Canadian employment increased by 0.3 per cent from the previous month, with the economy gaining 67,000 jobs to 21.082 million in October. The employment rate rose by 0.2 points to 60.8 per cent, while the unemployment rate dropped by 0.2 points to 6.9 per cent. Average hourly wages rose 3.5 per cent year-over-year to $37.06 last month.
           
Employment in B.C. fell by 0.1 per cent to 2.942 million, with the provincial economy losing 2,900 jobs in October. Employment in Metro Vancouver decreased by 0.3 per cent to 1.687 million. The unemployment rate in B.C. increased by 0.2 points to 6.6 per cent in October. Meanwhile, Vancouver's unemployment rate rose by 0.1 points to 6.3 per cent in October. 

October’s jobs report marks two consecutive months of employment growth that offset similar sized job losses during the summer. Job growth was driven by gains in private sector employment, the first private sector job growth since June. This report will likely further solidify the Bank of Canada's resolve that further rate cuts are not needed at this time, leading to a hold at their December meeting. 

Copyright British Columbia Real Estate Association. Reprinted with permission.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver* is $1,132,500. This represents a 3.4 per cent decrease over October 2024 and a 0.8 per cent decrease compared to September 2025.

Specifically:

- The benchmark price for detached homes decreased 4.3% from Oct 2024 and decreased 0.9% from Sep 2025.

- The benchmark price for attached/townhouses decreased 3.8% from Oct 2024 and decreased 0.3% from Sep 2025.

- The benchmark price for apartment/condos decreased 5.1% from Oct 2024 and decreased 1.4% from Sep 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 contracted by 0.3 per cent in August after increasing by 0.3 per cent in July. Goods-producing sectors fell by 0.6 per cent, while service-producing industries decreased by 0.1 per cent. Detractors from growth were led by utilities (-2.3 per cent), transportation and warehousing (-1.7 per cent), wholesale trade (-1.2 per cent), and mining, quarrying, and oil and gas extraction (-0.7 per cent). Conversely, retail trade was the largest driver of growth in August (0.9 per cent), while all goods-producing industries either remained flat or contracted from the previous month. Output for the offices of real-estate agents and brokers rose by 0.3 per cent month-over-month. Preliminary estimates suggest that real GDP by industry increased by 0.1 per cent in September, contributing to an advanced estimate of 0.4 per cent growth for the third quarter on an annualized basis.

The Canadian economy gave back much of the growth found in July, with August’s data contributing to a weak year of economic activity in Canada. Following two consecutive rate cuts, the Bank of Canada will be monitoring next month’s quarterly GDP results to assess how the economy is performing relative to their updated projections. If the economy underperformed in the third quarter, we could expect one final rate cut from the Bank before year-close to address underlying weaknesses in the economy and labour market.

Copyright British Columbia Real Estate Association. Reprinted with permission.

Canadian retail sales increased by 1.0 per cent to $70.4 billion in August compared to the previous month. Compared to the same time last year, retail sales were up by 4.9 per cent. Furthermore, core retail sales, which exclude gasoline and automobile items, were up 1.1 per cent month-over-month. In volume terms, adjusted for rising prices, retail sales increased by 1.0 per cent in August.

Retail sales in British Columbia were largely unchanged in August from the previous month and rose by 6.9 per cent compared to the same time last year. In the CMA of Vancouver, retail sales were down 0.8 per cent from the prior month and were 5.9 per cent above the level of August 2024.
           
Strong activity in August further demonstrates monthly volatility in Canadian retail sales, as six of nine subsectors rose following a weak previous month. Moreover, broader resilience in core retail sales signifies ongoing strength in household consumption despite weaker economic and labour market conditions. In spite of a slight uptick in headline and core inflation, financial markets are still expecting a second consecutive rate cut from the Bank of Canada next week.

Copyright British Columbia Real Estate Association. Reprinted with permission.

Canadian prices, as measured by the Consumer Price Index (CPI), rose 2.4 per cent on a year-over-year basis in September, up from a 1.9 per cent increase in August. On a seasonally adjusted monthly basis, the CPI was up 0.4 per cent in September. The CPI ex-gasoline increased by 2.6 per cent in September after rising 2.4 per cent in August. Additionally, shelter price growth remained at 2.6 per cent in September, while food price growth rose by 3.8 per cent year-over-year, 0.4 points higher than the previous month. In BC, consumer prices rose 1.9 per cent year-over-year in September, up from 1.8 per cent in August. The Bank of Canada's preferred measures of median and trimmed inflation, which strip out volatile components, were 3.2 per cent and 3.1 per cent year-over-year, respectively. 
 
September’s CPI report certainly complicates the Bank of Canada’s upcoming decision, with headline and core inflation ticking upward. While base-year effects explain some of the upward price pressures, acceleration in certain aggregates such as food prices will certainly concern the Bank.  Nonetheless, the Bank has emphasized that underlying inflation—while higher than preferred—remains stable at around 2.5 per cent, which, coupled with weak economic conditions, suggests a rate cut is on the horizon before year-close.

Copyright British Columbia Real Estate Association. Reprinted with permission.

Canadian housing starts increased 14 per cent from the previous month, totaling 279,234 units in September at a seasonally adjusted annual rate (SAAR). Starts were up 25 per cent from the same month last year. Single-detached housing starts increased by 1 per cent from last month to 55,408 units, while multi-family and other starts increased by 18 per cent to 223,825 units (SAAR). 

In British Columbia, starts fell by 20 per cent from last month to 37,305 units (SAAR) in all areas of the province. In areas of the province with 10,000 or more residents, single-detached starts decreased by 5 per cent to 3,965 units, while multi-family starts fell by 23 per cent to 30,197 units month-over-month. Starts in the province were 15 per cent below the levels from September 2024. Year-to-date starts are up 101 per cent in Abbotsford and 23 per cent in Victoria, but down 55 per cent in Nanaimo, 42 per cent in Kelowna, and 0.6 per cent in Vancouver.

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Total MLS® residential sales dollar volume was $5.5 billion, up 4.8 per cent from the same time the previous year. BC MLS® unit sales were 21.4 per cent lower than the ten-year average for the month of September.

“Home sales in the province are gaining momentum following a slow first half of 2025,” said BCREA Chief Economist Brendon Ogmundson. “We anticipate sales will finish the year strong, aided by lower interest rates helping to unleash pent-up demand.”

Year-to-date, BC residential sales dollar volume is down 7.3 per cent to $51.8 billion, compared with the same period in 2024. Residential unit sales are down 4.2 per cent year-over-year at 54,594 units, while the average MLS® residential price is also down 3.3 per cent to $949,203.

Copyright British Columbia Real Estate Association. Reprinted with permission.

Copyright British Columbia Real Estate Association. Reprinted with permission.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver* is $1,132,500. This represents a 3.4 per cent decrease over October 2024 and a 0.8 per cent decrease compared to September 2025.

Specifically:

- The benchmark price for detached homes decreased 4.3% from Oct 2024 and decreased 0.9% from Sep 2025.

- The benchmark price for attached/townhouses decreased 3.8% from Oct 2024 and decreased 0.3% from Sep 2025.

- The benchmark price for apartment/condos decreased 5.1 % from Oct 2024 and decreased 1.4% from Sep 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 July, after declining by 0.1 per cent in June. Goods-producing sectors rose by 0.6 per cent, while service-producing industries increased by 0.1 per cent. Sectoral growth was led by mining, quarrying, and oil and gas extraction (1.4 per cent), manufacturing (0.7 per cent), and wholesale trade (0.6 per cent). The biggest detractor from growth was from retail trade (-1.0 per cent), while all goods-producing industries grew from the previous month. Output for the offices of real-estate agents and brokers rose by 3.6 per cent month-over-month. Preliminary estimates suggest that real GDP by industry was largely unchanged in August.

The Canadian economy returned to growth in July following several consecutive months of contraction. However, July’s upswing appears temporary, as August’s preliminary estimate suggests growth was flat to close out the summer. We expect the Bank of Canada to cut once more this year to address underlying weaknesses in the Canadian economy and labour market. With that being said, central bankers and economists will now focus on October’s employment and CPI reports —the last two data points for the Bank to consider before its next meeting.

Copyright British Columbia Real Estate Association. Reprinted with permission.

Canadian housing starts decreased 16 per cent from the previous month, totalling 245,791 units in August at a seasonally adjusted annual rate (SAAR). Starts were up 15 per cent from the same month last year. Single-detached housing starts decreased by 2 per cent from last month to 55,271 units, while multi-family and other starts decreased by 20 per cent to 190,519 units (SAAR). 

In British Columbia, starts fell by 19 per cent from last month to 46,274 units (SAAR) in all areas of the province. In areas of the province with 10,000 or more residents, single-detached starts increased by 7 per cent to 4,284 units, while multi-family starts fell by 22 per cent to 39,480 units month-over-month. Starts in the province were 34 per cent above the levels from August 2024. Year-to-date starts are up 150 per cent in Abbotsford and 31 per cent in Victoria, but down 56 per cent in Nanaimo, 37 per cent in Kelowna, and 0.6 per cent in Vancouver.

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Canadian prices, as measured by the Consumer Price Index (CPI), rose 1.9 per cent on a year-over-year basis in August, up from a 1.7 per cent increase in July. Month-over-month, on a seasonally adjusted basis, the CPI was up 0.2 per cent in August. The CPI ex-gasoline increased by 2.4 per cent in August after holding at 2.5 per cent during each of the previous three months.  Additionally, shelter price growth was 2.6 per cent in August, the smallest year-over-year increase since March 2021, and down from 3.0 per cent in July. Food price growth registered at 3.4 per cent year-over-year, marginally higher than the previous month. In BC, consumer prices rose 1.8 per cent year-over-year in August, up from 1.7 per cent in July. The Bank of Canada's preferred measures of median and trimmed inflation, which strip out volatile components, remained at 3.1 per cent and 3.0 per cent year-over-year, respectively. 
 
While the Bank of Canada's core measures of inflation have remained at the upper end—and even outside of—their target range, 3-month annualized core inflation has stabilized around 2.5 per cent. Coupled with weaker-than-expected second-quarter growth, this report is unlikely to sway the Bank of Canada away from a likely rate cut tomorrow in hopes of stimulating the economy heading into the final quarter of the year. 

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Canadian employment decreased by 0.3 per cent from the previous month, losing 66,000 jobs to 20.955 million in August. The employment rate fell by 0.2 points to 60.5 per cent, while the unemployment rate rose 0.2 points to 7.1 per cent. Average hourly wages rose 3.2 per cent year-over-year to $36.31 last month, while total hours worked were up 0.9 per cent compared to August of the previous year.

Employment in B.C. fell by 0.5 per cent to 2.936 million, losing 15,700 jobs in August. Employment in Metro Vancouver fell by 1.1 per cent to 1.679 million. The unemployment rate in B.C. increased by 0.3 points to 6.2 per cent in August. Meanwhile, Vancouver's unemployment rate also rose by 0.3 points to 6.4 per cent in the eighth month of the year. 

August's jobs report demonstrates a further cooling of the Canadian labour market, with the unemployment rate reaching its highest level in four years. Job losses were concentrated in part-time work as seasonal positions wind down, while full-time employment was largely unchanged following a weak July. Moreover, core-aged employment for men and women reached its lowest levels in over 7 years each. Overall, the Canadian labour market in 2025 can be characterized by negative employment growth and steady upticks in unemployment as broader uncertainties continue to loom over Canadian households and businesses. This report favours a rate cut from the Bank of Canada in a couple of weeks as it looks to reignite the economy moving into the fall.

Copyright British Columbia Real Estate Association. Reprinted with permission.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver* is $1,150,400. This represents a 3.8 per cent decrease over August 2024 and a 1.3 per cent decrease compared to July 2025.

Specifically:

- The benchmark price for detached homes decreased 4.8% from August 2024 and decreased 1.2% from July 2025.

- The benchmark price for attached/townhouses decreased 3.5% from August 2024 and decreased 1.8% from July 2025.

- The benchmark price for apartment/condos decreased 4.4% from August 2024 and decreased 1.3% from July 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 fell by 0.1 per cent in June, after declining by 0.1 per cent in May. Goods-producing sectors fell 0.5 per cent, while service-producing industries increased by 0.1 per cent. Sectoral growth was led by retail trade (1.4 per cent), wholesale trade (0.5 per cent), and construction (0.3 per cent). The biggest detractors from growth were from manufacturing (-1.5 per cent) and utilities (-1.2 per cent). Output for the offices of real-estate agents and brokers rose by 3.1 per cent month-over-month. Preliminary estimates suggest that real GDP by industry increased by 0.1 per cent in July.

Real GDP declined by 0.4 per cent in the second quarter of 2025, registering an annualized growth rate of -1.6 per cent. Contraction was driven by a broad-based slowdown in trade, with exports and imports falling by 7.5 per cent and 1.3 per cent, respectively. Business investment fell by 0.6 per cent, driven by slower investment in machinery and equipment (-9.4 per cent).  Meanwhile, slightly higher investment in residential structures (1.5 per cent) was offset by its non-residential counterpart (-3.3 per cent). Household spending rose 1.1 per cent in the second quarter, while the household savings rate fell a full point to 5.0 per cent, driven by weakening income growth. On a per capita basis, GDP fell 0.4 per cent in Q2 after increasing by 0.4 per cent in the previous quarter. 

As many feared, the consequences of tariffs on the Canadian economy are reflected in this print, with Q2 GDP growth falling below the Bank of Canada's most recent projection. Contraction is largely attributable to far lower trade, offsetting the export growth which propelled the economy forward during Q1 as companies tried to get ahead of tariffs. Moreover, the associated uncertainty of volatile trade policy hampered investment from Canadian businesses, creating a further drag on growth.  This report could influence the Bank of Canada towards a rate cut during their next meeting in hopes of re-igniting the economy moving into the fall. Moving forward, the Bank of Canada will closely watch next month's inflation data for signs that core inflation is moderating to its 2% target, such that it can more confidently commit to a 25-point cut in September. 

Copyright British Columbia Real Estate Association. Reprinted with permission.