The Canadian economy contracted 0.1 per cent in August following an essentially flat July. Declines at the industry level were led by manufacturing, and oil and gas extraction.

Based on the first two months of GDP data for the third quarter, we would estimate that the Canadian economy grew a modest 2 per cent from July to September.

That would mark a significant slowdown from second quarter growth of 3.2 per cent and provides additional cover for the Bank of Canada to keep rates unchanged for a considerable amount of time.

BCREA

october 31, 2014

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Please visit our Open House at 2502 1239 GEORGIA ST W in Vancouver.

Open House on Saturday, November 1, 2014 1:30 pm - 2:30 pm

Coal Harbour's Venus offers afforable living, steps to transportation, the business district, the seawall, shopping, restaurants & Stanley Park. This high floor corner suite 2 bedroom & 2 bath is freshly painted & ready for occupancy.Features 9ft ceilings, gas cooktop & updated appliances & 2 sided gas fireplace. Great open floorplan with separated bedrooms & laminate floors. Lovely city views, Live in manager, 24 hour concierge, 2 guest suites, garden, indoor pool, gym, sauna, party room, ballroom & lots of visitor parking. Storage locker & one parking. Offers please! Open Saturday 1:30pm-2:30pm.

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Canadian manufacturing sales fell 3.3 per cent in August to $52.1 billion following a record setting dollar volume of sales in July.  The dip in sales was the first monthly decline of 2014 and was largely the result of lower sales of motor vehicles and vehicle parts, though sales were lower in 16 of 21 manufacturing sub-sectors.

In BC, where manufacturing is one of the largest employers,  manufacturing sales were up 0.6 cent on a monthly basis, and were 9.4 per cent higher year-over-year.  Through the first eight months of the year, manufacturing sales are 6.6 per cent higher than last year.  

 

BCREA Economic News - Oct'14

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Housing starts in BC urban centers moderated from a high mark in August, falling 19 per cent to 27,570 units SAAR in September.  On a year-over-year basis, housing starts were down 7 per cent compared to September 2013. Single-detached starts,  were up 14 per cent while multiple units were down 14 per cent compared to this time last year. Year-to-date, total BC housing starts are 6 per cent higher than 2013.

Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA fell 5 per cent in September as an 11 per cent decline in multiple starts offset a 16 per cent rise in singles.

Year-to-date, Vancouver housing starts are up 5 per cent. In the Victoria CMA, new home construction fell 32 per cent year-over-year due to low levels of construction in the multiples sector.

Year-to-date, housing starts in Victoria are down 19 per cent. New home construction in the Kelowna CMA continued its robust pace in September, rising 46 per cent year-over-year. Year-to-date, housing starts in the Kelowna CMA are up 45 per cent .

Housing starts in the Abbotsford-Mission CMA tumbled 62 per cent on a year-over-year basis due to the relative absence of new multiple unit developments in September.  

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The Canadian labour market broke out of its summer slumber, adding 74,000 jobs in September,  nearly all of which were in full-time employment. Total hours worked, which is closely associated with economic growth, rose 0.3 per cent and the national unemployment rate fell 0.2 points to a 6 year low of 6.8 per cent.

The BC economy saw employment grow by 9,600 jobs in September. Moreover, recent losses in full-time work were overturned as full-time employment grew by 20,600 while part-time employment declined by 11,000. The provincial unemployment rate remained unchanged at 6.1 per cent. Year-to-date, employment in BC is up just 0.6 per cent.

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Please visit our Open House at 403 1688 4TH AVE E in Vancouver.

Open House on Saturday, October 4, 2014 1:30 pm - 3:00 pm

Welcome home to this perfect Grandview top floor 1 bedroom & den in a solid rainscreened building. Enjoy the restaurants, fests and shopping of Commercial Drive. Stay warm by your cozy gas fireplace and enjoy the brightness of your vaultedskylight. Features stainless steel appliances, hardwood floors, parking, locker and insuite laundry. Have coffee or a bbq on the rooftop which offers easy access. Move in condition! Priced to sell! Fast closing possible. 2 Pets welcomed and rentals are available. FIRST SHOWING SAT, OCTOBER 4TH, 1:30-3PM.

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