Steve Flynn, REMAX Realtor

04/14/2026

Canadian Employment (March 2026) – April 11, 2026

Canadian employment was largely unchanged from the previous month, with the economy gaining 14,000 jobs (+0.1 per cent) to 21.051 million in March. The employment rate and unemployment rate also held steady at 60.6 per cent and 6.7 per cent, respectively. Average hourly wages rose 4.7 per cent year-over-year to $37.73 in March.

Employment in B.C. decreased by 0.7 per cent to about 2.908 million, with the provincial economy losing 19,200 jobs in March. Employment in Metro Vancouver fell by 0.4 per cent to 1.674 million. The unemployment rate in B.C. rose 0.6 points to 6.7 per cent in March. Meanwhile, Vancouver's unemployment rate rose by a full percentage point to 6.8 per cent in March.

The Canadian labour market remained mostly unchanged in March following a sharp downturn to begin the year. In the first quarter of 2026, Canada has lost over 90,000 jobs on a cumulative basis. Current conditions of weak employment and growth combined with cooling core inflation would ordinarily suggest a rate cut from the Bank of Canada. However, the oil price shock associated with the Iran conflict muddies the waters of the Bank’s policy trajectory due to its inflationary impact. While we tentatively expect another rate hold later this month, the Bank’s guidance will help crystalize its view of the supply shock and lay a course for future rate decisions.

Copyright British Columbia Real Estate Association. Reprinted with permission.

03/24/2026

03/19/2026

Bank of Canada Interest Rate Announcement - March 18, 2026

The Bank of Canada maintained its overnight policy rate at 2.25% this morning. In the statement accompanying the decision, the Bank noted that the war in the Middle East has increased volatility and heightened risks in the global economy but the Bank still expects the Canadian economy to grow modestly in 2026 though the labour market remains soft and growth looks to be weaker than expected in Q1. On inflation, the Bank expects the sharp increase in energy prices to push CPI inflation higher in coming months.

Absent a U.S. war with Iran and its knock‑on effects on oil prices and other downstream costs, there is a strong case for the Bank of Canada to be lowering its policy rate. Core inflation continues to decelerate, with three‑month measures falling again in February and now averaging just over 1%. Economic growth is likely to come in below the Bank’s somewhat optimistic Q1 forecast, and Canada just recorded its weakest month for employment growth since 2022. Instead, the Bank will need to assess the inflationary impulse from a potential supply shock and the risk of pass‑through to inflation expectations, which argues for some degree of caution. Most estimates suggest that an extended period of high oil prices could add 1% to inflation, potentially pushing growth in consumer prices back to over 3%. While it is possible that the Bank would look through a temporary shock to prices and react instead to a weakening economy, the situation is currently too uncertain for there to be any strong conviction in a policy direction.

Copyright British Columbia Real Estate Association. Reprinted with permission.

03/18/2026

Canadian Housing Starts (February 2026) - March 17, 2026

Canadian housing starts increased 4 per cent from the previous month, totalling 250,900 units in February at a seasonally adjusted annual rate (SAAR). Starts were up 13 per cent from the same month last year (SAAR). In areas with 10,000 or more residents, single-detached housing starts decreased by 12 per cent year-over-year, while multi-family and other starts increased by 15 per cent compared to February 2025

In British Columbia, starts fell by 16 per cent from last month to 45,709 units (SAAR) in all areas of the province. In areas of the province with 10,000 or more residents, single-detached starts increased by 13 per cent to 4,148 units, while multi-family starts fell by 17 per cent to 38,554 units month-over-month (SAAR). Starts in the province were 53 per cent above the levels from February 2025 (SAAR). Year-to-date starts are up 127 per cent in Victoria, 46 per cent in Vancouver, and 15 per cent in Kelowna, but down 90 per cent in Abbotsford and 85 per cent in Nanaimo.

Copyright British Columbia Real Estate Association. Reprinted with permission.

03/13/2026

Canadian Employment (February 2026) – March 13, 2026

Canadian employment fell by 0.4 per cent from the previous month, with the economy losing 84,000 jobs to 21.037 million in February. The employment rate also edged down 0.2 per cent to 60.6 per cent, while the unemployment rate rose by 0.2 points to 6.7 per cent. Average hourly wages rose 3.9 per cent year-over-year to $37.56 in February.

Employment in B.C. decreased by 0.7 per cent to about 2.927 million, with the provincial economy losing 20,200 jobs in February. Employment in Metro Vancouver fell by 0.6 per cent to 1.681 million. The unemployment rate in B.C. remained unchanged at 6.1 per cent in February. Meanwhile, Vancouver's unemployment rate fell by 0.4 points to 5.8 per cent in February.

The Canadian labor market posted its worst monthly job losses in several years, with declines concentrated in full-time work and the private sector. Combined with January, Canada has cumulatively lost over 100,000 jobs to begin 2026, significantly offsetting the momentum found during the final quarter of last year. While economic growth, employment, and core inflation are currently below the Bank of Canada’s projection, we still expect a rate hold at next week’s meeting. Looking ahead, the Bank will be assessing the length and depth of the oil-price shock from the US-Iran conflict on domestic inflation, while assessing how economic growth evolves this year relative to their forecast.

Copyright British Columbia Real Estate Association. Reprinted with permission.

03/05/2026

Quick Snapshot of METRO VANCOUVER'S February 2026 MLS Sales

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver* is $1,100,300. This represents a 6.8 per cent decrease over February 2025 and a 0.1 per cent decrease compared to January 2026.

Specifically:

- The benchmark price for detached homes decreased 8.8% from Feb 2025 and decreased 0.8% from Jan 2026.

- The benchmark price for attached/townhouses decreased 5.6% from Feb 2025 and increased 0.3% from Jan 2026.

- The benchmark price for apartment/condos decreased 6.8% from Feb 2025 and increased 0.5% from Jan 2026.

*Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

03/04/2026

Metro Vancouver February 2026 MLS Sales:

Metro Vancouver home sales registered on the MLS® in February continued the recent trend of slower-than-average sales, seeing a ten per cent decline over the same period last year.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,648 in February 2026, a 9.8 per cent decrease from the 1,827 sales recorded in February 2025. This was 28.7 per cent below the 10-year seasonal average (2,310).

“With each passing data point, the pace of sales running well-below long-term averages are no longer a surprise – it’s become the new norm,” said Andrew Lis, GVR chief economist and vice-president data analytics. “A surprising finding this February, however, is that home sellers appear less eager to list their homes relative to last year with new listings down about seven percent, mostly driven by fewer listings in the apartment segment.”

There were 4,734 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2026. This represents a 6.4 per cent decrease compared to the 5,057 properties listed in February 2025. This was 7.1 per cent above the 10-year seasonal average (4,421).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,545, a 6.3 per cent increase compared to February 2025 (12,744). This is 37 per cent above the 10-year seasonal average (9,886). Across all detached, attached and apartment property types, the sales-to-active listings ratio for February 2026 is 12.6 per cent. By property type, the ratio is nine per cent for detached homes, 16.6 per cent for attached, and 14.1 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. “With fewer sellers coming to market with their properties than last year, a pick-up in demand heading into the spring could result in a stagnation of standing inventory, which may support prices around current levels,” Lis said. “With sales slightly outpacing our 2026 forecast year-to-date, the spring market will be the litmus test of whether we continue along this new normal, or if we see any significant surprises.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,100,300. This represents a 6.8 per cent decrease over February 2025 and a 0.1 per cent decrease compared to January 2026.

Sales of detached homes in February 2026 reached 427, a 10.5 per cent decrease from the 477 detached sales recorded in February 2025. The benchmark price for a detached home is $1,835,900. This represents an 8.8 per cent decrease from February 2025 and a 0.8 per cent decrease compared to January 2026.

Sales of apartment homes reached 824 in February 2026, a 15.6 per cent decrease compared to the 976 sales in February 2025. The benchmark price of an apartment home is $708,200. This represents a 6.8 per cent decrease from February 2025 and a 0.5 per cent increase compared to January 2026.

Attached home sales in February 2026 totalled 387, a 7.8 per cent increase compared to the 359 sales in February 2025. The benchmark price of a townhouse is $1,046,100. This represents a 5.6 per cent decrease from February 2025 and a 0.3 per cent increase compared to January 2026.

Copyright British Columbia Real Estate Association. Reprinted with permission.

03/04/2026

Canadian Economic Growth (Real GDP Q4 2025) – March 2, 2026

Canadian real GDP rose by 0.2 per cent in December, after remaining mostly flat in November. Both goods-producing and service-producing sectors grew by 0.2 per cent, respectively. Sectoral growth was led by manufacturing (1.2 per cent), wholesale trade (1.7 per cent), and transportation/warehousing (0.7 per cent). The biggest detractor to growth came from mining, quarrying, and oil and gas extraction (-0.9 per cent). Output for the offices of real-estate agents and brokers fell by 3.6 per cent month-over-month. Preliminary estimates suggest that real GDP by industry was essentially unchanged in January.

Real GDP decreased by 0.2 per cent in the fourth quarter of 2025, registering an annualized growth rate of -0.6 per cent. Contraction was driven by declines in non-farm business inventories, led by the manufacturing and wholesale trade sectors. Overall trade picked up in the final quarter, with exports and imports increasing by 1.5 per cent and 0.3 per cent, respectively. Nonetheless, trade declined in 2025, with exports falling by 1.7 per cent and imports dropping by 0.4 per cent. Household spending rose 0.4 per cent in Q4, driven by higher expenditures on rent and financial services which offset an overall decline in goods-expenditures. Total capital investment increased 0.8 per cent, largely driven by government investments in weapons systems. Meanwhile, business investment declined by 0.1 per cent, as both residential and non-residential investment fell. However, business investment increased by 0.3 per cent overall in 2025. The household savings rate fell 0.8 points to 4.4 per cent, as disposable income growth was outpaced by nominal spending. Overall, the Canadian economy grew by 1.7 per cent in 2025.

Canada’s economic performance comes as an unwelcomed surprise, with annualized growth in the fourth quarter underperforming the Bank’s updated projection of flat (0 per cent) growth. Behind the headline number, increases in exports, household spending and government investment contributed to growth in the final quarter. However, 2025 marks the third consecutive year of government capital investment outpacing business capital expenditures with respect to GDP growth, suggesting ongoing weakness in private sector investment. A broad-based drawdown in trade for the year was the biggest detractor to growth in spite of further recovery during the final quarter, with export volumes to the US failing to recover from the sharp declines seen in the second quarter as tariffs began permeating into the economy. Taken together, while the headline number may spook readers, we expect the underlying resilience in the Canadian economy found in this report to keep the Bank of Canada on course for another rate hold in March.

Copyright British Columbia Real Estate Association. Reprinted with permission.

02/21/2026

Canadian Retail Sales (December 2025) – February 20, 2026

Canadian retail sales decreased by 0.4 per cent to $70 billion in December compared to the previous month. Retail sales were marginally lower compared to the same last year. Furthermore, core retail sales, which exclude gasoline and automobile items, decreased by 0.3 per cent in December. In volume terms, adjusted for rising prices, retail sales were unchanged in December. Overall, retail sales increased by 4.0 per cent in 2025 and rose by 2.3 per cent in volume terms.

Retail sales in British Columbia were down 0.5 per cent in December month-over-month and rose by 2.6 per cent compared to the same time last year. In the CMA of Vancouver, retail sales were up 0.6 per cent from the prior month and were 3.6 per cent above the level of December 2024.

A weak December print rounds out a year of retail sales characterized by volatility and resilience. While rising 4.0 per cent year-over-year, retail activity in December was just 0.5 per cent above the level in January 2025 amidst monthly oscillations. Nonetheless, Canadian retail sales demonstrated resistance to weak economic conditions and broader uncertainty throughout the year. We expect the Bank of Canada to hold once again in March as they have signaled for a quiet year pertaining to monetary policy changes.

Copyright British Columbia Real Estate Association. Reprinted with permission.

02/18/2026

Canadian Inflation (January 2026)

Canadian prices, as measured by the Consumer Price Index (CPI), rose 2.3 per cent on a year-over-year basis in January, following the 2.4 per cent increase in December. On a seasonally adjusted monthly basis, the CPI was up 0.1 per cent in January, equivalent to a 0.7 per cent increase on an annualized basis. The CPI ex-gasoline increased by 3.0 per cent in January, matching the previous month. Additionally, food prices increased by 7.3 per cent year-over-year, driven by base-year effects from last year’s GST holiday break on restaurant meals. In BC, consumer prices rose 2.0 per cent year-over-year in January, up 0.3 points from December. The Bank of Canada's preferred measures of median and trimmed inflation, which strip out volatile components, fell to 2.5 and 2.4 per cent year-over-year, respectively.

Sharper falls in gasoline prices partially counteracted upward pressure on many sub-aggregates that were affected by last year’s GST holiday, leaving headline inflation in a fairly similar place compared to December. However, 3-month annualized core inflation cooled further to about 1.2 per cent, levels not seen since the early pandemic era. Looking ahead, we expect the Bank of Canada to remain on hold in 2026, but next week’s GDP release should provide an early indication of the direction of the Canadian economy this year.

Copyright British Columbia Real Estate Association. Reprinted with permission.

02/12/2026

British Columbia MLS Sales in January 2026

The British Columbia Real Estate Association (BCREA) reports that 3,314 residential unit sales were recorded in Multiple Listing Service® (MLS®) Systems in January 2026, down 22.9 per cent from January 2025. The average MLS® residential price in BC in January 2026 was down 1.9 per cent at $924,239 compared to $942,384 in January 2025.

Total MLS® residential sales dollar volume was $3.06 billion, down 24.4 per cent from the same time the previous year. BC MLS® unit sales were 30.97 per cent lower than the ten-year average for the month of January.

“British Columbia’s housing market kicked off 2026 with its second weakest January since 2016, with sales in almost every region falling short of historical averages,” said BCREA Chief Economist Brendon Ogmundson. “Despite a slow start, we expect stable rates and improved affordability conditions to release pent-up demand with sales picking up over the course of 2026.”

Active listings in January 2026 climbed to 32,626 units, a 5.6 per cent increase from the same month last year. Weak sales activity over the past several quarters have led to an accumulation of inventory, which should accommodate demand pressures in the short term. However, dampening sentiments concerning new home construction in BC leave the housing market vulnerable to long-term demand growth, a pattern which will be monitored over the next few years.

Copyright British Columbia Real Estate Association. Reprinted with permission.