Among the factors that affect the real estate market — along with everything else in life — is inflation. Naturally, the British Columbia Real Estate Association tracks inflationary trends and passes them along to buyers, sellers and anybody who is just interested.
The BCREA report from July includes the current figures, using the Consumer Price Index to measure inflation. One of the more interesting results is this:
The CPI for British Columbians rose 1.7 per cent in July and but for the COVID years, that’s consistent with inflationary trends going back more than a decade. In other words, CPI increases have pretty much returned to normal after peaking at more than 8 per cent in 2022.
See the accompanying graph that tracks what inflation has been doing in B.C. and in Canada at large.
There are nine components in the CPI, and gasoline is the most negative. In the last month’s analysis, gasoline was up 11.5 per cent. Six of the other eight components showed a drop but that wasn’t enough to balance the impact gasoline’s impact on the CPI.
See the accompanying chart showing all nine CPI components.
All information comes from Statistics Canada.
All information comes from Statistics Canada.