The Canadian economy jumped 1.1 per cent in February, up for the ninth consecutive month. Goods-producing sectors rose 1.5 per cent while services-producing industries were up 0.9 per cent. Canadian real GDP is roughly 1.5 per cent above its pre-pandemic, February 2020 level. Preliminary estimates suggest that output in the Canadian economy grew 0.5 per cent in March.

With a a very high figure for February and strong preliminary numbers continuing into March, the Canadian economy appears to be on a strong growth path as it emerges from the Omicron-related slowdown. The Bank of Canada has noted that the slack in the Canadian economy is largely absorbed, which is partly why it has hiked rates from 0.25 in March to 1 per cent currently. Amid strong GDP growth and high inflation, the expectation is that the bank will again raise rates at its upcoming June 1st announcement by another 0.5 per cent. BCREA forecasts that the bank will continue raising rates until the overnight policy rate reaches 1.75 per cent, the level which prevailed prior to the COVID-19 crisis.



Link:  https://mailchi.mp/bcrea/canadian-economic-growth-real-gdp-february-2022

For more information, please contact: Gino Pezzani.

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In BC in March, sales, starts and new listings declined. Sales rose in the Kootenay and Northern regions, while declining in all other areas of the province. Rental costs in Vancouver and Victoria continue broadly rising and remain elevated relative to most other points since the onset of the pandemic.  

Retail sales eased somewhat in February but remain close to record highs. As for March, restaurant reservations in Vancouver are at roughly 86 per cent of the pre-pandemic level. In BC, Google’s measure of movement trends is currently about 17 per cent below pre-pandemic levels.

Although aggregate employment has recovered in BC to pre-pandemic levels, the accommodation and food service sector was about 12 per cent below the pre-pandemic level in March. The labour market has served high-income workers much better than low-income workers. Employment in high-income industries is about 10 per cent above pre-pandemic employment levels, while employment in low-income industries is about 5 per cent below pre-pandemic employment levels.  

Manufacturing and exports both rose to a fresh record in February, while imports rose but remained just shy of a record level.  

Both consumer and business confidence rose slightly in March.  

The number of US and non-US tourists rose in March, with US tourists reaching the highest level since the onset of the pandemic. Still, tourism remains more than two thirds below pre-pandemic levels.  

For a more comprehensive overview of BC's economic recovery, click here.

For more information, please contact: Gino Pezzani.

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According to a story from The Poke website, when drummer Phil Collins was 19, he got a call to go out to George Harrison's house to play the congas for a track on his album All Things Must Pass. Collins was excited, but when the album came out, the song had no congas in it. 

Twenty years later, Collins met Harrison at an event and reminded him of the session, asking him what happened to the conga track.

Harrison said he didn’t remember, but he still had the master tapes and promised to take a look. Three weeks later, Collins got a package from Harrison with the master tapes from the session. When he listened, though, he realized that the congas sounded terrible. He also heard Harrison tell producer Phil Spector, “Get rid of that lad with the congas; he’s absolute rubbish.” 

Mortified, Collins called Harrison to apologize. After a few minutes, though, Harrison started to laugh. “Those tapes I sent you - they’re not the real sessions.”

He’d hired a band to re-record the song and played the congas himself, as badly as he could, then said the line about Collins being useless.

“I wish I could have seen your face” Harrison said. “I’ll send the real sessions to you; you sounded great.”

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The Times Now News website reminds us that these foods can help everyone fight off infections more easily:

•Vitamin A. Known as beta carotene, this boosts the health of the intestines and respiratory system, protects eyes from night blindness and age-related decline, lowers the risk of certain types of cancer, and improves bone health. It’s found in carrots, sweet potatoes, spinach, broccoli, and red bell peppers.

•Vitamin C. This helps stimulate the formation of antibodies. Fortunately, vitamin C is found in many foods, like fruits including lemons, oranges, grapefruits, tangerines, and strawberries, as well as vegetables like bell peppers, spinach, kale, and broccoli.

•Vitamin E. An antioxidant, this nutrient helps the body fight off infection by neutralizing free radicals. It also helps your body's cells regenerate. It’s found in vegetable oils, nuts, seeds, and avocados.

•Protein. Protein contains amino acids essential for the function of T-cells, which protect the body against pathogens. Meats, poultry, seafood, eggs, beans, nuts and seeds are excellent sources.

•Zinc. Zinc deficiency has been linked to immune dysfunction. Zinc assists the body in making proteins and DNA, and also contributes to wound healing, as well as supporting childhood growth and development.

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One day a professor entered the classroom and announced a surprise test. The students got nervous. The professor distributed a sheet of paper to each one, then told them to turn the page over and start the test.

To everyone's surprise, there were no questions on the test paper, just a black dot in the center of the page. Startled, the students looked at the professor in confusion. The professor told the students: “I want you to write a few lines about what you see on the paper."

The students were puzzled but started writing. Once everyone was finished, the professor collected all the papers and started reading each answer aloud in front of the whole class. Without an exception, all the students had written about the black dot, describing its position, size, etc. 

After reading all the answers, the professor addressed the students, “Don’t worry, none of you will be graded on this test. I just want you all to think about something. All of you wrote about the black dot, but none of you wrote about the white paper. This is what happens in our lives. We’re surrounded by things to celebrate and learn from—our parents, friends, family, good health, and so forth—but we limit ourselves by focusing only on the dark spots: our disappointments, frustrations, fears, and anxieties. We take the rest for granted. Take your eyes away from the dark spots in your life. Focus on the bright parts all around you and let positivity guide your thoughts.”

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Canadian seasonally-adjusted retail sales rose 0.1 per cent to $59.9 billion in February. Despite declining sales at sales at motor vehicle and parts dealers (-5.1 per cent), higher sales at clothing and clothing accessories stores (+15.1 per cent) and gasoline stations (+6.2 per cent) drove the total upwards. Core retail sales, which strips out gasoline and motor vehicle and parts dealers, increased 1.4 per cent in February. In volume terms, sales were down 0.4 per cent. 

In BC, seasonally-adjusted sales declined 0.9 per cent in February. Compared to the same month last year, retail sales were up 0.2 per cent in the province. In the Greater Vancouver region, sales fell 0.7 per cent month-over-month and were up 6 per cent year-over-year. 

In February, Canadian e-commerce sales declined 16 per cent to 2.6 billion. As a result, e-commerce decreased from 6.2 per cent of total retail sales in January to 5.3 per cent in February. This percentage remains elevated relative to pre-pandemic levels. 


For more information, please contact: Gino Pezzani.
Link:  https://mailchi.mp/bcrea/canadian-retail-sales-february-2022

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Please visit our Open House at 1674 GRANT ST in Vancouver.
Open House on Saturday, April 23, 2022 2:00PM - 4:00PM
This Fantastic Heritage Style spacious 1 level townhome has it all. Located in the Heart of the Drive, steps to everything in the community. Over 1100 sqft private townhouse w/ no shared walls w/ windows all around giving great cross breeze & light. 2 private patios (north & south), 2 Ensuite Baths & 2 full size secure side/side parking. Large free flowing airy open living space w/ large dining, kitchen & living room w/ cozy gas f/p. Great kitchen with bar seating & gas range. 2 Large bedrooms both w/ attached full baths. Serene south private patio w/ large seating area surrounded by lush gardens. Front patio has large attached storage room & area for BBQ. Well-maintained complex with brand new roof. Perfect for pet lovers! OPEN HOUSE SAT & SUN April 23 & 24, 2-4 PM
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Please visit our Open House at 1674 GRANT ST in Vancouver.
Open House on Sunday, April 24, 2022 2:00PM - 4:00PM
This Fantastic Heritage Style spacious 1 level townhome has it all. Located in the Heart of the Drive, steps to everything in the community. Over 1100 sqft private townhouse w/ no shared walls w/ windows all around giving great cross breeze & light. 2 private patios (north & south), 2 Ensuite Baths & 2 full size secure side/side parking. Large free flowing airy open living space w/ large dining, kitchen & living room w/ cozy gas f/p. Great kitchen with bar seating & gas range. 2 Large bedrooms both w/ attached full baths. Serene south private patio w/ large seating area surrounded by lush gardens. Front patio has large attached storage room & area for BBQ. Well-maintained complex with brand new roof. Perfect for pet lovers! OPEN HOUSE SAT & SUN April 23 & 24, 2-4 PM
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A little girl was overheard talking to herself as she marched through the backyard, wearing her baseball cap and toting a ball and bat. "I'm the greatest hitter in the world,” she announced. Then she tossed the ball into the air, swung at it, and missed.

“Strike one!” she yelled. Undaunted, she picked up the ball and said again, “I’m the greatest hitter in the world!” She tossed the ball into the air. When it came down she swung again and missed. “Strike two!” she cried.

The girl then paused a moment to examine her bat and ball carefully, and then rubbed her hands together. She straightened her cap and said once more, “I’m the greatest hitter in the world!” Again she tossed the ball up in the air and swung at it. She missed. “Strike three!”

“Wow!” She exclaimed. “I’m the greatest pitcher in the world!”

Either way – she’s right.

Isn’t perspective a wonderful thing?

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anadian prices, as measured by the Consumer Price Index (CPI), rose 6.7% on a year-over-year basis in March, up from 5.7% in February. This was the largest gain since January 1991 (+6.7%). According to Statistics Canada, price rises were broad-based, with groceries up 8.7% year over year, gasoline up 39.8%, durable goods up 7.3%, restaurants up 5.4%, and shelter costs up 6.8%. Excluding gasoline, the CPI rose 5.5% year over year in March. On a monthly basis, prices were up 1.4%, following an increase of 1% in February. In BC, consumer prices rose 6.0% year-over-year. 

With inflation stubbornly high through the first quarter of the year and unemployment in Canada hitting a record low, the Bank of Canada is now planning to bring its policy rate back to a neutral level, between 1.75 and 2.75 per cent, much faster than previously anticipated. We expect the Bank will continue to tighten until there is clear evidence that inflation and inflation expectations are moderating back to normal levels. This more aggressive policy stance has already been priced into 5-year fixed mortgage rates, which are now on a path to surpassing 4 per cent for the first time in a decade.

For more information, please contact: Gino Pezzani.

Link: https://mailchi.mp/bcrea/canadian-inflation-march-2022

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