COVID-19 Recovery Dashboard - July 28, 2022
In BC in June, home sales declined, while starts and new listings ticked upwards modestly. Sales fell in all areas of the province, with the lower mainland and Vancouver Island now below pre-pandemic levels. Rental costs in Vancouver and Victoria continue to rise broadly and remain elevated relative to most other points since the onset of the pandemic.
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Retail sales rose in May to a new record. As of July, restaurant reservations in Vancouver are roughly at pre-pandemic levels. In BC, Google’s measure of movement trends is currently just 5 per cent below pre-pandemic levels.
Although aggregate employment has recovered in BC to pre-pandemic levels, the accommodation and food service sector was about 12 per cent below the pre-pandemic level in June. The labour market has served high-income workers much better than low-income workers. Employment in high-income industries is about 10 per cent above pre-pandemic employment levels, while employment in low-income industries is about 4 per cent below pre-pandemic employment levels.
Exports, imports and manufacturing sales all fell in May.
Consumer confidence retreated in June, likely on continuing trepidations related to higher inflation expectations and elevated fuel prices.
The number of US and non-US tourists rose again in May, with both US and non-US tourists reaching the highest level since the onset of the pandemic.
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The BCREA Economics team has created the COVID-19 Recovery Dashboard to help REALTORS monitor BC’s economic recovery. This dashboard focuses on the sectors and activities that have been most significantly impacted by the pandemic, including:
- Housing Markets
- Retail, Restaurant Reservations and Movement
- Jobs and Hours Worked
- Manufacturing and International Trade
- Business and Consumer Confidences
- Tourism
To monitor the province’s progress, we benchmark each indicator to February 2020, the month before the pandemic was declared. This dashboard is updated each month.BCREA's updated COVID-19 Recovery Dashboard is available here. |
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For more information, please contact:
| Ryan McLaughlinEconomistDirect: 778.657.5960Mobile: 604.366.6511Email: [email protected] |
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BCREA is the professional association for more than 23,000 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.
