The British Columbia Real Estate Association (BCREA) released the second quarter report for Commercial Real Estate for 2016. The statistics show that BC's strong economic growth, population growth and a strong tourism sector has fueled growth in Commercial Real Estate. Employment is expected to rise 3 percent this year which is the fastest job growth rate since 2007.
"BC retail sales are up 6.3 per cent year over-year in the second quarter while wholesale trade increased 8.3 per cent. Those gains helped to offset a flattening of manufacturing sales related to slowing exports to trading partners in the Pacific Rim.
Canadian REITs prices rebounded sharply in the second quarter after falling at the start of the year. That, along with a narrowing of credit risk spreads on short-term borrowing contributed to the first increase in the CLI financial component in over a year.
Employment gains remain mixed in key commercial real estate sectors. The CLI measure of office employment increased by more than 10,000 jobs in the second quarter. In contrast, manufacturing employment fell for a second consecutive quarter, declining by 4,900 jobs."
Read the full report here
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