One day after school, a daughter complained to her dad that she was tired of struggling with her dyslexia - she had to work twice as hard as her classmates.

Her father held back his tears and led his daughter to the kitchen, then repeated an old lesson. He filled three pots with water and heated them on the stovetop. Once the water began to boil, he placed a small potato in one pot, an egg in the second pot, and some ground coffee in the third pot.

After 20 minutes, he turned off the stove, put the cooked potato in a bowl and had the daughter poke it with her finger. He peeled the egg, then held the third pot out so she could sniff the coffee. She smiled at the familiar scent of her dad’s morning coffee.

“The potato, the egg, and the coffee beans all faced the same adversity: boiling water,” her father explained.

“But each one reacted differently. The potato went in strong but came out soft and weak. The egg was fragile but grew hard. However, the ground coffee beans were unique. They changed the water and created something new. So - which are you?” he asked his daughter.

“Are you a potato, an egg, or the coffee? Sweetheart, challenging things happen to us, but the only thing that truly matters is what happens within us.”

The teen smiled, gave her dad a huge hug, grabbed the hard-boiled egg as a snack and left to go do her homework.

As she left, her father blew an invisible kiss that landed on his beloved daughter.

Canadian GDP edged up by 0.1 per cent in August, following similar increases in June and July. Growth in services-producing industries (+0.3 per cent) offset declines in goods-producing industries (-0.3 per cent) as GDP grew in 14 of 20 subsectors. Canadian real GDP is roughly 2.6 per cent above its pre-pandemic, February 2020 level. Preliminary estimates suggest that output in the Canadian economy grew again by 0.1 per cent in September. GDP from the offices of real estate agents and brokers dropped 2.1 per cent in August, the sixth consecutive decline, as rising interest rates continued to restrain home sales. 

GDP growth in recent months, though still positive, is showing signs of slowing. We are currently tracking Q3 real GDP growth at just 1.5 per cent, or about half the rate realized over the first half of 2022. That slowdown will likely continue as the Bank continues its tightening cycle, particularly in interest rate sensitive sectors like housing. The Bank raised its overnight rate in October to 3.75 per cent and the final destination for the overnight rate may be around 4 per cent or above. However, with the rate now higher than the bank's estimate of the neutral rate, meaning monetary policy is no longer stimulative, increases in the overnight rate are expected to slow in subsequent announcements. 

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

For more information, please contact: Gino Pezzani.

National Author’s Day, Nov. 1. Write or tweet a thank you note to your favorite authors, purchase new and old books alike, or work on your own writing project.

National Nachos Day, Nov. 6. Pull out your favorite nachos dish or snack and raise a chip in honor of nachos creator Ignacio Anaya.

Armistice Day, Nov. 11. Commemorated every year to mark the armistice ending World War I, which took effect "on the eleventh hour of the eleventh day of the eleventh month" in 1918.

Thanksgiving Day for The U.S, Nov. 25. Enjoy some turkey, stuffing, sweet potatoes, cranberries, or whatever you like. Just remember to give thanks.

The BCREA Housing Monitor Dashboard has replaced the COVID-19 Recovery Dashboard, providing more updated BC housing market data.

The BCREA Housing Monitor Dashboard has been updated with the latest data up to October 26, 2022. Click here to access the latest dashboard.

The Average Sale Price is the average price for all homes sold on the MLS® system during a particular month. In other words, this number is equivalent to the total dollar value of all sales (the sales volume) divided by the number of transactions. This number will change if the price of homes changes, but also if the composition of home sales changes—for instance, if buyers shift towards apartments rather than single-family homes, the Average Sale Price will fall (if all else remains the same).

In the dashboard, the image and data are available for download under each chart, where possible. 

For more information, please contact: Gino Pezzani.

The Bank of Canada raised its overnight policy rate by 50 basis points, bringing it to 3.75 per cent, its highest level since 2008.  In the statement accompanying the decision, the Bank noted that the Canadian economy continues to operate in excess demand and tight labour markets and as a result inflation remains elevated. Sharply higher interest rates are having a significant impact in interest rate sensitive sectors like housing, while softening global demand is weighing on exports. Consequently, the Bank expects economic growth to stall through the end of 2022 and into the first half of 2023, with real GDP growth of just 1 per cent next year. The Bank expects inflation to ease over the next year, falling to 3 per cent in 2023 and returning to the 2 per cent inflation target in 2024. However, given elevated inflation and inflation expectations, the Bank does expect that its policy rate will need to rise further. 

The Bank of Canada has not raised rates this aggressively since the early 1990s and its overnight rate is now well above the Bank's estimate of "neutral", or the level of its policy rate at which inflation should run at 2 per cent.. As such, the Banks is attempting to significantly slow the economy in order to bring inflation back to earth. It takes several quarters for rate increases to impact the broader economy, so the economic impact of the Bank's actions won't be fully felt until 2023. However, with mortgage rates at 5.5 per cent, the impact on the housing market is immediate and severe.  Interestingly, the Bank did note its expectation for the economy to stall  over the next 6 months. If that comes to pass and the economy is soon in a recession, and crucially if progress is made on bringing inflation down, it will be difficult for the Bank to keep its policy rate at current levels for an extended period.

Link:  https://mailchi.mp/bcrea/bank-of-canada-interest-rate-announcement-5pwhuhdjo9

For more information, please contact: Gino Pezzani.

Sometimes you might feel as if you’re in a rut. The symptoms are many: procrastination, lack of control, confusion, burnout, perfectionism—the list goes on and on. To pull yourself free, follow this advice from the BusinessMatters.com website:

Create a plan of action. Decide what you need to do and how you’re going to do it. You wouldn’t start your car without knowing where you want to go, would you?Take the time to plan your route so you have a firm idea of what you want to accomplish.
 
Make a list. Write down the most important thing you can do today to further your goals, and then add one or two more things. Doing this helps you focus on priorities and continually move forward. If you achieve your first goal, then move on to the next one. Start each day with a list of things to accomplish so you don’t run out of things to work on. 

Manage your time. You might think you have no time to do something. Is it true? Keep track of what you’re working on, so you have a good idea of how long tasks take. Doing this helps you budget your time and energy more efficiently so you don’t fall into the trap of having too much time or too little time to get things done.

On a dark and stormy night, a man named Sid was hitchhiking on a quiet road. The wind blew loud moans across the countryside, and the trees rustled menacingly in the darkness. Sid was getting nervous, and he breathed a sigh of relief as a car from nowhere came to a gliding stop by the side of the road. Sid jumped into the back seat and started to offer thanks, but he realized that the front seat was empty. Then, to his amazement, the vehicle began to move!

Slowly it crept down the road. Sid’s eyes bulged as it came to a curve, and a floating hand seemed to reach through the window to turn the wheel. For a moment, Sid was paralyzed with terror, convinced that something mysterious and terrible was happening. Finally he gathered his nerve, threw the door open, and jumped from the car. In his fright, he ran without stopping until he made it to the next town.

He found a restaurant and staggered inside for a drink to quench his thirst. About 15 minutes later, two men, wet and cold, entered the establishment. As they were ordering food and drinks, they looked over and saw Sid.

“Hey,” said one of the men to his friend, “isn’t that the idiot who got in your car while we were pushing it?”

Happy Halloween!

Gino Pezzani

Halloween is a holiday that children and their parents enjoy together. But keeping your costumed trick-or-treaters safe while they go door-to-door is paramount. Follow these tips to ensure that your kids will have a Halloween they remember for all the right reasons:

Choose costumes in light or bright colors. Whether you buy a costume or make one, be sure it will be visible after dark. Put some reflective tape on goodie bags to help them show up when your kids walk down the street.

Eat before going out. Serve dinner or a good healthy snack before your kids hit the neighborhood. They’ll be less likely to gorge on the candy they collect if they’re already full.

Plan your route. Determine a clear and safe path through your neighborhood ahead of time. You should accompany small children, of course, and discuss safety with older kids going out as a group. Always carry a flashlight and cell phone.

Inspect candy before eating. Check through treat bags when children return home, and separate out any candy that looks suspicious. Don’t let kids consume too much at one time— ration it out they don’t get sick and unable to have yummy treats for days to come.

Canadian seasonally-adjusted retail sales increased 0.7 per cent in August to $61.8 billion. Sales rose in 6 of 11 subsectors, but were led by higher sales at food and beverage stores (+2.4 per cent) and motor vehicle and parts dealers (+0.6 per cent). Core retail sales, which strips out gasoline and motor vehicle and parts dealers, rose 0.9 per cent in August. In volume terms, sales were up 1.1 per cent. 

In BC, seasonally-adjusted sales rose 2 per cent in August. Compared to the same month last year, retail sales were up 5.9 per cent in the province. In the Greater Vancouver region, sales rose 3.3 per cent month-over-month and were up 7.4 per cent year-over-year. 

In August, Canadian e-commerce sales rose 11.1 per cent to $3.5 billion, corresponding to 5.2 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-august-2022

For more information, please contact: Gino Pezzani.

Here’s a fun, creepy recipe from CountryLiving.com, guaranteed to spook people at your Halloween gathering! Ingredients:

4 (1 liter bottles) cold lemon-lime seltzer

3 tubs lime sherbet

Black food color spray (optional)

Stir 2 liters seltzer and half of the sherbet in a punch bowl until blended. Float scoops of the remaining sherbet on top of punch. Pour remaining seltzer over scoops. (It will create a foamy top.) Lightly spray foam with black food color, if desired.

Be sure to use a clear punch bowl to reveal the ghoulish beverage.