World Teachers’ Day, Oct. 5. This day aims to focus on "appreciating, assessing, and improving the educators of the world."

World Smile Day, Oct. 7. World Smile Day celebrates the ever popular yellow smiley face. It also offers us an opportunity to do an act of kindness.

Columbus Day, Oct. 10. This day commemorates the landing of Christopher Columbus in the Americas in 1492.

Indigenous Peoples’ Day, Oct. 10. A holiday that celebrates and honors Native Americans and commemorates their history and culture.

Halloween, Oct. 31. Trick or treat!

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To view the full Commercial Leading Indicator PDF, click here.   

The BCREA Commercial Leading Indicator (CLI) fell to 153 from 155 in the second quarter of 2022, but the six-month moving average hit a record high. Compared to the same time in 2021, the index was down by 1.6 per cent.

It is important to note that while the Canadian economy generally continues recovering strongly, the environment for commercial real estate remains highly abnormal and uncertain. Although the CLI was designed to interpret economic and office employment growth as positive indicators for commercial real estate demand, the recent strong growth of these indicators may not translate as readily into improved conditions in the commercial real estate market relative to the pre-pandemic period.

The CLI fell in the second quarter due to deteriorations in the economic and financial components of the index, while employment contributed somewhat positively.

The economic activity index was driven downwards by inflation-adjusted declines in wholesale trade, retail and manufacturing sales. Rapid appreciation in the consumer price index caused by supply chain obstacles and the war in Ukraine meant that rising nominal values in these economic areas were offset after adjusting for general price growth. The financial component of the index was negative as a result of falling REIT prices.

Although falling spreads between corporate and government costs contributed positively, it was not enough to bump the financial component of the index into positive territory. The index’s employment component was slightly positive, with a rise in office (finance, insurance and real estate) employment offsetting a fall in manufacturing employment.

For more information, please contact: Gino Pezzani.

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During August, home sales continued to decline in BC. Starts rose while new listings declined. Sales fell once again all over the province, with all areas of the province below pre-pandemic levels except for the North. 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 declined in July on lower gasoline and clothing sales. Restaurant reservations in Vancouver are back to pre-pandemic levels. In BC, Google’s measure of movement trends is currently just 4 per cent below pre-pandemic levels. .

Although aggregate employment has recovered in BC to pre-pandemic levels, the accommodation & food service sector remained about 13 per cent below the pre-pandemic level in August. 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 sectors is about 6 per cent below pre-pandemic employment levels.

Exports, imports, and manufacturing sales all fell in July.

Business confidence retreated in August, likely on continuing fears related to higher inflation expectations and rising interest rates.

The number of US and non-US tourists rose again in July, with both US and non-US tourists reaching the highest level since the onset of the pandemic.

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

For more information, please contact: Gino Pezzani.

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What a pleasure it is to write to you again. Every October I am instantly filled with that warm, fall-ish feeling - you know, the promise of early sunsets and holiday gatherings. I can almost smell the Thanksgiving turkey cooking in the oven!

I love this time of year because it’s the start of what I like to call the “slow, cooler days,” with the changing of the leaves and, for some of us, the whispers of snow. It’s the time when the environment gets rougher and life gets just a smidge simpler. It’s the time for family, close friends, quality time, and hearty food.

Embrace “the slow,” because we know it moves quicker than we think it will. Every year seems to get faster and faster, and this precious time of stillness is an opportunity to lean in, slow down, and just be.

Enjoy the start of the holiday season and enjoy the company of friends and family.

Sincerely,

Gino Pezzani

Your Real Estate/Mortgage Consultant For Life

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Canadian seasonally-adjusted retail sales decreased 2.5 per cent in July to $61.3 billion. Sales fell in 9 of 11 subsectors, but were led by higher sales at gasoline stations and clothing or clothing accessories. Core retail sales, which strips out gasoline and motor vehicle and parts dealers, fell 0.9 per cent in July. In volume terms, sales were down 2 per cent. 

In BC, seasonally-adjusted sales fell 1.5 per cent in July. Compared to the same month last year, retail sales were up 4.2 per cent in the province. In the Greater Vancouver region, sales fell 2.2 per cent month-over-month and were up 5.6 per cent year-over-year. 

In July, Canadian e-commerce sales were flat month over month, corresponding to 4.7 per cent of retail sales. This percentage remains elevated relative to pre-pandemic levels, but is lower than during core months of the pandemic in 2020 and 2021. 



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

For more information, please contact: Gino Pezzani.

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No matter how much you enjoy your work, you may wonder what another profession would be like. But you should be careful not to wind up wandering off your desired career path. Before pulling up stakes, be sure you:

Know what you want. Your manager has offered you a promotion. Before you jump at the chance, consider whether the promotion is in line with your long-term career goals. If not, find the courage to be honest with your boss and to act in your own best interest, even if others disapprove or are disappointed.

Listen to your instincts. We all have an inner voice that tries to get our attention when something’s not quite right. The problem is we frequently silence our inner voice by focusing on what we think we should do. Thoughts like, “It’s not what I want, but if I pass up this opportunity, I may not get another,” or “I’m not comfortable here, but I can adapt.” Pay attention to your feelings before making big decisions about your career.

Change your mind when you need to. You’ve lobbied for an opportunity and now it’s yours. Before you act, ask yourself a few questions. Is the timing right? Is the salary adequate? Have your ambitions changed? You’re better off changing your mind than taking a job you don’t really want, perhaps depriving a better-suited person of the opportunity. Make the choice that’s right for you today.

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Did you know that Sept. 21 is International Gratitude Day?

I’m certainly grateful for having autumn creeping upon us. The nights aren’t as warm as they were even a few weeks ago and stores have already begun stockpiling everything pumpkin-related.

However, I’m also grateful for something much more traditional as many people return to school in the fall—teachers. We are constantly learning—from the time we are born to our last days. This learning occurs not just in a classroom for the first 18 or so years of life, but also as young adults finding our way in the world, as parents and grandparents, and late in life when we have more time to spare and choose to learn something purely for ourselves.

I am most appreciative of the teachers who turn up when we are not looking to learn something new. Those unexpected teachers come out of nowhere. They are the elderly ladies with time to chat, the child who surprises us with insight that many adults overlook, and the average person who takes the time to explain a process, in common terms, that is specific to his or her field of expertise.

Who are the unexpected teachers in your life? Have you told them that they positively changed you, irrevocably, by teaching you something new? Perhaps this would be a good week to share your gratitude.

A teacher who made a difference at some time in your life would probably appreciate a simple card, an unexpected phone call, or even an email from you. This gesture might just lead to a larger conversation and a deeper friendship. If nothing else, you made someone’s day with a positive comment by simply expressing your gratitude. After all, one of the first things we are taught in preschool or kindergarten is to say, “Thank you.”

In Gratitude,
Gino Pezzani
DIEN Realty
604-418-9366

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A 55,000-year-old human skull has shed new light on human development, according to the Sci-News website. The skull, discovered in Israel’s Manot Cave, belonged to an anatomically modern human who lived in the region at the same time as Neanderthals, suggesting that modern humans and Neanderthals coexisted some 10,000 years earlier than scientists previously thought. The Manot humans may in turn be closely related to the humans who eventually migrated to Europe between 20,000 and 30,000 years ago.

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Are you in the right career? Don’t waste your time if you’re running up against these obstacles. Zenopa suggests you consider these three things:

1.  You feel unappreciated. Your managers don’t show your work and results the respect you believe they deserve.
 
2.  You’ve lost your passion. You no longer believe in the mission of your organization.
 
3.  You’re not being challenged. You’re doing the same job day after day without learning new skills.

If you're not satisfied in these three areas, it may be time for change. Or you may find you're happier than you realized and no change is needed!

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