REBGV economist discusses the market, COVID-19's effects, and the state of the recovery
Keith Stewart, REBGV economist, recently presented a market update to the REALTORS® of Metro Vancouver covering the effects of COVID-19 pandemic on Metro Vancouver and elsewhere.
Here are the highlights.
Jobs are recovering, but there’s room to improve
A key economic indicator is unemployment. When unemployment levels spiked after the 2009 financial crisis, it took nearly eight years for those levels to return to where they had been. Some of the sharpest recovery occurred between 2015 and 2017. Real estate sales typically follow unemployment trends and sales were lower than average in 2009 and higher than average between 2015 and 2017.