Canadian seasonally-adjusted retail sales rose 1.4 per cent in October to $62 billion. Sales rose in 6 of 11 subsectors, but were led by higher sales at gasoline stations (+6.8 per cent) and food and beverage stores (+2.2 per cent). Core retail sales, which strips out gasoline and motor vehicle and parts dealers, rose 0.9 per cent in October. In volume terms, sales were unchanged.

In BC, seasonally-adjusted sales rose 1.3 per cent in October. Compared to the same month last year, retail sales were up 3.6 per cent in the province. In the Greater Vancouver region, sales rose 1.3 per cent month-over-month and were up 3.1 per cent year-over-year. 

In October, Canadian e-commerce sales fell 4.4 per cent to $3.4 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-october-2022-december-20-2022

For more information, please contact: Gino Pezzani.

A grandmother took her grandson to the shopping mall in December to see Santa Claus. The young boy was very excited to sit on Santa’s lap. “Now, little boy,” Santa said, “tell Santa what you want for Christmas.”

In a loud voice, the boy shouted, “I want a Play Station, and a new bike, and some books, and—”

“You don’t have to shout,” Santa chuckled. “Santa isn’t hard of hearing.” The boy leaned forward and whispered, “No, but my grandma is.”

Canadian housing starts were essentially flat in November, declining just 0.2 per cent to 264.2k units at a seasonally-adjusted annual rate (SAAR). Comparing year-over-year, starts were down from November of 2021 (14 per cent). Single-detached housing starts fell 5 per cent to 67.8k, while multi-family and others rose 2 per cent to 196.4k (SAAR). 

In British Columbia, starts rose by 9 per cent in November to 50.5k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts fell 4 per cent m/m to 7.4k units while multi-family starts rose 13 per cent to 39.6k units. Starts in the province were 28 per cent above the levels from November 2021. Starts were up by 2k in Vancouver and 0.9k in Kelowna, but were down by 0.1k in Abbotsford and unchanged in Victoria. The 6-month moving average trend rose 3 per cent to 50.7k in BC in November. 

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

For more information, please contact: Gino Pezzani.

Two siblings worked for their father on the family’s farm. The younger sister was steadily given more responsibility over the years, and one day the older brother asked his father to explain why.

The father said, “First, go to Kelly’s farm and see if they have any geese for sale. We need to add to our stock.”

The son soon returned and said, “Yes, they have five geese they can sell us.”

The father said, “Good. What’s the price?”

The son went back to the farm and returned shortly . “The geese are $10 each,” he said.

The father asked, “Can they deliver the geese tomorrow?” Again, the son went back, and then returned with the answer. “They can deliver the geese tomorrow.”

The father told his son to wait and listen, called his daugher in from the fields and said to her, “Go to Davidson’s farm and see if they have any geese for sale. We need to add to our stock.”

The daughter soon returned with the answer. “They have five geese for $10 each, or 10 geese for $8 each and they can deliver them tomorrow. I asked them to deliver the five unless they heard otherwise from us in the next hour. And I agreed that if we want the extra five geese, we could buy them at $6 each.” 

The father turned to the older son, who nodded. He now realized why his sister was given more responsibility and reward.

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

Vancouver, BC – December, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 4,512 residential unit sales were recorded by the Multiple Listing Service^® (MLS^®) in November 2022, a decrease of 50.8 per cent from November 2021 and about 30 per cent below a historical average November. The average MLS^® residential price in BC was $906,785 an 8.6 per cent decrease from $992,245 recorded in November 2021. Total sales dollar volume was $4.1 billion, a 55 per cent decline from the same time last year. 

“A lot has changed in 2022,” said Brendon Ogmundson, Chief Economist. “This time last year, home sales were near a record for November, home prices were accelerating, and mortgage rates were less than half of current levels. Elevated mortgage rates will continue to constrain sales activity, though with the Bank of Canada nearing the end of its tightening cycle and benchmark bond yields falling, mortgage rate relief may be on the horizon.”

Year-to-date, BC residential sales dollar volume was down 28.7 per cent from the same period in 2021 to $77.4 billion. Residential unit sales were down 34.4 per cent to 77,376 units, while the average MLS^® residential price was up 8.6 per cent to $1 million.   

For more information, please contact: Gino Pezzani.

To view the December 2022 Mortgage Rate Forecast PDF, click here.

Highlights:

1. Bond yield volatility surges through the Fall.

2. The Canadian economy may be starting its descent into a recession.

3. A Bank of Canada pivot in 2023?

For more information, please contact: Gino Pezzani.

The Reader’s Digest website shares these tips for saving money on groceries:

Join loyalty programs. You can get discounts and money back on your purchases through your store’s loyalty program. Sign up and check all the rules so you get maximum value from it.

Look for final markdowns and clearances. Many grocery stores place clearance items in a designated area, or use special stickers to help shoppers identify them.

Be careful with multiples. They can trick you into spending more than you want. For example, if a sign on a bag of chips says “Two for $5,” and a single bag of chips is $3.29, you’re getting a good deal only if you want two bags of chips.

Traveling abroad is stressful enough without accidentally offending the people you’re visiting. Check out these warnings from the BuzzFeed website to steer clear of a faux pas during a trip to a foreign nation:

China. Don’t give any item or gift with the number four in it. The Chinese word for “four” sounds close to the word for “death.”

Denmark. You’ll show bad manners if you take the last item of food off a plate. If you want a little more, take only part of it and leave the rest.

India. Only use your right hand when eating or passing food. The left hand is considered unclean in India, as well as in Africa and the Middle East.

Japan. Don’t stick your chopsticks straight up in a bowl of rice because rice is presented this way during funerals. Doing it during a meal will be seen as bad luck.

Mexico. Your server won’t bring your check to the table before you ask for it, so don’t assume he or she isn’t being attentive to you.

Netherlands. Never gift a knife or anything with a sharp edge, such as scissors. These items are considered unlucky.

Venezuela. If you arrive on time for a business meeting, you’ll appear greedy and rude. You’re actually better off being 10 or 15 minutes late.