Pumping iron is no longer just an activity for young men. Women in their 70s and 80s have taken it up to maintain or increase their strength and fight cognitive decline. The weights they use are determined, at first, by what they can lift and how often.

According to Tufts University, both aerobic activity and resistance training helped prevent a decline in thinking. Tufts reports research in which 86 women ages 70 to 86 were divided into three exercise groups. One group trained twice a week with machines and free weights. The second group was assigned to aerobic exercise, which was mainly an outdoor walking program. The third group performed only balance and stretching exercises. The Stroop Test measured mental performance for selective attention and the ability to deal with conflicting information. The test also involved problem solving, visual attention and task switching.

After six months on the program, the aerobics group and stretching group became physically fitter and had improved balance. Those who lifted weights and did resistance training significantly improved their average performance on the Stroop Test and tests of associative memory. If these findings nudge you to get started with strength training, then check out Growing Stronger, a step-by-step program developed by Tufts experts.

To view the latest Market Intelligence report PDF, click here.

As the Bank of Canada aggressively raised rates over the past year to fight multi-decade-high inflation, fears are mounting that tighter monetary policy will push the Canadian economy into recession. Indeed, central banks have a poor historical track record in achieving “soft landings” following tightening cycles. That is, amid high inflation, central banks often struggle to “thread the needle” of raising rates enough to bring inflation back down to 2 per cent without tipping the economy into a recession.

In this Market Intelligence, we summarize how past Canadian recessions have impacted the BC economy and housing market and look forward to how the BC housing market may perform during a potential 2023 recession.

Summary Findings

High interest rates mean that recession anxiety is mounting:

• Historically, home sales tend to lead the business cycle, starting to decline many months before the start of a recession. By the time the recession begins, sales are typically near their nadir.

• Prices follow a less predictable pattern surrounding recessions. The early 1980s involved a large run up and crash in prices, but subsequent recessions involved a modest softening or plateauing of prices before the ascent resumed.

• Historically, home sales tend to post substantial recoveries following a recession as interest rates are cut to support the economy.

Strong economic fundamentals and demographics support the housing sector in British Columbia.

For more information, please contact: Gino Pezzani.

Canadian prices, as measured by the Consumer Price Index (CPI), rose 6.3 per cent on a year-over-year basis in December, a decrease from the 6.8 per cent rate in November. Falling gasoline (-13.1 per cent month on month) and fuel oil prices drove the decline, while softening costs for durable goods such as furniture and used vehicles also slowed price appreciation. Rising interest rates contributed to an increase in mortgage interest costs, which were up 18 per cent year-over-year as Canadians renewed or initiated higher-rate mortgages. In contrast, the Homeowner's Replacement Cost, which tracks home prices, continued to slow, pushing the CPI downwards. Month-over-month, on a seasonally-adjusted basis, prices were down 0.1 per cent in December. In BC, consumer prices rose 6.6 per cent year-over-year, down from 7.2 per cent last month.

While sharply declining gasoline prices were mostly responsible for the drop in CPI in December, there are encouraging signs that price appreciation is slowing in other sectors of the economy as well. Prices for household furnishings and equipment fell from last month amid ameliorating supply chain issues. The Bank of Canada's measures of core inflation, which strip out volatile components, ticked down in December for the first time since the summer. Weighing CPI numbers against a strong December jobs report, most analysts are expecting a final modest increase in rates on January 25th before the Bank concludes the tightening cycle. 

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

For more information, please contact: Gino Pezzani.

Canadian housing starts declined 5.5 per cent to 248,625 units in December at a seasonally-adjusted annual rate (SAAR). Starts were up 1.4 per cent from December of 2021. Single-detached housing starts fell 10.4 per cent to 58.5k, while multi-family and others fell 3.9 per cent to 190.1k (SAAR). 

In British Columbia, starts rose by 20.7 per cent in December to 58.6k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts rose 2.7 per cent m/m to 7.2k units while multi-family starts rose 25.1 per cent to 47.4k units. Starts in the province were 5 per cent above the levels from December 2021. Starts were up by 10k in Vancouver, 1.2k in Kelowna, and 0.9k in Abbotsford, while declining by 4k units Victoria. The 6-month moving average trend rose 0.8 per cent to 50.5k in BC in November. 

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

For more information, please contact: Gino Pezzani.

At a glance: (2 minute read)

• Vancouver property owners can now make their Empty Homes Tax status declaration.

• All owners need to make the declaration, even if they live in the home.

• Declarations are due by Feb 2, 2023.

Owners who failed to declare their property status for the 2021 tax year have until July 5, 2023 to make a late declaration in the form of a Notice of Complaint. A $250 bylaw fine applies to late declarations.

According to legend, there was a stone that looked like an ordinary stone, but when held in your hand, it could make your dreams come true. The stone was hidden on a rocky riverbank among millions of look-alike stones. A person knew when he or she found the real stone because of its warmth, while all the other rocks felt cold.

Hearing about the legend, a man sold all of his possessions and camped on the river. The next morning, he began testing stones.

He picked up an ordinary stone, threw it away if it was cold, picked up another one and threw it again. He repeated the process for hours and then for days. Days turned into weeks. He became good at the process.

One day, he picked up a warm stone and, without even thinking, threw it into the river. Suddenly, he realized what he had done! He had developed such a strong habit of throwing every stone into the river that when the magic stone came along, he still threw it away.

It’s important to notice that not all habits are bad. Sometimes a habit is simply a behavior we’ve repeated enough times that it becomes automatic. Consider the new goals, dreams and aspirations you are pursuing this year, and notice any old habits that could be blocking your pursuit.

Deciding to “throw them away” might require less energy than maintaining habits that are unproductive.

Gino Pezzani
DIEN Realty
604-418-9366

Delayed flights, bad weather, clogged airports - and once you make it through the winter travel obstacle course, you might have to sit next to someone with a nasty cold. Save yourself some time and energy and cut back on your stress with these tips.

Pick a morning flight. If your flight is canceled because of bad weather, then you're more likely to find another flight the same day.

Try to find a non-stop flight. If that isn't an option, then look for connecting flights out of airports that aren't experiencing severe weather. In other words, skip that layover in Buffalo.

Charge your electronic devices and have your cables handy. You might not be able to find replacements at the airport, and if you do, they're often wildly overpriced.

Book a window seat. People in middle or aisle seats are more likely to catch colds from other passengers and the flight crew.

Don't forget hand sanitizer. Keep your hands clean and away from your face to reduce your risk of illness.

Have a plan B. You can't control the weather and you probably don't control the FAA, either.

Some high schools require students to complete a certain number of community service hours before graduating. If you are raising your teens or grandkids to be generous and thoughtful individuals, then stress to them the importance of giving back. Here are three ways you can help your teen cultivate a spirit of generosity and a willingness to serve: 

Make it a family affair. Be the example of stewardship you want your teens to follow. Find an organization or a cause that the entire family can get involved with and participate in together.

Let them decide. If your teens have a service project they want to explore, then support them in their efforts. Their ideas are being shaped by their interests and experiences. Your encouragement at this crucial stage in their development will help validate their sense of self-worth and provide an additional boost of motivation.

Even small gestures count. Raising money for charity or volunteering a couple of hours a week at a food bank or a similar civic-minded organization are great ways to give back. So, too, are neighborly deeds, such as shoveling an elderly neighbor’s driveway or pulling their trash cans out to the curb. Teach your teens to never overlook small ways in which they can make a difference.

On November 24, 2022, Bill 44, the Building and Strata Statutes Amendment Act, 2022 (the “Act”), was enacted and removed most rental and age restrictions in strata buildings.  The amendments became effective immediately on November 24, 2022.

REALTORS® need to be aware of the impact of these changes for existing owners, buyers, and sellers.

The Act removed two rights of strata corporations to pass bylaws that could control occupancy, rental and use of strata lots:

1. Prohibition of rental restrictions; and

2. Removing the right to have age restrictions within a strata building, other than 55+

Rental Restrictions

The Act prohibits rental restrictions in several ways. Firstly, by repealing the requirement for developers who intend to rent strata lots to prepare a rental disclosure statement. Since January 1, 2010 developers have been required to file rental disclosure statements if they intend to rent or preserve the right to rent, all strata lots (or a portion thereof) either as the developer or by successive owners of the strata lots. Since 2010 most developers have filed rental disclosure statements, except for certain developments located in areas where “owner-occupied” buildings would be more desirable to prospective purchasers.

So how did rental disclosure statements work? If a rental disclosure statement was filed with the superintendent that reserved the right to rent the units for the next 100 years (for example), then any bylaws the strata corporation approved regarding rental restrictions were unenforceable until the end of the 100-year period. Without a rental disclosure statement being filed with the superintendent of real estate, strata corporations could only impose rental restrictions through passing resolutions by a ¾ vote at an annual general meeting or special general meeting to enact bylaws related to rentals.

The second way the Act prohibits rental restrictions is by repealing any provision of the Strata Property Act, [SBC 1998] CHAPTER 43 (the “Strata Act”) which allowed for strata corporations to create bylaws related to restricting or prohibiting rental. Before the enactment of the Act, a strata corporation could:

“…restrict the rental of a strata lot by a bylaw that:

(a) prohibits the rental of residential strata lots, or

(b) limits one or more of the following:

(i) the number or percentage of residential strata lots that may be rented;

(ii) the period for which residential strata lots may be rented.”

With the Act’s enactment, strata corporations no longer have any rights to create bylaws that restrict the rental of strata lots (except for restrictions on short-term rentals (or stays) of 30 days or less).

Age Restrictions

The Act repealed existing section 123 of the Strata Act which gave strata corporations the ability to enact bylaws related to pet and age restrictions and replaced it with provisions just related to pets and animals.

 The Act added sections 123.1 and 123.2 to the Strata Act. Section 123.1 states that the only age restriction allowed is now 55 and over:

“Age restriction bylaws

123.1 (1) The strata corporation must not pass a bylaw that restricts the age of persons who may reside in a strata lot except as permitted by subsection (2).

(2) The strata corporation may pass a bylaw that requires one or more persons residing in a strata lot to have reached a specified age that is not less than 55 years.”

Previously, strata corporations were allowed to pass bylaws that restricted the age of persons who may reside in the strata lot. An example of these restrictions could be that strata lots could only be occupied by persons over the age of 19 or age 45 and over, which is not permissible under the amendments passed by the Act.

Section 123.2 provides exemptions for the age restrictions in 55+ buildings. These exemptions include caregivers who reside in the strata lot for caregiving, or people residing in a strata lot before the restriction occurred.

Other Amendments

The Act also amended other portions of the Strata Act, such as bylaws within the Standard Schedule of Bylaws related to rental restrictions, and removed the requirement for strata corporations to confirm the number of strata lots rented on the Strata Form B.

Bill 44 also allows for electronic attendance at an annual or special general meeting without needing a specific bylaw.  

What does this mean for clients?

Clients need to know the following about the new changes:

• Bylaws that prohibit the rental of strata lots are no longer enforceable. All strata lots can now be rented out.

• Bylaws that enforce only a certain number of rental units within a strata building are no longer enforceable.

• Prohibitions on short-term rentals (less than 30 days) are still allowed and enforceable.

• Any bylaws restricting the age of persons who may reside in a strata lot for persons under 55 years are no longer enforceable.

• There is no obligation for strata corporations to update their current bylaws to reflect these changes; however, they should note that some of their bylaws will no longer be enforceable.

These changes may affect not only the use and occupancy of people’s strata lots, but also the way in which their properties are listed, marketed and valued. For strata corporations in vacation ‘hotspots’ or older buildings with noise issues, these amendments may lead to more disputes and complaints for the strata corporation to address on an ongoing basis.

For more information, please contact: Gino Pezzani.

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

Vancouver, BC – January, 2023. The British Columbia Real Estate Association (BCREA) reports that 80,874 residential unit sales were recorded by the Multiple Listing Service^® (MLS^®) in 2022, a 35.2 per cent decline from a record 124,788 units sold in 2021. The annual average MLS^® residential price in BC was $996,878, a 7.5 per cent increase from $927,513 recorded the previous year. Total sales dollar volume was $80.6 billion, a 30.3 per cent decline from 2021. 

"2022 could not match last year's record pace," said Brendon Ogmundson, Chief Economist. "While strong momentum from the end of 2021 carried through to the first quarter of the year, the pace and degree of Bank of Canada interest rate tightening ultimately precipitated a dramatic shift in the provincial housing market."

A total of 3,490 residential unit sales were recorded by the Multiple Listing Service^® (MLS^®) in December 2022, a decrease of 49.4 per cent from December 2021. The average MLS^® residential price in BC was $911,753 an 11.5 per cent decrease from $1.03 million recorded in December 2021. Total sales dollar volume was $3.2 billion, a 55.2 per cent decline from the same time last year. more

For more information, please contact: Gino Pezzani.