Canadian real GDP increased by 0.4 per cent in January, following a 0.3 per cent increase in December. Service-producing industries grew by 0.1 per cent, while goods-producing industries rose by 1.1 per cent. Thirteen out of twenty major industries expanded from the previous month, led by mining, quarrying, and oil/gas extraction (1.7 per cent), construction (0.7 per cent), and manufacturing (0.8 per cent). Finally, GDP for real-estate offices and agents was down 3.7 per cent month-over-month. Preliminary estimates suggest that real GDP was unchanged in February.

As its first rate cut of 2025 transmits through the economy, the Bank of Canada will be pleased to see Canadian economic growth surpassing its projection. Unfortunately, these numbers are likely non-influential in the Bank's next meeting, as they reflect an environment before tariffs were enacted. Given the immense uncertainty surrounding Trump's reciprocal tariffs next week, the Bank is most likely to hold during its next meeting before reassessing how the economy responds to these shocks. 

Copyright British Columbia Real Estate Association. Reprinted with permission.

Canadian retail sales decreased by 0.6 per cent to $69.4 billion in January from the previous month. Compared to the same time last year, retail sales are up by 4.2 per cent. Furthermore, core retail sales, which exclude gasoline and automobile items, fell by 0.2 per cent month-over-month. In volume terms, adjusted for rising prices, retail sales decreased by 1.1 per cent in January. 

Retail sales in British Columbia were up 0.5 per cent in January month-over-month and rose by 5.9 per cent compared to the same time last year. In the CMA of Vancouver, retail sales were up 0.8 per cent from the prior month, and increased by 5.2 per cent from January 2024.

Tailwinds from the GST/HST tax holiday weren't enough to continue previous gains in retail activity in January. However, in British Columbia, the tax break has fed into a broader upward trend in retail activity over the past few quarters.  After last week's CPI report, markets continue to expect a hold from the Bank of Canada during its next meeting.

Copyright British Columbia Real Estate Association. Reprinted with permission.

Canadian prices, as measured by the Consumer Price Index (CPI), rose 2.6 per cent on a year-over-year basis in February, up from a 1.9 per cent increase in January. Month-over-month, on a seasonally adjusted basis, CPI increased by 0.7 points in February. Products affected by the end of the GST/HST tax break saw slower year-over-year price declines compared to previous months, placing upward pressure on headline inflation. Overall, shelter price growth continues to cool, as mortgage interest costs were up 9.0 per cent, marking the eighteenth consecutive month of deceleration. Similarly, rent was up 5.8 per cent in February year-over-year, down from 6.3 per cent in January. In BC, consumer prices rose 3.0 per cent year-over-year, up from 2.2 per cent in January. The Bank of Canada's preferred measures of median and trimmed inflation, which strip out volatile components, both rose to 2.9 per cent year-over-year. 
 
February's CPI report saw inflation rise by 0.7 points from the previous month, the largest monthly jump in nearly three years. Most of this movement can be attributed to the end of the tax break mid-month, which halted previous downward pressure from several sub-components. Importantly, February saw further increases in the Bank's core measures for a second consecutive month, which now lie near the upper threshold of their target range. Coupled with looming tariffs in April, this report favours the probability of the Bank holding the overnight rate at its current level during their next meeting. 

Copyright British Columbia Real Estate Association. Reprinted with permission.

Canadian housing starts fell by 4 per cent to 229,030 units in February at a seasonally adjusted annual rate (SAAR). Starts were down 12 per cent from the same month last year. Single-detached housing starts fell by 1 per cent from last month to 56,273 units, while multi-family and other starts dropped by 5 per cent to 172,759 units (SAAR). 

In British Columbia, starts fell by 22 per cent from last month to 31,913 units (SAAR) in all areas of the province. In areas of the province with 10,000 or more residents, single-detached starts fell by 17 per cent to 3,994 units, while multi-family starts fell by 24 per cent to 25,735 units month-over-month. Starts in the province were 32 per cent below the levels from February 2024. Year-to-date starts are up by 188 per cent in Abbotsford and 4 per cent in Kelowna, while being down by 60 per cent in Nanaimo, 46 per cent in Victoria, and 18 per cent in Vancouver.

Copyright British Columbia Real Estate Association. Reprinted with permission.

STYLISH & modern, 975 sq ft, 2 bed/2 bath ground floor condo in One University Crescent at SFU. On north-west corner w/lots of windows & breezes. Recently updated w/new flooring, paint, lighting, window coverings, storage, hardware & fixtures throughout + amazing high-end kitchen w/marble finishes, coffee station & Fischer Paykel appliances! The 2 bedrooms are very good-sized & located for ideal privacy. Approx 220 sq ft private deck, perfect for gardeners. Building amenities incl: party room, billiards room, gym & ev-charging in parkade. 1 parking, 1 locker. 1 pet & rentals allowed. Prepaid SFU lease, expires 2102. Surrounded by trails & nature yet SFU, University Highands Elementary, Nester's Market, Scotiabank & many services & dining are within 3 blocks.

Listed at $749,000

MODERN & sleek, 876 s.f, 2 bed/2 bath condo in New West's dynamic Brewery District neighbourhood. OPEN & bright concept w/stylish kitchen, dining & living room. Kitchen has LUXURY features: s/s appliances, quartz countertops & gas stove. Both bedrooms are decent-sized. 2 balconies, totaling approx 200 s.f. Excellent building amenities incl: party room, outdoor kitchen/bbq & dining area, dog park & dog wash, community garden plots + access to amazing Club Central w/gym, squash, sauna, steam, social kitchen + games room. 2 PETS & RENTALS allowed! 1 parking, 1 locker. Within 5 min walk: Sapperton Skytrain, Royal Columbian Hospital, Save-On Foods, Shoppers, TD Bank & lots of restaurants. This is urban living at its best!

Vancouver, BC – March 11, 2025.

The British Columbia Real Estate Association (BCREA) reports that 4,947 residential unit sales were recorded in Multiple Listing Service® (MLS®) Systems in February 2025, down 9.7 per cent from February 2024. The average MLS® residential price in BC in February 2025 was down 2.4 per cent at $964,349 compared to $987,811 in February 2024.

The total sales dollar volume was $4.8 billion, an 11.8 per cent decrease from the same time the previous year. BC MLS® unit sales were 28 per cent lower than the ten-year February average.
 
“After several months of growing momentum, market activity was hampered in February by the uncertainty surrounding tariffs,” said BCREA Chief Economist Brendon Ogmundson. “Apprehension from prospective buyers will continue amidst this unfortunate trade war but may be somewhat tempered by lower interest rates on the horizon.
 
Year-to-date, BC residential sales dollar volume is down 4.5 per cent to $8.8 billion, compared with the same period in 2024. Residential unit sales are down 2.8 per cent year-over-year at 9,175 units, while the average MLS® residential price is also down 1.8 per cent to $958,366.

Copyright British Columbia Real Estate Association. Reprinted with permission.

Listed at $749,000

MODERN & sleek, 876 s.f, 2 bed/2 bath condo in New West's dynamic Brewery District neighbourhood. OPEN & bright concept w/stylish kitchen, dining & living room. Kitchen has LUXURY features: s/s appliances, quartz countertops & gas stove. Both bedrooms are decent-sized. 2 balconies, totaling approx 200 s.f. Excellent building amenities incl: party room, outdoor kitchen/bbq & dining area, dog park & dog wash, community garden plots + access to amazing Club Central w/gym, squash, sauna, steam, social kitchen + games room. 2 PETS & RENTALS allowed! 1 parking, 1 locker. Within 5 min walk: Sapperton Skytrain, Royal Columbian Hospital, Save-On Foods, Shoppers, TD Bank & lots of restaurants. This is urban living at its best!

Listed at $685,000

STYLISH & modern, 975 sq ft, 2 bed/2 bath ground floor condo in One University Crescent at SFU. On north-west corner w/lots of windows & breezes. Recently updated w/new flooring, paint, lighting, window coverings, storage, hardware & fixtures throughout + amazing high-end kitchen w/marble finishes, coffee station & Fischer Paykel appliances! The 2 bedrooms are very good-sized & located for ideal privacy. Approx 220 sq ft private deck, perfect for gardeners. Building amenities incl: party room, billiards room, gym & ev-charging in parkade. 1 parking, 1 locker. 1 pet & rentals allowed. Prepaid SFU lease, expires 2102. Surrounded by trails & nature yet SFU, University Highands Elementary, Nester's Market, Scotiabank & many services & dining are within 3 blocks.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver* is $1,169,100. This represents a 1.1 per cent decrease over February 2024 and a 0.3 per cent decrease compared to January 2025.

Specifically:

- The benchmark price for detached homes increased 1.8% from Feb 2024 and is unchanged from Jan 2025.

- The benchmark price for townhouses/attached decreased 1.2% from Feb 2024 and decreased 1.7% from Jan 2025.

- The benchmark price for apartment/condos decreased 2.8% from Feb 2024 and decreased 0.1% from Jan 2025.

*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.

Canadian real GDP rose by 0.2 per cent in December, after declining by 0.2 per cent in November. Goods-producing sectors rose 0.3 per cent, while service-producing industries were up 0.2 per cent. Sectoral growth was led by mining, quarrying, and oil and gas extraction (0.8 per cent), utilities (4.7 per cent), and retail trade (2.6 per cent). Output for the offices of real-estate agents and brokers fell by 6.0 per cent month-over-month. Preliminary estimates suggest that real GDP by industry increased by 0.3 per cent in January.

Real GDP increased by 0.6 per cent in the final quarter of 2024, registering an annualized growth rate of 2.6 per cent. Household spending grew by 1.4 per cent, leading to a 1.0 per cent increase in per capita household expenditures during the fourth quarter. Growth was also driven by strong residential construction (3.9 per cent) and non-residential business investment (0.7 per cent). Canadian trade grew in the fourth quarter, with exports of goods and services (1.8 per cent) outpacing imports (1.3 per cent). Household savings rates fell from 7.3 per cent to 6.1 per cent in the fourth quarter, driven by slower wage and income growth compared to spending, as well as lower investment earnings. On a per capita basis, GDP rose 0.2 per cent in Q4, but fell 1.4 per cent in 2024 overall. 

Canada's GDP growth in the final quarter reflects the impacts of lower interest rates as well as temporary relief from the GST holiday on household consumption. This comes in the context of inflation moderating to its target range, with price appreciation being largely driven by high shelter costs. In addition, uncertainty surrounding potential tariffs and their inflationary impacts continue to hamper our economic outlook. This report, although stronger than expected, likely will not sway the Bank in either direction particularly as the impact of likely tariffs takes center stage before the next Bank of Canada interest rate decision.

Copyright British Columbia Real Estate Association. Reprinted with permission.

Listed at $685,000

STYLISH & modern, 975 sq ft, 2 bed/2 bath ground floor condo in One University Crescent at SFU. On north-west corner w/lots of windows & breezes. Recently updated w/new flooring, paint, lighting, window coverings, storage, hardware & fixtures throughout + amazing high-end kitchen w/marble finishes, coffee station & Fischer Paykel appliances! The 2 bedrooms are very good-sized & located for ideal privacy. Approx 220 sq ft private deck, perfect for gardeners. Building amenities incl: party room, billiards room, gym & ev-charging in parkade. 1 parking, 1 locker. 1 pet & rentals allowed. Prepaid SFU lease, expires 2102. Surrounded by trails & nature yet SFU, University Highands Elementary, Nester's Market, Scotiabank & many services & dining are within 3 blocks.

Listed at $749,000

MODERN & sleek, 876 s.f, 2 bed/2 bath condo in New West's dynamic Brewery District neighbourhood. OPEN & bright concept w/stylish kitchen, dining & living room. Kitchen has LUXURY features: s/s appliances, quartz countertops & gas stove. Both bedrooms are decent-sized. 2 balconies, totaling approx 200 s.f. Excellent building amenities incl: party room, outdoor kitchen/bbq & dining area, dog park & dog wash, community garden plots + access to amazing Club Central w/gym, squash, sauna, steam, social kitchen + games room. 2 PETS & RENTALS allowed! 1 parking, 1 locker. Within 5 min walk: Sapperton Skytrain, Royal Columbian Hospital, Save-On Foods, Shoppers, TD Bank & lots of restaurants. This is urban living at its best!