To get ahead, you can’t keep doing the same things you’ve always done. You have to adapt in order to grow. Here’s how to develop a growth mindset (from the Very Well Mind website):

Believe your efforts matter. Take a look at your job and career. Look at how you help people. If you understand that your work makes a difference, you’ll be motivated to stick with it and do more.

Keep learning new skills. Look for training to expand your job skills, but also look outside the narrow scope of your occupation to pick up life skills. Take a painting class, volunteer at an animal shelter, or learn a new sport—anything that will get you out of your rut.

Learn from your failures. Everyone makes mistakes. The only shame is repeating them because you didn’t find out why they happened. Investigate the causes of your failures to ensure you don’t make them again.

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Vancouver, B.C. – June, 2022 – Coming off near-record activity in 2021, the Lower Mainland’s commercial real estate market saw a steady pace of sales in the first quarter (Q1) of 2022.

There were 595 commercial real estate sales in the Lower Mainland in Q1 2022, a one per cent decrease from the 601 sales in Q1 2021, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).

The total dollar value of commercial real estate sales in the Lower Mainland was $3.718 billion in Q1 2022, a 32.9 per cent increase from $2.798 billion in Q1 2021.

“Strong economic growth and low interest rates helped keep the Lower Mainland's commercial real estate market moving briskly in 2021, and this momentum carried into the first quarter of 2022," said Daniel John, Chair, REBGV. "Raw land was the most popular and expensive commercial category driving activity to begin the year as companies look for space to expand and pursue their commercial ventures in the region.

“Going forward, we’ll need to see how the rising interest rates and inflationary pressure that we’re experiencing today will impact our commercial real estate market for the balance of 2022.”

Q1 2022 activity by category

Land: There were 206 commercial land sales in Q1 2022, which is a 63.5 per cent increase from the 126 land sales in Q1 2021. The dollar value of land sales was $2.085 billion in Q1 2022, a 177.5 per cent increase from $752 million in Q1 2021.

Office and Retail: There were 219 office and retail sales in the Lower Mainland in Q1 2022, which is down 6.8 per cent from the 235 sales in Q1 2021. The dollar value of office and retail sales was $624 million in Q1 2022, a 29.7 per cent decrease from $887 million in Q1 2021.

Industrial: There were 141 industrial land sales in the Lower Mainland in Q1 2022, which is a 28.8 per cent decrease from the 198 sales in Q1 2021. The dollar value of industrial sales was $673 million in Q1 2022, a two per cent increase from $660 million in Q1 2021.

Multi-Family: There were 29 multi-family land sales in the Lower Mainland in Q1 2022, which is down 31 per cent from 42 sales in Q1 2021. The dollar value of multi-family sales was $336 million in Q1 2022, a 32.7 per cent decrease from $499 million in Q1 2021.

For more information, please contact: Gino Pezzani.

Link: CommercialEdge Sales Stats 1 - LowerMainland - 2022 Q1

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Canada Day, July 1. Often informally referred to as "Canada's birthday," Canada Day celebrates the anniversary of Canadian confederation on July 1, 1867.

National Stay Out of The Sun Day, July 3. Grab your visors, sunscreen, umbrellas, and long sleeves and give your skin a much needed break from the sun!

Independence Day, July 4. U.S. holiday commemorating the signing of the Declaration of Independence in 1776.

World Snake Day, July 18. There are about 3,458 known species of snakes living in almost every climatological region in the world - from the humid rainforests of South/Central America and southern Asia to the icy tundra.

Space Exploration Day, July 20. The day in 1969 when Neil Armstrong and Edwin "Buzz" Aldrin first set foot on the moon as part of the Apollo 11 mission.

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It’s a happy day when a lost dog finds its way home, but how does it get back? A New York Times article offers two explanations. One is that a dogs’ hypersensitive sense of smell allows them to create a map of scents around their neighborhood, using gardens or grocery stores and human aroma as markers.

In addition, they may be sensitive to magnetic orientation. One study of dozens of canines observed that dogs tend to adopt a north-south orientation when they 'go potty', but that preference vanished when the magnetic field around them was disturbed.

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Canadian prices, as measured by the Consumer Price Index (CPI), rose 7.7 per cent on a year-over-year basis in May, up from 6.8 per cent last month. This was the fastest growth rate since January 1983. According to Statistics Canada, price rises were broad-based, with groceries up 9.7 per cent year-over-year, gasoline up 48 per cent, and shelter costs up 7.4 per cent. Excluding gasoline, the CPI rose 6.3 per cent year over year in May. Month-over-month, on a seasonally-adjusted basis, prices were up 1.1 per cent, the fastest pace since the introduction of the series in 1992. In BC, consumer prices rose 8.1 per cent year-over-year. Average hourly wages grew 3.9 per cent year-over-year in May, indicating a decline in purchasing power. 

A steep trajectory for the overnight rate implies that the 5-year fixed mortgage rate could reach the 5 per cent level for the first time since 2009 while variable mortgage rates may rise to as high as 4.5 per cent. With the stress test for both insured and uninsured borrowers, prospective homebuyers are currently being qualified at a rate of 6.49 per cent with a strong possibility of qualifying at 7 per cent soon, a rate that has not been a reality in the Canadian mortgage market since the early 2000s.

Given how aggressive markets expect the Bank of Canada to be, any good news on inflation, or any significant deterioration in the Canadian economy, could see a significant reversal in the most recent jump in Canadian bond yields. However, the baseline case for now is a Bank of Canada that is single-minded in its pursuit of lower inflation.

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

For more information, please contact: Gino Pezzani.

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Canadian seasonally-adjusted retail sales increased 0.9 per cent in April, hitting $60.7 billion. Sales grew in 6 of 11 subsectors, but were led by higher sales at general merchandise stores (+4.2 per cent). Core retail sales, which strips out gasoline and motor vehicle and parts dealers, increased 1 per cent in April. In volume terms, sales were up 0.9 per cent. 

In BC, seasonally-adjusted sales rose 1.3 per cent in April. Compared to the same month last year, retail sales were up 0.6 per cent in the province. In the Greater Vancouver region, sales rose 1 per cent month-over-month and were up 4.2 per cent year-over-year. 

In April, Canadian e-commerce sales rose 7 per cent to 3.3 billion, corresponding to 5.2 per cent of retail sales. This percentage remains elevated relative to pre-pandemic levels. 

Link:  https://mailchi.mp/bcrea/canadian-retail-sales-april-2022

For more information, please contact: Gino Pezzani.

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Once you’re on the road to success, you may need to protect some of your trade secrets, but when you’re just starting out, you need all the help and advice you can get. Here’s why:

Your idea isn’t really unique. No matter how brilliant you are, chances are that someone else has had the same idea. And if you haven’t heard about it, the reason could be that it didn’t work. You need to find out why so you can avoid the same mistakes, and that means opening up about what you’re trying to do.

The real key is execution. Ideas don’t succeed because they’re creative or different. What’s important is how well they work and the experience your end user has. The more input and feedback you gather, the better you can meet the needs and expectations of your customers (whoever they are).

You can’t do everything yourself. Businesses rarely fail because a competitor stole an idea. They’re far more likely to crash and burn because their founders didn’t know how to manage growth. Once you’ve got the basic concept down, you’ll need talented people to help you get off the ground, and you won’t find them unless you’re willing to share the details of your plan.

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A king decided to find and honor the greatest person among his subjects. Before him was a man of wealth and proper, one who possessed incredible healing powers, one for his knowledge of the law, and another for his business instincts.

Many successful people were brought to the palace, and it became evident that the task of choosing the greatest would be difficult. Finally, the last candidate stood before the king. It was a woman with white hair, and her eyes shone with the light of knowledge, understanding, and love. 

"Who is this?" asked the king. "What has she done?"

"You have seen and heard all the others," said the king’s aide. "This is their teacher." The people applauded as the king came down from his throne to honor her.

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Canadian housing starts rose by 21.5k (8.1 per cent) to 287.3k units in May at a seasonally-adjusted annual rate (SAAR). Comparing year-over-year, starts were up from May of 2021 (1.2 per cent). Single-detached housing starts declined 3.1 per cent to 78.9k, while multi-family and others rose 13.1 per cent to 208.4k (SAAR). 

In British Columbia, starts declined 22.7 per cent in May, falling to 40.2k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts declined 13.8 per cent m/m to 8.1k units while multi-family starts fell 26.1 per cent to 29.6k units. Starts in the province were 13.7 per cent above the levels from May 2021. Starts were down by 6.4k units in Vancouver, 1.2k in Kelowna, and 1.4k in Abbotsford from last month, while rising by just over 100 in Victoria. The 6-month moving average trend rose 0.3 per cent to 42.4k in BC in May. 




Link: https://mailchi.mp/bcrea/canadian-housing-starts-may-2022

For more information, please contact: Gino Pezzani.

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