Pavlov’s co-panellist, Ken Peacock, chief economist of Business Council of B.C., referred to the real estate industry as “the oil of the B.C. economy.” He observed that the downturn in the real estate market was having wider-reaching effects on the provincial economy, including a reduction in retail sales in sectors such as home improvement and furniture.
Peacock added that he found it “a bit alarming” for a provincial government to be celebrating falling real estate values and taking credit for this outcome.
