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Bank of Canada Interest Rate Announcement  – January 20, 2021

The Bank of Canada maintained its overnight rate at 0.25 per cent this morning, a level it considers its effective lower bound. The Bank reiterated what it calls “extraordinary forward guidance” in committing to leaving the overnight rate at 0.25 per cent until slack in the economy is absorbed and ...

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Pandemic Halts Sales Activity in March

The British Columbia Real Estate Association (BCREA) reports that a total of 6,717 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March 2020, an increase of 17.2 percent from March 2019. The average MLS® residential price in BC was $789,548, a 15.1 percent increase from $685,892 recorded the ...

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Sketching Out the Potential Impact of COVID-19 on the BC Housing Market

Summary Findings While it’s unknown how the unfolding COVID-19 outbreak will impact the economy in the long-term, BC is facing a sudden stop in economic activity with little guidance to when things may return to normal. Based on our scenario analysis, BC home sales and prices will likely face declines ...

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BC Housing Markets Off to a Strong Start in 2020

The British Columbia Real Estate Association (BCREA) reports that a total of 4,426 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January 2020, an increase of 23.7 per cent from the 3,579 units sold in January 2019. The average MLS® residential price in BC was $725,370, a 9.1 ...

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