Commercial Activity Nosedive in 2020 Q1

Q1 Highlights:
• Economic activity started to feel the impact of the pandemic in
March, as declines were reported in manufacturing sales (-2.4%),
retail sales (-0.5%), and wholesales (-0.1%).
• Employment fell by about 13,500 jobs in key commercial real
estate sectors for the first time since the summer of 2018 and by
about 1,830 jobs in manufacturing.
• Financial markets entered a full meltdown in late February amid
growing fears of the potential impact of the COVID-19 pandemic.
The panic sent Canadian REIT prices lower and led to a spike in risk
premiums, causing a tightening of private sector credit conditions.

https://www.bcbusiness.ca/BC-commercial-real-estate-took-a-beating-from-COVID-19-report