Vancouver, BC  June 7, 2018.

The BCREA Commercial Leading Indicator (CLI) declined for the first time in three years, falling 1.5 points in the first quarter of 2018 to an index level of 134.2. That decrease represents a 1.1 per cent dip over the fourth quarter of 2017. The index is still 3.4 per cent higher than this time one year ago.

The BC economy appears to be slowing following four years of remarkable growth, says BCREA Deputy Chief Economist Brendon Ogmundson. That slowdown likely means a slight drop-off in commercial real estate activity on the horizon.

The underlying CLI trend, which smooths often noisy economic data, remains positive, reflecting several quarters of strong economic activity and employment growth. A still moderately rising trend signals continued, albeit slower, growth in commercial real estate activity.

Copyright British Columbia Real Estate Association. Reprinted with permission.