Canadian retail sales increased by 2.5 per cent to $69.6 billion in December from the previous month. Compared to the same time last year, retail sales are up by 3.9 per cent. Furthermore, core retail sales, which exclude gasoline and automobile items, also rose by 2.5 per cent month-over-month. In volume terms, adjusted for rising prices, retail sales increased by 2.5 per cent in December.  In the fourth quarter of 2024, retail sales increased by 2.4 per cent, while retail sales rose by 1.3 per cent on an annual basis in 2024.

Retail sales in British Columbia were up 1.6 per cent in December month-over-month and up 2.0 per cent compared to the same time last year. In the CMA of Vancouver, retail sales were up 2.1 per cent both from the prior month and from December 2023.

Canada's sharp jump in retail activity in December largely reflects the impact of the GST/HST tax break during the holiday season. As expected, strength in core retail sales is driven by sales in the food/beverage and clothing industries, both of which were included under the tax holiday.  While tailwinds from the tax break were expected, economists are mostly monitoring whether this momentum will continue following its conclusion last week. Nonetheless, the Bank of Canada remains poised for a 25-point cut next month and hopes to see its effects transmit into stronger Canadian retail spending in the first quarter of 2025.

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!

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.

Canadian prices, as measured by the Consumer Price Index (CPI), rose 1.9 per cent on a year-over-year basis in January, up from a 1.8 per cent increase in December. Month-over-month, on a seasonally adjusted basis, CPI increased by 0.1 points in January. Excluding energy, the CPI rose 1.7 per cent in January. Overall, shelter price growth continues to cool, as mortgage interest costs were up 10.2 per cent, marking the seventeenth consecutive month of deceleration. Similarly, rent was up 6.3 per cent in January year-over-year, down from 7.1 per cent in December. In BC, consumer prices rose 2.2 per cent year-over-year, down from 2.6 per cent in December. The Bank of Canada's preferred measures of median and trimmed inflation, which strip out volatile components, both rose to 2.7 per cent year-over-year. 
 
Inflation continues to hold close to target as a rise in energy prices has been offset by price reductions in many goods affected by the GST/HST tax break. However, January saw slight increases in the Bank's core measures, indicating some lingering upward momentum on a quarterly basis. Nonetheless, this report is unlikely to sway the Bank of Canada away from its plan to cut the overnight rate by 25 basis points during their next meeting.

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!

The British Columbia Real Estate Association (BCREA) reports that 4,221 residential unit sales were recorded in Multiple Listing Service® (MLS®) Systems in January 2025, up 6.4 per cent from January 2024. The average MLS® residential price in BC in January 2025 was down 1.0 per cent at $949,560 compared to $959,191 in January 2024.

The total sales dollar volume was $4 billion, a 5.3 per cent increase from the same time the previous year. BC MLS® unit sales were 12 per cent lower than the ten-year January average.

“As expected, 2025 is off to a better start in most regions across BC,” said BCREA Chief Economist Brendon Ogmundson. “January’s pickup in sales and listings may foreshadow a stronger 2025, caveated by global uncertainties which may trigger higher or lower rates from the Bank of Canada.”

Active listings in January 2025 climbed to 30,896 units, a 27 per cent increase from the same month last year. Normalizing trends in new listings, coupled with stronger sales activity in the past few months, have led to an accumulation of inventory. Moving forward, it remains crucial for supply to keep pace with growing demand to keep markets balanced and prevent rampant price appreciation.

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 $1,173,000. This represents a 0.5 per cent increase over January 2024 and a 0.1 per cent increase compared to December 2024.

Specifically:

- The benchmark price for detached homes increased 3.1% from Jan 2024 and is increased 0.4% from Dec 2024.

- The benchmark price for townhouses/attached increased 2.7% from Jan 2024 and decreased 0.8% from Dec 2024.

- The benchmark price for apartment/condos decreased 1.7% from Jan 2024 and decreased 0.2% from Dec 2024.

*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.

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

Canadian employment rose by 0.4 per cent from the previous month, growing by 76,000 jobs to 20.993 million in January. The employment rate rose by 0.1 points to 61.1 per cent, while the unemployment rate fell 0.1 points to 6.6 per cent. Average hourly wages rose 3.5 per cent year-over-year to $35.99 last month, while total hours worked were up 2.2 per cent from January of the previous year.

Employment in B.C. rose by 0.8 per cent to 2.944 million, with a gain of 23,000 jobs in January. Employment in Metro Vancouver rose 1.7 per cent to 1.696 million in January. The unemployment rate in B.C. rose by 0.1 points to 6.0 per cent in January. Meanwhile, Vancouver's unemployment rate rose by 0.3 points to 6.8 per cent in the first month of the year. 

January's jobs data continues a trend of increasing employment growth and moderation of the unemployment rate, though at a higher-than-desired level. Importantly, private sector job growth has grown in accordance with these trends, with January's numbers being driven by employment gains in manufacturing, construction, and professional, scientific, and technical services, among other industries. January's report begins the year on a strong note and demonstrates an improving labour market. Under the assumption that trade policy remains unchanged, we anticipate that the Bank of Canada will lower its policy rate one more time by 25 basis points in March before pausing to assess the need for further stimulus. 

Copyright British Columbia Real Estate Association. Reprinted with permission.

Canadian real GDP decreased by 0.2 per cent in November, following a 0.3 per cent increase in October. Service-producing industries fell by 0.1 per cent, while goods-producing industries contracted by 0.6 per cent. November's slower growth was broad-based, with 13 of 20 major industries seeing declines from the previous month. Downward pressure was led by the transportation and warehousing sector that was struck by widespread work stoppages. Conversely, growth was driven by gains in construction (+0.7 per cent), and the real-estate and rental and leasing sector (+0.3 per cent). Finally, GDP for real-estate offices and agents was up 3.4 per cent month-over-month.  Preliminary estimates suggest that real GDP increased by 0.2 per cent in December.

After its first rate cut of 2025, the Bank of Canada will be displeased with Canadian economic growth continuing to fall short of its projection. Relatively weak retail activity and flat growth illustrates lingering weaknesses in the Canadian economy. Until further notice, we expect the Bank to cut by 25 basis points at its next meeting before reassessing. Of course, incoming Trump tariffs could change this landscape, as our economy would be sizeably damaged quite soon after imposition. 

Copyright British Columbia Real Estate Association. Reprinted with permission.

Listed for $759,000

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!