VANCOUVER, British Columbia, Sept. 21, 2018 (GLOBE NEWSWIRE) -- According to the BC Check-Up, an annual economic report released by the Chartered Professional Accountants of British Columbia (CPABC), B.C.’s strong economic performance in 2017 gave the province a good starting point for 2018, but the province is expected to experience slower growth over the next two years. B.C.’s GDP growth rate is forecasted to slow from 3.9 per cent in 2017, to 2.4 per cent in 2018, and 1.9 per cent in 2019 based on numbers by TD Economics.

Impressive economic growth led to corresponding job gains. In 2017, B.C.’s job market added over 87,000 jobs, of which the majority were full-time positions. Since then, employment opportunities continued to occur throughout the province, but at a slower pace. Between December 2017 and August 2018, over 35,800 jobs were created.

“Full-time positions continue to make up most of our province’s job growth. At the same time, the average weekly wage rate increased from $955.60 per week in December 2017 to $981.87 per week in July 2018. This, along with continued population growth, should ensure continued consumer demand for the rest of 2018,” said Lori Mathison, FCPA, FCGA, LLB, president and CEO of CPABC.

However, several indicators are hinting at a slight slowdown in economic activity in recent months, including a significant decline in recent home sales. According to the British Columbia Real Estate Association, total home sales fell by almost a third year-over-year in July, as the housing market is still adjusting to the effects of stricter mortgage qualification rules that came into effect in January.

“Fewer housing sales have created more balanced market conditions. However, this doesn’t necessarily mean the dream of owning a home is within reach for millennials. The slowdown in the housing market has largely been driven by declines in detached home sales, so while prices for detached homes have gone down, condos and townhouses have not been affected as much,” continued Mathison.

While the cooling of the housing market is welcomed by many prospective home buyers, it’s important to consider the impact it could have on B.C.’s overall economy, with housing-related activity driving employment in many industries, such as construction and finance. A softening of the housing market could also provide some relief to the province’s current labour shortage, in particular for skilled trades.

Learn more about the BC Check-Up at www.bccheckup.com.

About CPA British Columbia
The Chartered Professional Accountants of British Columbia (CPABC) is the training, governing, and regulatory body for over 35,000 CPA members and 5,000 CPA students. CPABC carries out its primary mission to protect the public by enforcing the highest professional and ethical standards and contributing to the advancement of public policy. CPAs are recognized internationally for bringing superior financial expertise, strategic thinking, business insight, and leadership to organizations.

For more information or to arrange an interview, contact:
Vivian Tse, Public Affairs Manager
604.488.2647
vtse@bccpa.ca

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