As summer reaches its conclusion, I find joy in reflecting on the moments I captured with my family, the delightful aroma of dinner on the grill, and the late nights echoing with laughter. And as the nights grow slightly cooler, it seems like we have emerged victorious from a challenging game. The atmosphere is filled with optimism, as if we have weathered a tough first half, strategized during halftime, and are now ready to dominate the second half of this precious year, aiming for success.

Those familiar with sports, whether as players or dedicated spectators, understand that your current performance is only as good as your latest game. After a solid victory, the next item on the agenda is always more practice.

With this in mind, how are you honing your skills in the game of life? We have just over four months remaining in this year, and it is time to align our final strategies as we approach autumn. Life grows busier each day, and it's important to remember that even good athletes schedule downtime; taking a mental break is as valuable as time spent practicing. Great teammates also look in both directions: towards stronger players they can learn from and weaker ones they can assist. Who are the individuals that bookend your personal journey, and how will you collaborate with them to achieve success for everyone in your circle?

Lastly, winning often involves experiencing losses and learning from them. As crucial as it is to celebrate the joy of summer by savoring each moment during these warm and blissful days, it is equally important to assess the tasks that slipped through the cracks in our eagerness to enjoy July and determine how we will tackle them in August.

To extend the metaphor of a successful game, I would like to take a moment to acknowledge the sweetness of triumph in August. There is no doubt that this year began with some uncertainty, and many of us were unsure about how spring would unfold. Well, my friend, here we are, with spring behind us and summer gracefully coming to an end. I’m not sure if we ‘won’, but it’s been a heck of a game! Bring on the fall! 

Gino Pezzani

Your Real Estate Consultant For Life

Home prices across all home types in Metro Vancouver rose again in July, as strong sales figures continue to push up against low levels of housing inventory.

For more market insights and analysis, visit www.rebgv.org

For more information, please contact: Gino Pezzani.

Labor Day, Sept. 4: This U.S. holiday honors the contributions and achievements of workers and is often celebrated with parades and gatherings.

National Read A Book Day, Sept. 6: This day encourages us to silence the noise and turn the pages for a while.

Autumn Equinox, Sept. 22: This natural phenomenon marks the beginning of the fall season. Time for pumpkin spice everything!

National Pancake Day: Sept. 26: Whichever style of pancake you prefer, get ready to enjoy a stack of them on this day!

National Day for Truth and Reconciliation, September 30: Also called "Orange Shirt Day". Established by the federal government, is a Canadian holiday to recognize the legacy of the Canadian Indian residential school system.

BCREA 2023 Third Quarter Housing Forecast

Vancouver, BC – August, 2023. The British Columbia Real Estate Association (BCREA) released its 2023 Third Quarter Housing Forecast Update today.

Multiple Listing Service^® (MLS^®) residential sales in BC are forecast to decline 2.8 per cent to 78,640 units this year. In 2024, MLS^® residential sales are forecast to post a modest rebound, rising 6.1 per cent to 83,425 units.   

 “The BC housing market has been more resilient than expected in 2023, with both home sales and prices holding up well in the face of sharply higher interest rates,” said BCREA Chief Economist Brendon Ogmundson. “However, we expect sales to cool as the result of renewed Bank of Canada tightening and a delay in expectations regarding the timing of future Bank of Canada rate cuts from early next year to perhaps the end of 2024 or even mid-2025.”

Because inventory remains very low, prices rose through much of 2023 despite below-average sales. The average price in BC has varied widely throughout this year, beginning the year below $900K before reaching just over $1 million in May as sales in more expensive markets surged amid dwindling supply. If the average price trends near its current level of $970K over the year's second half, it would mean an annual average price of $976K in 2023, or a 2 per cent decline compared to 2022. As home sales return to normal levels next year, we anticipate prices will rise 2.4 per cent to an annual average of just over $1 million, though there is risk to the upside on price growth given the state of housing supply.

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

To view the BCREA Housing Forecast Update PDF, click here.

For more information, please contact: Gino Pezzani.

Canadian retail sales increased 0.1 per cent in June to $65.9 billion, led by sales by motor vehicles and parts dealers. Excluding volatile items, sales were down 0.9 per cent month-over-month. In volume terms, retail sales declined 0.2 per cent in June. Retail e-commerce trade rose by 1.1 per cent to $3.7 billion in June, amounting to 5.7 per cent of total retail sales. 

Sales in BC fell 4.8 per cent in June following a very strong May number. BC retail sales are down 1.7 per cent from the same time last year. In the CMA of Vancouver, retail sales were down 3.1 per cent from last month and 2.2 per cent from June of 2022. 

Link: https://mailchi.mp/bcrea/canadian-retail-sales-june-2023-august-23-2023

For more information, please contact: Gino Pezzani.

Dear Friends,

As I sit here, I find myself reflecting on the valuable lessons life has taught me. It's been a journey of moments rather than milestones - those small drops that collectively shape the ocean of my existence.

Through the years, I've realized that life is like a beautiful mosaic, created by the threads of our shared experiences. Every conversation, chance encounter, act of kindness, shared laughter, or even a comforting tear adds to the overall design.

Some of my most cherished memories are those simple, unpretentious moments - the ones that could have easily slipped by unnoticed, but instead left a lasting impression on the canvas of my life.

So, I invite you to join me in reflecting on this. Our everyday interactions and seemingly ordinary exchanges have the power to touch lives, forge connections, and contribute to the vibrant fabric of our existence.

Let's continue to share, connect, and make a difference through our small yet meaningful actions. Together, let's appreciate and enrich the tapestry of our shared experiences, for that's where the genuine beauty of life resides.

With sincerity and gratitude,

Gino Pezzani

RE/MAX Heights Realty