Housing supply is on the rise in the Lower Mainland as more owners try to capitalize on what is normally the peak selling season, but is instead a market facing headwinds and soft sales.
The likelihood that interest rates will remain higher than anticipated and the increased capital gains inclusion rate have likely lifted short-term supply. Demand for rental is partly curbed due to forthcoming cuts in the number of international students. Listing activity has picked up and remained elevated in April. Total new listings reached 10,890 units, up 65 per cent from a year ago. Divergence in listings and sales has pushed resale inventory to the highest level since 2020 and it’s likely to move higher.
In March 2024, B.C.’s merchandise exports soared by 19.1 per cent from February to approach near $5.2 billion, with resource sectors recording a sharp increase in sales. B.C. saw a lower volume of imports, down 1.9 per cent to $6.1 billion from $6.2 billion. As a result, the international trade deficit narrowed to its second lowest point in the past 12 months. Overall exports for the last 12 months are down 13.8 per cent from the previous 12 months, while imports are down 7.