Canadian housing starts rose by 29.2k (10.8 per cent) to 299.6k units in September at a seasonally-adjusted annual rate (SAAR). Comparing year-over-year, starts were up from September of 2021 (19.3 per cent). Single-detached housing starts fell 1 per cent to 76.5k, while multi-family and others rose 16 per cent to 223.1k (SAAR). 

In British Columbia, starts increased by 10.9 per cent in September, rising to 54.3k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts rose 18 per cent m/m to 8k units while multi-family starts rose 10 per cent to 42.1k units. Starts in the province were 50 per cent above the levels from September 2021. Starts were up by 8.8k in Vancouver and 1.3k in Abbotsford, but were down by 4.5k in Kelowna and 1.2k in Victoria. The 6-month moving average trend rose 7.7 per cent to 50.5k in BC in September. 

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

For more information, please contact: Gino Pezzani.

Vancouver, B.C. – September 15, 2022 – Activity in the Lower Mainland’s commercial real estate market edged down in the second quarter (Q2) of 2022 from the brisker pace experienced at the start of the year.

There were 485 commercial real estate sales in the Lower Mainland in Q2 2022, a 34.3 per cent decrease from the 738 sales in Q2 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 $3.265 billion in Q2 2022, a 12.2 per cent decrease from $3.719 billion in Q2 2021.

"With inflationary pressures driving interest rates and borrowing costs higher, commercial activity across most market segments has slowed since the start of the year,” said Andrew Lis, REBGV’s director, economics and data analytics. “Land deals remain elevated relative to the last few years, which is unsurprising given the robust demand for new housing supply in the Lower Mainland.”

Q2 2022 activity by category

Land: There were 221 commercial land sales in Q2 2022, which is a 9.1 per cent decrease from the 243 land sales in Q2 2021. The dollar value of land sales was $1.670 billion in Q2 2022, a 9.9 per cent decrease from $1.854 billion in Q2 2021.

Office and Retail: There were 143 office and retail sales in the Lower Mainland in Q2 2022, which is down 48.9 per cent from the 280 sales in Q2 2021. The dollar value of office and retail sales was $649 million in Q2 2022, a 25.4 per cent decrease from $870 million in Q2 2021.

Industrial: There were 93 industrial land sales in the Lower Mainland in Q2 2022, which is a 49.2 per cent decrease from the 183 sales in Q2 2021. The dollar value of industrial sales was $542 million in Q2 2022, a 12 per cent increase from $484 million in Q2 2021.

Multi-Family: There were 28 multi-family land sales in the Lower Mainland in Q2 2022, which is down 12.5 per cent from 32 sales in Q2 2021. The dollar value of multi-family sales was $404 million in Q2 2022, a 20.9 per cent decrease from $511 million in Q2 2021.

Creative ideas don’t come from nowhere. You need to actively seek them out; don't wait for some muse to strike you with inspiration. Here are a few tips for sparking your imagination when you need to solve a problem or develop something new:

Think when you’re tired. When you’re tired, your inhibitions and inner censor aren’t as powerful, and you might generate something unexpected. Instead of tackling problems first thing in the morning when you’re fresh, let your mind roam later in the day when you’re feeling fatigued.

Exercise. In addition to contributing to your physical well-being, exercise can stimulate your creativity by helping your mental health. In experiments, participants who work out to exercise videos tend to come up with more ideas and solutions to problems than counterparts who merely watch the same videos.

Have a little noise. While silence is best for detail-oriented tasks, ambient noise, such as music or the bustling of a coffee shop, has been shown to enhance creative thought. Don’t play loud heavy metal music or work next to a construction site, but set up an environment where some quiet activity around you will spark your mental muscles.

“Take your vitamins!” Your parents probably told you this, and although mother knows best, doctors also know a few things about what your body needs. Their research indicates that too much of a good thing can have negative effects on your health. Check with your physician if you take any of these common vitamin supplements:

Vitamin A. In the proper amounts, vitamin A is essential to reproductive health, good bones, immune functions, and can be beneficial to people suffering from such conditions as celiac disease, pancreatic disorders, and Crohn’s disease. Vitamin A deficiencies, usually caused by malnutrition, can lead to problems in vision, skin disorders, and infections such as the measles, and other health issues. But such deficiencies are rare in the U.S. and other developed countries, so there’s probably no need to overdo it.

Vitamin C. In its natural form, vitamin C has been known to boost immune functions, but despite its popularity, no evidence firmly links it to prevention of such ailments like the common cold. It is important to the growth and repair of bodily tissues, and it contains antioxidants that might help fight cancer. Because it’s water-soluble, your body will eliminate any excess vitamin C it doesn’t need, but too much of it can cause stomach cramps, nausea, and heartburn. Excessive doses could produce kidney stones.

Vitamin E. This essential nutrient is frequently recommended because of its antioxidant qualities, but except in rare cases of vitamin E deficiency, evidence is slim of any clear medical benefits of a supplementary dose. In one study of the effect of this vitamin in fighting prostate cancer, results showed a 17% increase in the rate of cancer among subjects taking higher doses. Your best bet is to focus on naturally occurring sources of vitamin E in cereals, fruits, and green leafy vegetables - such as spinach - meat, and nuts.

“The sack on your back seems heavy,” someone remarked to the second traveler. “What is in it?”

“That’s where I carry my mistakes,” said the second man. “I always keep them on my back.”

The third man was asked what he keeps in his sacks. “I carry my friends' kind deeds in this front sack,” he said. “It looks full. It must be heavy,” said an observer.

“No,” said the third man, “it is big but not heavy. Far from being a burden, it is like the sails of a ship. It helps me move ahead.”

The observer added, “I notice that the sack behind you has a hole in the bottom. It seems empty and of very little use.”

The third man replied, “That’s where I put all the evil I hear from others. It just falls out and is lost, so I have no weight to impede me."

For the complete news release, including detailed statistics, click here.

Vancouver, BC – October, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 4,977 residential unit sales were recorded by the Multiple Listing Service^® (MLS^®) in September 2022, a decrease of 45.8 per cent from September 2021. The average MLS^® residential price in BC was $927,119, a 1.7 per cent increase from $912,008 recorded in September 2021. Total sales dollar volume was $4.6 billion, a 44.9 per cent decline from the same time last year. 

“Mortgage qualifying continues to be a significant hurdle for many potential buyers as interest rates rise,” said BCREA Chief Economist Brendon Ogmundson. “In addition, many trends that drove demand in smaller markets, such as remote work and the quest for affordable space, have faded in prominence. As a result, we see a stronger pullback in markets outside of major metropolitan areas.”

Year-to-date, BC residential sales dollar volume was down 24.2 per cent from the same period in 2021 to $68.5 billion. Residential unit sales were down 31.8 per cent to 67,547 units, while the average MLS^® residential price was up 11.3 per cent to $1.01 million.

For more information, please contact: Gino Pezzani.

Canadian employment rose by 21,000 (0.1 per cent) to 19.547 million in September, after falling for the prior three months. The Canadian unemployment rate fell by 0.2 to 5.2 per cent, hovering just above all-time lows, as fewer Canadians looked for work in September. Average hourly wages were up 5.2 per cent from this time last year. Wage gains remain below the inflation rate, however, which hit 7 per cent year-over-year in the most-recent data. Total hours worked were up 2.4 per cent year-over-year.

Employment in BC jumped by 1.2 per cent to 2.752 million in September, while Metro Vancouver's employment rose by 0.5 per cent month over month. BC's unemployment rate fell sharply in September to 4.3 per cent, with Metro Vancouver falling to 4.5 per cent. Among the provinces, only Saskatchewan currently has a lower unemployment rate. 

Link: https://mailchi.mp/bcrea/canadian-employment-september-2022

For more information, please contact: Gino Pezzani.

On Thanksgiving, our thoughts and memories can become flush with the remembrance of family, friends and food. Year after year, we seem to assemble the same group of family and friends, in a warm home filled with the familiar smell of pecan pie, mashed potatoes, stuffing and other humid aromas.

Somehow, we manage to make the Thanksgiving scene the same. Sometimes the people change - elders pass, and new babies arrive - and sometimes the locations change, but we always re-create the same scene. You know you will catch a glimpse of someone’s fingers glistening with turkey grease. You know someone will twirl and unfurl the linen tablecloth which only emerges once a year.

Thanksgiving is like a genetic trait, handed down from generation to generation. This year, as you're enjoying the sights, sounds and aromas of Thanksgiving, please know I am deeply thankful for the traditions we continue to share!

Happy Thanksgiving!

Who doesn’t like a cookie every now and then? Cookies have a long history, but the first ones didn’t taste much like the treats we enjoy today. According to some sources, the first cookies were made in Rome around the third century B.C. They were thin, hard, bland, twice-baked wafers, and the Romans ate them by dipping them in wine.

Modern cookies might have originated in Persia during the seventh century, when sugar became more common in that region. They became popular across Europe in the 14th century, enjoyed by royalty and common people. One reason for their appeal was that they traveled well in tins and boxes, making them a reliable source of food on trips.

The word “cookie” comes from the Dutch word “koekje,” meaning “little cake.” Cookies arrived in America in the 17th century, in the form of macaroons, gingerbread cookies, and the “jumble,” - a hard cookie that combined nuts, sweeteners, and water. The cookies we’re most familiar with, made by creaming butter and sugar, became common in the 18th century .