12 BIV
february 28–March 6, 2022
finance
H
ome prices continued to spiral higher in January as overzealous buyers and a low supply environment drove further gains. The average Multiple Listing Service price in B.C. shot up to a record $1.049 million, up three per cent from December and a mammoth 23 per cent year over year. While average values are influenced by composition and regional shifts, quality-adjusted benchmark values showed similar patterns. The Lower Mainland benchmark rose 2.9 per cent from December, Vancouver Island came in at 2.6 per cent with a slightly smaller gain in Victoria, Chilliwack increased 4.5 per cent and the Thompson-Okanagan was close to two per cent. Detached price growth continues to dominate. With the average value up more than 40 per cent since the pandemic began and still rising, there is reasonable concern of excess froth. Demand is indeed robust, and households are enamoured with owning, driving acceleration of home sales by a gain of six per cent in January to 10,201 units, marking an eight-month high due to workfrom-home, demand for space,
15
$1,200,000
10
1,000,000
5
800,000
0
600,000
-5
400,000
-10
200,000
-15 2015
2017
2019
0
2021
Month-over-month per cent change (L)
Dollars
Per cent
Prices for all classes of home in the province have surged during the pandemic
Average price (R) SourceS: CREA, Central 1. Latest: January 2022
Home values higher in many B.C. regions
Lower Mainland homes remain the province’s priciest 1,293.7
$1,400 1,200 1,000
965.2
930.8
857
762.6
705.6
800
528.6
507.8
600 400
598.9 424.2
722.3 503.7
200 Lower Mainland
Victoria
Vancouver Island
Chilliwack
February 2020
January 2022
Kamloops and District
Okanagan
SourceS: CREA, Central 1. Latest: January 2022
Omicron hits b.c. retail Province’s retail sales slip but remain elevated Spending in B.C. is above pre-pandemic levels 20 15 10 5 0 -5 -10 -15 -20 -25
$8,500 8,000 7,500 7,000 6,500
Millions
Bryan Yu
B.C. housing price growth accelerates in January
Benchmark price by MLS area (000s)
Data Points
urban outflow and of course low mortgage rates. However, the recent surge may reflect some irrational behaviour as end-use buyers and investors chase past price appreciation while racing against the clock to execute lower pre-approved mortgage rates. Lack of supply has only reinforced upward price momentum. Buyers are competing for scant listings in the market, driving seller’s market conditions in nearly all areas of the province. That said, we continue to see this as demand-driven scarcity of inventory as new listings are generally in line with pre-pandemic levels. While the pricing frenzy will likely continue for a few more months, we see the market cooling thereafter. Buyers are grappling with massive affordability challenges given price increases and the full effect of higher interest rates will soon curtail both end-user and speculative demand to help cool market conditions. Retail spending closed off 2021 on a lower note in December but ahead of expectations. Sales at B.C. stores fell 1.4 per cent from November to a seasonally adjusted $8.12 billion. Yearover-year sales came in at 3.3 per cent. As with other provinces, spread of the Omicron variant likely hurt consumer confidence and spending, while rotation of office workers back to remote conditions and additional restrictions likely affected ancillary spending.•
B.C. housing market stays hot
Per cent
Frenzied B.C. housing market sets new records
6,000 5,500 2020 Retail sales (R)
Bryan Yu is chief economist at Central 1 Credit Union.
5,000
2021 Month-over-month change (L)
SourceS: Statistics Canada, Central 1. Latest: December 2021
INSIDERTRADING The following is a list of stock trades made by corporate executives, directors and other company insiders of B.C.’s public companies filed in the week ended February 23, 2022. The information comes from a compilation of required reports filed with the BC Securities Commission obtained from DisclosureNet.com.
Insider William James Garner, 10% owner Company: Tryp Therapeutics Inc. (TSX:TRYP) Shares owned: 18,420,000 Trade date: February 22 Trade total: $1,000,000 Trade: Acquisition of 5,000,000 shares at a price of $0.20 per share Insider Robert MacKay Buchan, director
Company: Andean Precious Metals Corp. (TSX:APM) Shares owned: 1,873,334 Trade date: February 17 Trade total: $895,000 Trade: Acquisition of 500,000 shares at a price of $1.79 per share Insider Todd Olson Anthony, officer Company: First Majestic Silver Corp. (TSX:FR) Shares owned: 65,000 Trade date: February 17 Trade total: $535,500 Trade: Sale of 35,000 shares at a price of $15.30 per share Insider Karen Liu, officer Company: First Majestic Silver Corp. (TSX:FR)
Shares owned: 20,000 Trade date: February 17 Trade total: $461,400 Trade: Sale of 30,000 shares at a price of $15.30 to $15.50 per share Insider Marc Lustig, 10% Owner Company: Briacell Therapeutics Corp. (TSX:BCT) Shares owned: 1,640,000 Trade date: February 17 Trade total: US$432,850 Trade: Sale of 55,000 shares at a price of US$7.87 per share Insider Gerald Miller, director Company: West Fraser Timber Co. Ltd. (TSX:WFG) Shares owned: 6,142 Trade date: February 18 Trade total: $248,000
Trade: Sale of 2,000 shares at a price of $124.00 per share Insider Keith Neumeyer, director Company: First Majestic Silver Corp. (TSX:FR) Shares owned: 4,043,067 Trade date: February 17 Trade total: $193,750 Trade: Sale of 12,500 shares at a price of $15.50 per share Insider Charles Edgar Fipke, director Company: Cantex Mine Development Corp. (TSX:CD) Shares owned: 19,477,036 Trade date: February 17, 18, 22 Trade total: $191,000 Trade: Sale of 598,000 shares at prices from $0.30 to $0.34 per share
Insider Mani Alkhafaji, officer Company: First Majestic Silver Corp. (TSX:FR) Shares owned: 25,097 Trade date: February 17 Trade total: $116,100 Trade: Sale of 7,500 shares at a price of $15.48 per share Insider Blair Lawrence Naughty, 10% owner Company: York Harbour Metals Inc. (TSX:PXA) Shares owned: 5,485,500 Trade date: February 17, 22 Trade total: $62,700 Trade: Acquisition of 70,000 shares at a price of $0.87 to $0.93 per share •
