In January, nearly 700 members took in our 2023 economic forecast event featuring REBGV's Director of Statistics and Data Analytics, Andrew Lis. Watch Andrew's presentation.
For more information, please contact: Gino Pezzani.
Valentine's Day is a time to celebrate love in all its forms, whether it's with a romantic partner, family or friends. The holiday is a reminder to show appreciation and gratitude for the people and relationships that bring joy and happiness into our lives. But it's also a great opportunity to practice self-care and show ourselves some love. Here are a few self-care ideas to try on Valentine's Day—or any time:
Engage in physical activity. Exercise can help improve your mood and reduce stress.
Get enough sleep. Adequate sleep is essential for overall health and well-being.
Eat a healthy diet. Nourish your body with healthy, nourishing foods.
Spend time in nature. Being outdoors and surrounded by nature can be calming and therapeutic.
Practice mindfulness. Spend a few minutes each day focusing on the present moment and your breath.
Do something you enjoy. Spend time doing something that brings you joy, such as reading a book, watching a movie or creating art.
Self-care is about caring for yourself and doing things that make you feel happy and healthy. It's an important part of self-love and can help you feel more balanced and fulfilled. So, on this Valentine's Day, remember to show yourself some love and care. Valentine’s Day is a reminder that we can always find joy and love in our lives.
Happy Valentine's Day!
Gino Pezzani
DIEN Realty
604-418-9366
Canadian employment rose to 20.03 million in January, up by 150,000 (0.5 per cent). The Canadian unemployment rate held steady at 5 per cent, hovering just above all-time lows. Employment gains were concentrated among workers aged 25 to 54; workers in Ontario, Quebec, and Alberta; and workers in wholesale and retail trade, health care and social assistance, and educational services. Average hourly wages were up 4.5 per cent from January of last year, while total hours worked were up 5.6 per cent year-over-year.
Employment in BC rose by 7,700 (0.3 per cent) to 2.771 million in January, while Metro Vancouver's employment rose by 0.4 per cent month over month. BC's unemployment rate rose to 4.4 per cent, still near record lows, while Metro Vancouver's rate rose to 4.7 per cent. Among the provinces, only Quebec, Manitoba, and Saskatchewan currently have a lower unemployment rate. 
Link: https://mailchi.mp/bcrea/canadian-employment-january-2022-february-10-2023
For more information, please contact: Gino Pezzani.
At a restaurant, a June bug suddenly landed on a lady and frightened her. With a panic- stricken face and trembling voice, she started jumping desperately, trying to shoo the bug.
Her reaction was contagious and everyone in her group also got panicky. Then the June bug flew away and landed on another lady in the group.
Now it was the second lady’s turn to continue the drama. The waiter rushed forward to her rescue. In the relay of throwing it back and forth, the June bug fell on
the waiter, who stood firm, composed himself and observed the behavior of the bug on his shirt.
Confidently, he grabbed it with his fingers and threw it out of the restaurant.
While I sipped my coffee and watched with amusement, I wondered if the June bug was responsible for their frantic behavior.
If so, then why was the waiter not disturbed? He handled it near to perfection without any chaos. It is not the bug, but the inability of the ladies to handle the disturbance caused by the bug that disturbed the ladies.
When faced with an unexpected bug, the women instinctively reacted while the waiter wisely responded. Reactions can be emotional and uncontrolled, but by responding instead of reacting, we allow ourselves a chance to consider our decisions carefully.
In that moment, I understood that I should not react in life. Instead, I should always respond.
Valentine from your dog: Valentine, I love you to kibbles and bits! I still can't believe I found a human who loves sunsets and longs walks on the leash as much as I do!
From your cat: Valentine, I am marginally less indifferent to you than I am to others.
From the National Security Agency: Valentine, I love listening to you talk.
From a young adult: Baby, you are the only one in this dystopian world of blindly conforming adults who understands me.
Amendments to the Strata Property Act that increase contingency reserve fund minimums are coming November 1, 2023.
Changes to the From B Information Certificate requiring a summary of the strata corporation’s insurance coverage to be included will be coming April 1, 2023.
Strata property owners in stratas which have been neglecting maintenance, risking higher insurance costs, will have new protections starting November 1, 2023.
Amendments to the Strata Property Act will raise the minimum amount developers and strata corporations must contribute to the contingency reserve fund (CRF), ensuring there are adequate finances for maintenance.
Strata corporations in BC are required to have a CRF to pay for infrequent common expenses, such as maintenance work and emergencies.
These new rules will increase the minimum amount that developers and strata corporations are required to contribute to a CRF, to at least 10 per cent of the annual operating expenses from the previous five per cent.
Developers are required to include a CRF contribution in a new building’s interim budget to be equal to at least 10 per cent of the operating expenses.
The goal is to prevent developers from advertising unrealistically low strata fees to prospective buyers and avoid unexpected increases in strata fees in the building’s first years.
The new minimums were set with the advice of strata managers and homeowner representatives.
The majority of the approximately 34,000 strata corporations in the province exceed this minimum amount and won’t be affected by this change, according to strata industry experts.
BC Financial Services Authority advised in a Report on the State of Strata Property Insurance in British Columbia, that improved maintenance and risk-mitigation practices are needed to reduce more pressure on premiums and deductibles.
For the small number of strata corporations that need to contribute more funds to their CRF to meet the new minimums, this will reduce their risk of strata insurance claims and premium increases, and significant special levies on short notice.
The province is also enacting changes to the Form B Information Certificate.
A summary of the strata corporation’s insurance coverage must be included in the form, effective April 1, 2023. This will make it easier for prospective buyers and strata owners to know whether the property is adequately insured, and the amount of insurance individual owners need to purchase.
Read the government news release.
Read the Report on the State of Strata Property Insurance in British Columbia. (opens 84-page pdf)
If you have questions about these amendments to the Strata Property Act, please contact Harriet Permut, director of government relations at hpermut@rebgv.org.
For more information, please contact: Gino Pezzani.
The BCREA Housing Monitor Dashboard has been updated with the latest data up to February 07, 2023. Click here to access the latest dashboard. 
The BCREA Economics team has created the Housing Monitor Dashboard to help REALTORS® monitor BC’s housing market. This dashboard, which is updated monthly, provides up-to-date data on key variables for public education and use. Focuses include:
Resale Home Market
Construction
Rental Market
Borrowing Costs
Other BCREA Data
In the dashboard, the image and data are available for download under each chart, where possible.
For more information, please contact: Gino Pezzani.
BCREA 2023 First Quarter Housing Forecast Update
Vancouver, BC – February, 2023. The British Columbia Real Estate Association (BCREA) released its 2023 First Quarter Housing Forecast Update today.
Multiple Listing Service® (MLS®) residential sales in BC are forecast to decline 7.1 per cent to 75,150 units this year. In 2024, MLS® residential sales are forecast to post a strong rebound, rising 23.8 per cent to 93,025 units. 
“A slowing economy and still elevated mortgage rates are expected to keep housing activity lower than normal through much of 2023,” said BCREA Chief Economist Brendon Ogmundson. “However, we expect a strong recovery, boosted by an expected decline in mortgage rates and record high immigration that will carry significant momentum into 2024.”
Inventories have increased from the depleted level at the beginning of 2022, but they remain low compared to historical levels, despite a sharp decrease in sales. However, the abrupt shift in market conditions has meant that prices have come down despite low inventory, falling from peak levels through the spring before stabilizing toward the end of last year. While we expect MLS® average prices to trend relatively flat this year, they will be lower than the peak values of 2022. Consequently, year-over-year comparisons will register negative for much of 2023, likely resulting in negative annual price growth even if monthly prices begin to recover as expected later this year.
For the complete news release, including detailed statistics, click here.
For more information, please contact: Gino Pezzani.
Home sales in 2023 will remain in line with last year while prices may see small increases, according to the Real Estate Board of Greater Vancouver’s (REBGV) first 2023 Residential Market Forecast.
The forecast looks at current and historical market trends alongside economic factors like inflation and risk of recession to predict what 2023’s housing market will look like. A second forecast will be coming in the second half of the year.
The consensus view among many economists and professional forecasters is that the Bank of Canada is at, or very near, the peak of the current interest rate tightening cycle.
Apartment sales are forecast to decrease over last year, while detached homes are forecast to increase.
While increasing mortgage costs are decreasing purchasing power, other factors causing an imbalance between supply and demand, like population growth, will continue to put upward pressure on prices.
For more information, contact: Gino Pezzani.
February is a special month; it brings with it the beauty of solitude and introspection. Now that the holidays have come to an end and we’ve had time to celebrate with our friends and family, this is the perfect opportunity to reflect on ourselves and our lives.
This month offers us a chance to look back on the previous year and gain clarity on what we want out of the coming one. It’s a time for setting new goals, adjusting old ones, and finding ways to make them achievable. We can learn from our mistakes, get creative in finding solutions, and grow into better versions of ourselves.
The stillness of February allows us a unique kind of self-reflection that is not often found during busier months. With fewer social events demanding our attention, now is the perfect time to take advantage of our unoccupied schedules and reconnect with activities we love - or even try something new. Get lost in a good book, explore exciting podcasts that challenge your perspective, or learn how to make one of those dishes you've been meaning to try for ages! Being alone can be as rewarding as being surrounded by others.
Let us remember that February is not only about reflection, but it’s also about gratitude. Be grateful for the little moments sprinkled throughout each day which add up to a special kind of magic, if we choose to recognize them as such. Let us relish in this month as much as possible before the liveliness of springtime arrives!
Sincerely,
Call or Email me today and let's discuss your next home sale or purchase.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.