Strong BC Economy Fuels Growth in Commercial Real Estate
Vancouver, BC – August 31, 2016.
The BCREA Commercial Leading Indicator (CLI) increased 1.7 index points in the second quarter of 2016, propelled higher by strong growth in the BC economy. The CLI index rose to a new high of 122.2, up 2.2 per cent compared to the second quarter of 2015.
“The recent uptrend in the CLI is reflective of a strong underlying economy and accelerated employment growth,” said BCREA Economist Brendon Ogmundson. “The CLI was further boosted by a rebound in financial markets that were previously dragging the index lower.”
All components of the CLI contributed positively to the index in the second quarter with strong economic growth, and robust consumer spending in particular, acting as the primary driver. A rising CLI over the first half of 2016 pulled the underlying index trend higher following several quarters of flat growth. That rising trend points to a higher uptick in the pace of commercial real estate activity over the next two to four months.
To view the full BCREA Commercial Leading Indicator index, click here.
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BCREA represents 11 member real estate boards and their approximately 18,500 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education.
To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports policies that encourage economic vitality, provide housing opportunities, respect the environment and build communities with good schools and safe neighbourhoods.
For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.