 Vancouver, BC – February 27, 2018. The BCREA Commercial Leading Indicator (CLI) increased for the fourth consecutive year, rising 0.4 points in the fourth quarter of 2017 to 135.7. That increase represents a 0.3 per cent rise over the second quarter and a 6.7 per cent increase from one year ago. “The BC economy continued to thrive in the fourth quarter of 2017," says BCREA Economist Brendon Ogmundson. "Increased activity in key commercial real estate sectors contributed to a fourth consecutive year of a rising CLI, mirroring the last four years of robust economic growth." The underlying CLI trend, which smooths often noisy economic data, continues to push higher due to strong provincial economic and employment growth. That uptrend signals further growth in investment, leasing and other commercial real estate activity over the next two to four quarters. For more information, please contact:
Brendon Ogmundson Economist Direct: 604.742.2796 Direct: 604.505.6793 4 Email: bogmundson@bcrea.bc.caBCREA is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients. To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods. For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada's real estate boards to ensure maximum exposure of properties listed for sale. To subscribe to receive other BCREA publications such as this one, to unsubscribe, or to update your email address or current subscription list, click here. Government Needs Transitional Rules For All Transactions Impacted By Taxes Introduced In Budget 20182/20/2018
For the complete news release, click here. For immediate release Government Needs Transitional Rules For All Transactions Impacted By Taxes Introduced In Budget 2018 New taxes unlikely to stabilize housing market Victoria, BC – February 20, 2018. The British Columbia Real Estate Association calls on the government to introduce transitional rules for all transactions impacted by the new tax measures introduced in Budget 2018. The new tax measures come into effect on February 21, 2018. The Property Transfer Tax (PTT) increase to 5 per cent for properties over $3 million, as well as the increase to 20 per cent and expansion of the Foreign Buyer's Tax to other parts of the province will have an immediate impact on transactions underway. When the Foreign Buyers Tax was introduced in 2016, consumers and REALTORS® were frustrated by the number of collapsed deals due to how the tax was introduced. At the time, the Association called for grandfathering of transactions underway to ensure a smooth transition. While the province has indicated transitional rules for the expansion of the Foreign Buyers Tax to other parts of BC, the Association believes this should apply to all transactions. Of additional concern, the "speculation" tax introduced in the budget will affect British Columbians who own or want to invest in those markets by buying a second home or recreational property The Association welcomes measures in Budget 2018 to increase the supply of affordable housing in British Columbia. These initiatives are important steps in supporting those who need the most assistance to find and afford housing. However, the government missed the opportunity to help homebuyers across the province by increasing the thresholds to the Property Transfer Tax (PTT) or index those thresholds to reflect the changing real estate market. The new tax measures introduced by the government to "stabilize the housing market" are unlikely to achieve the intended objective. The taxes ignore the major culprit – matching housing supply and demand within a reasonable timeframe. Additional taxes, whether targeted at foreign buyers or speculators, do not reduce the gap between when a housing project starts, and when it is available to purchase. -30- For more information, please contact:
Damian Stathonikos Director of Communications and Public Affairs Direct: 604.742.2793 Email: dstathonikos@bcrea.bc.ca BCREA is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients. To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods. To subscribe to receive other BCREA publications such as this one, to unsubscribe, or to update your email address or current subscription list, click here. Share: BCREA ECONOMICS NOW Canadian Manufacturing Sales - February 16, 2018 Canadian manufacturing sales ended 2017 on a down note, declining 0.3 per cent on a monthly basis after a nearly 4 per cent increase in November. The decline was the result of lower sales in the energy sector as well as declining sales in food manufacturing. Sales were down in 11 of 21 manufacturing sub-sectors, representing 57 per cent of the manufacturing sector. On a year-over-year basis, Canadian manufacturing sales were up 3.7 per cent over December 2016. In BC, manufacturing sales dipped 0.7 per cent on a monthly basis but were up close to 9 per cent year-over-year. For all of 2017, BC manufacturing sales rose 8.1 per cent with significant contributions from a diverse array of industries, most notably the the forestry sector where sales of paper and wood products were up more than 9 per cent on an annual basis. Those gains helped drive employment and housing demand around the province as BC posted another stellar year of economic growth. To view the full BCREA Housing Forecast, click here.
For more information, please contact: Cameron Muir Chief Economist Direct: 604.742.2780 Mobile: 778.229.1884 Email: cmuir@bcrea.bc.caBCREA is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients. To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods. To subscribe to receive other BCREA publications such as this one, to unsubscribe, or to update your email address or current subscription list, click here. BCREA ECONOMICS NOW Canadian Employment - February 9, 2018 A slow start to the year as Canadian employment fell by 88,000 jobs in January. On the bright side, the losses were entirely due to declining part-time work while full-time jobs actually grew by 49,000 and total hours worked were up 2.8 per cent. The national unemployment rate ticked up 0.1 points to 5.9 per cent. In BC, employment was down by 5,100 jobs although full-time employment was up by 4,100 while part-time work declined. Despite those losses, the level of employment was still 2.5 per cent higher than January last year. The provincial unemployment edged up by 0.2 points in January to 4.8 per cent. To view the full BCREA Housing Forecast, click here.
For more information, please contact: Cameron Muir Chief Economist Direct: 604.742.2780 Mobile: 778.229.1884 Email: cmuir@bcrea.bc.caBCREA is the professional association for more than 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients. To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods. To subscribe to receive other BCREA publications such as this one, to unsubscribe, or to update your email address or current subscription list, click here. |