary backdrop sets up the December 6 rate announcement to be yet another increase, making holiday-season home…

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