Canadian prices, as measured by the Consumer Price Index (CPI), rose 4.4% on a year-over-year basis in September, rising at the fastest rate since 2003. On a month-over-month basis, the CPI was up 0.2% in September. The Bank of Canada's preferred measures of core inflation (which use techniques to strip out volatile elements) rose an average of 2.7% year-over-year in September. Major drivers of the year-over-year price increase included transportation prices (+9.1%), shelter (+4.8%) and food prices (+3.9%) partly on continuing supply-chain difficulties. The homeowner replacement cost index, which measures the cost of replacing home structures, rose 14.4% year-over-year in September, which was the fastest rate since the 1980s. In BC, consumer prices were up 0.15% month-over-month, and up 3.5% on a year-over-year basis. 

Inflation continues to run ahead of the Bank of Canada's 2 per cent target. The driving force behind rising prices is still isolated to a few categories of spending. In particular, the rising price of gasoline and the run-up in Canadian home prices since last year. Those categories alone accounted for about half of the observed inflation in September. Home prices in Canada are beginning to flatten out, which should mean a fading impact on inflation over the next year. Likewise, the impact of gas prices should continue to decline as base-year effects have less influence. Other issues putting upward pressure on consumer prices are being driven by bottlenecks and supply shortages. Those shortages are unlikely to resolve quickly and so we anticipate that the current elevated rate of inflation will linger for some time to come. Inflation that is lingering above target for an extended period may put some pressure on the Bank of Canada, though we still expect the first rate increase to come toward the end of 2022.

For more information, please contact: Gino Pezzani.

Link: https://mailchi.mp/bcrea/canadian-inflation-september-2021

Canadian housing starts declined for the fourth consecutive month in September, but remain strong compared to typical pre-pandemic activity. Housing starts decreased by 11.6k to 251.2k units (-4.4% m/m) in September at a seasonally-adjusted annual rate (SAAR). Comparing year-over-year, starts were up significantly from September of 2020 (20.1% y/y). Single-detached housing starts dipped 5% in September to 76.7k, while multi-family and others declined 4% to 174.4k (SAAR). 

In British Columbia, starts declined for a third consecutive month, dropping sharply by 23.7% m/m to 35.9k units SAAR in all areas of the province. Single-detached starts rose 9.6% m/m to 7.9k units while multi-family starts offset this growth with a 32.5% decline to 23.7k units. Despite this, starts in the province remained 11% above the levels from September 2020. BC's six-month moving average for starts declined sharply following three months of gains. 

For more information, please contact: Gino Pezzani.

Link: https://mailchi.mp/bcrea/canadian-housing-starts-september-2021

Did you know? A teal pumpkin is a sign that a host will offer treats suitable for anyone who has any food allergies or intolerances. Although the practice originated with trick-or- treaters, it has since spread to harvest festivals, community gatherings, and other autumn celebrations where food is handed out to young children.

If someone has a food allergy or intolerance to the treat on offer, it could ruin the fun for them. So consider having an alternative that anyone can tolerate: colorful pencils, stamps and stickers, costume jewelry and bubbles are all fun choices that anyone can enjoy.

Creativity and intelligence aren’t just in the brain. Your physical body plays a large role in your ability to think clearly, solve problems, and find innovative strategies. The Height Media website offers these tips for strengthening your body to enhance your mind:

Practice paced breathing. Steady, healthy breathing releases chemicals that can help you stay calm during stressful situations. Spend 10 minutes a day breathing deeply from your diaphragm; in through the nose and out through your mouth. The in and out counts can be different. One study found that after 21 days of paced breathing, a group of bankers achieved an average of 62% improvement in cognitive capacity on complex decision-making tasks.

Sit and stand straight. Hunching over for hours on end reduces the space your lungs need to expand adequately, increasing carbon dioxide levels and reducing your emotional and mental performance. Sit and/or stand with your feet flat on the ground, straighten your spine as if you had a string attached from the ceiling to the top of your head, and square your shoulders. Check your posture during the day.

Walk throughout the day. Sitting too much increases your risk of cancer by 13%, according to studies, and also raises your mortality risk by 17%. However, you’re 45% more likely to have a creative idea while you’re walking than when you’re seated, even if you’re walking on a treadmill. If you’re blocked for ideas, a walk can be a quick, easy way to unleash your imagination.

These words from an unknown poet remind me to be thankful on Thanksgiving and all the other days, too.

Be thankful that you don't already have everything you desire.
If you did, what would there be to look forward to?

Be thankful when you don't know something,
for it gives you the opportunity to learn.

Be thankful for the difficult times.
During those times, you grow.

Be thankful for your limitations,
because they give you opportunities for improvement.

Be thankful for each new challenge,
because it will build your strength and character.

Be thankful for your mistakes.
They will teach you valuable lessons.

Be thankful when you're tired and weary,
because it means you've made a difference.

It's easy to be thankful for the good things.

A life of rich fulfillment comes to those who are also thankful for the setbacks.Gratitude can turn a negative into a positive.

Find a way to be thankful for your troubles, and they can become your blessings.I love the thought that Thanksgiving is less of a meal and more of a mindset. May your Thanksgiving be filled with friends, family, love and all that is important to you.

Canadian employment grew for the fourth consecutive month in September, rising by 157,000 to 19.13 million (0.8%, m/m). During the survey period, several provinces had reintroduced or planned to reintroduce vaccine passports and indoor masking. Restrictions on international travelers entering the country were eased on September 7th, likely boosting tourism employment. 

The current employment level matches the figure from February 2020, meaning that the job market has technically erased the losses from the pandemic. Due to population growth, the employment rate remains 0.9 percentage points below February 2020 at 60.9%. The Canadian unemployment rate declined for a fourth consecutive month to 6.9%, the lowest level since the onset of the pandemic. 

In BC, employment grew by 12,300 to 2.682 million (0.46%, m/m), once again hitting the highest level since the pandemic began. For the fourth consecutive month, British Columbia was the sole province with employment notably above its pre-pandemic level. The unemployment rate declined by 0.3 in September to 5.9%, the lowest level since the pandemic began. BC has the third lowest unemployment rate in Canada, following Manitoba and Quebec. 

For more information, please contact: Gino Pezzani.
Link: https://mailchi.mp/bcrea/canadian-employment-september-2021

At age 16, environmental activist, Jadav Payeng, saw hundreds of dead snakes, the victims of a major drought occurring on Majuli Reserve, the world’s largest river island in India.

Even at such a young age, he knew someone had to do something... then he decided he was that someone.

In 1979, he started planting a tree sapling a day in the barren soil. Over 40 years later, his forest covers 1,390 acres, approximately the size of 15 football stadiums. He had an idea to save Majuli Island from erosion by planting coconut trees that grow straight and, when planted together in close proximity, they protect the soil. In turn, this would not only help India's economy, but also help fight climate change.

He began by planting bamboo and then moved onto other species. At first, planting trees was time consuming, until the trees started providing the seed themselves. 

As his forest grew dense, so did the amount of inhabitants. Soon, the forest was filled with hundreds of species of birds, deer, rhinos and tigers, and even included a herd of elephants straying into his forest three months out of the year.

Payeng’s life began to change in the fall of 2007, when a photojournalist discovered him seeding his forest and wrote an article about him. He soon gained the attention of the Indian government and then the entire country, winning multiple awards for his incredible achievements.

Payeng has now created a man-made forest bigger than New York City’s Central Park.