Canadian real GDP grew 0.2 per cent in May, following a 0.3 per cent increase in April. The growth was driven by goods-producing industries (+0.4 per cent), in which 4 of 5 sectors grew, led by manufacturing (+1 percent) and agriculture, forestry, fishing and hunting (+0.9 percent). However, the mining, quarrying, and oil and gas extraction sector contracted by 0.6 per cent in May, entirely driven by a 2.1 per cent decrease in the oil and gas extraction subsector. Service producing industries grew by 0.1 per cent, with both retail trade and wholesale trade contracting by 0.9 per cent and 0.8 percent, respectively. Finally, the GDP for the offices of real estate agents and brokers grew by 0.17 per cent in May. Preliminary estimates suggest that output in the Canadian economy grew by 0.1 per cent in June, as well as about 2 per cent in the second quarter of 2024, on an annualized basis.

BCREA estimates that the B.C. economy grew by 1.4 per cent year-over-year in May. This slightly outpaces the 1.1 per cent year-over-year growth for the Canadian economy. To see the full details of our Nowcast, click here: https://infogram.com/bcrea-nowcast-for-may-2024-and-june-2024-prelim-july-31-2024-1h0n25ok1n5kl4p?live

Canada's economy expanded at a reasonable rate that matched analyst expectations in May, following the anticipated 25 basis point cut from the Bank of Canada last week. Amidst weakening labour markets and relatively flat inflation levels over the second quarter, this report is unlikely to deter the Bank of Canada from pursuing a gradual decline in the overnight rate throughout the rest of 2024 and into 2025. However, they will be watching next month’s CPI and jobs report to determine whether market expectations changed following their first cut. 

https://mailchi.mp/bcrea/monthly-economic-growth-may-2024

For more information, please contact: Gino Pezzani.

As August ushers in the last of the summer days, it's the perfect time to indulge in some fun and creative DIY projects with your kids or grandkids. Crafting fosters creativity and creates cherished memories. Here are some imaginative and easy-to- do craft ideas:

Nature Collage Boards

Materials: Cardboard, glue, scissors, and treasures from nature (leaves, flowers, small twigs and pebbles.)

Instructions: Take a nature walk to collect items. Cut cardboard into shapes and glue the collected items to create beautiful nature collages.

Painted Rock Garden Markers

Materials: Smooth stones, acrylic paints, paintbrushes and clear sealer.

Instructions: Paint stones with vibrant colors and fun designs, label them with herb or flower names, and use them as garden markers.

Handmade Bird Feeders

Materials: Pine cones, peanut butter, birdseed and string.

Instructions: Spread peanut butter over pine cones, roll pine cones in birdseed, tie a string around the top and hang them on tree branches.

DIY Wind Chimes

Materials: Sticks, string, small bells, beads and shells.

Instructions: Tie bells, beads, and shells to strings and attach them to a sturdy stick. Hang the wind chime outside and enjoy the soothing sounds.

Personalized Tote Bags

Materials: Plain canvas tote bags, fabric paint, stencils and brushes.

Instructions: Paint designs, names, or fun shapes on the bags using stencils and fabric paint. These totes are perfect for carrying books, groceries or beach gear.

These DIY projects are fun, easy to execute with common materials and a wonderful way to bond and create lasting memories. Happy crafting!

"True happiness comes from the joy of deeds well done, the zest of creating things new." – Antoine de Saint-Exupery

About BCREA’s Housing Monitor 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.

Implementing common-sense driving techniques is a smart way to save on gas, especially when gas prices are high. Here are some tips:

Fill up with regular gas. If you are using premium and you don't have to, then you'll save money on fuel with lower octane.

Be a smooth driver. Your passengers will enjoy the ride more and you'll use less gas. If you floor it to get away from a stop sign and have to brake hard at the next one, then you'll pay a big price in gas.

Buy gas in the morning. Because gas is denser when it’s cold, you can get more for your money if you buy gas early in the morning, say the experts who write for Business Week.

Check your tires. Because underinflated tires increase drag, more energy is used to move a car with soft tires. Not only that, but your tires will last longer if they are properly inflated. Check your tires in the morning for the most accurate reading.

Combining these simple practices into your daily driving routine can lead to noticeable savings over time, helping to make every gallon count when fuel costs are on the rise.

August 5,  Civic Holiday in Canada.

August 9, International Day of the World's Indigenous Peoples. This is a day to promote and protect the rights and achievements of indigenous populations.

August 12, International Youth Day. Take the opportunity to highlight and engage the potential of youth in your community.

August 26, International Dog Day. This day celebrates all breeds of dogs and encourages adoption.

August 30, National Toasted Marshmallow Day. Enjoy toasted marshmallows and make s'mores with friends and family.

Grilled dessert pizza is a fun and creative way to enjoy a sweet treat at your next barbecue or outdoor gathering.

Ingredients:

1 package of pre-made pizza dough (or homemade, if you prefer)

1/2 cup of Nutella or another hazelnut spread

1/2 cup of mini marshmallows

1/2 cup of fresh berries (such as strawberries, blueberries, or raspberries)

1/4 cup of white chocolate chips

1 tablespoon of powdered sugar (optional)

Preheat the Grill: Preheat your grill to medium-high heat (400-450°F). If using charcoal, ensure the coals are evenly distributed for even cooking.

Grill to Perfection: Close the grill lid and cook for an additional 3-5 minutes, or until the marshmallows are golden brown and the pizza dough is fully cooked. Keep a close eye on the pizza to prevent burning.

Serve and Enjoy: Once the pizza is done, remove it from the grill and let it cool for a minute or two. Sprinkle with powdered sugar if desired, then cut into slices and serve.

Dessert Pizza Tips

Add Variety: You can customize your dessert pizza with different toppings, such as sliced bananas, chopped nuts, caramel sauce, or chocolate drizzle.

Grill Safety: Use grilling gloves and long-handled utensils for safety, and always monitor the grill while cooking.

Timing: The exact grilling time may vary depending on the grill and dough thickness, so adjust as needed.

Enjoy this delightful grilled dessert pizza with friends and family for a sweet ending to your summer barbecue!

Daedalus, a master craftsman and ingenious inventor from Ancient Greece, was famed for engineering the intricate labyrinth on the island of Crete, a maze constructed to confine the fearsome Minotaur. However, when Daedalus aided the hero Theseus in navigating the snaking paths of the maze to escape its clutches, he invoked the wrath of King Minos, the sovereign of Crete. Enraged, King Minos condemned Daedalus and his son, Icarus, to a desolate tower.

Daedalus, undeterred by his and Icarus’s grim circumstances, hatched a daring plan for freedom. He meticulously fashioned wings from a mosaic of feathers bound together with wax. As they prepared to take their perilous flight from captivity, Daedalus imparted a solemn warning to his son: "Fly not too high, lest the sun's blaze melt the wax. Nor too low, for the sea's mist will weigh down your wings."

Icarus, overwhelmed by the exhilaration of flight and the allure of liberty, carelessly soared too high, captivated by the boundless skies.

Tragically, as they glided over the azure expanses of the Aegean Sea, the scorching sun melted the wax of Icarus's wings. His desperate fall ended his life in the sea's cold embrace and left Daedalus to mourn his loss in solitude.

The tale serves as a poignant reminder: Ambition fuels the spirit, yet wisdom must guide it.

Remote work offers flexibility but it can also challenge productivity and work-life balance. Here's a condensed guide to staying focused and efficient while working from home:

Create a Dedicated Workspace: Designate a quiet, well-lit area as your workspace, separate from personal spaces. Use ergonomic furniture for comfort.

Establish a Routine: Set a consistent schedule for work, breaks, and meals to create structure and maintain balance.

Dress for Work: Dressing in work-appropriate attire can help set the right mindset, even when working from home. Be comfortable but avoid hanging out in your pajamas all day.

Minimize Distractions: Identify and reduce distractions, such as social media or noise, to stay focused during work hours.

Use Productivity Tools: Leverage task management and time-tracking apps like Trello, Asana, or Toggl to stay organized and efficient.

Take Regular Breaks: Avoid burnout by following the Pomodoro Technique of working in focused intervals with short breaks.

Communicate Effectively: Use video conferencing and messaging apps to maintain clear communication with your team.

Focus on Results: Prioritize tasks based on importance and deadlines, focusing on outcomes rather than hours worked.

Implement these tips to boost productivity and maintain a healthy work-life balance while working remotely.

“Productivity is never an accident. It is always the result of a commitment to excellence, intelligent planning, and focused effort.” -- Paul J. Meyer

Canadian prices, as measured by the Consumer Price Index (CPI), rose 2.7 per cent on a year-over-year basis in June, down from a 2.9 per cent increase in May. Month-over-month, on a seasonally adjusted basis, CPI rose by 0.1 per cent in June. The deceleration in headline CPI was largely driven by declining gasoline prices. Excluding gasoline, the CPI rose 2.8 per cent in June. The shelter cost index remains the major driver of inflation with the rate of increases higher now (6.2 per cent) than they were this time last year (4.8 per cent). Mortgage interest costs were up 22.3 per cent and rent was up 8.8 per cent from last June. Excluding shelter, consumer prices rose just 1.3 per cent, year over year. Driven by furniture and used cars, durable goods costs fell 1.8 per cent year-over-year in June as supply chains continue to recover. In BC, consumer prices rose 2.6 per cent year-over-year, down from 2.9 per cent in May. The Bank of Canada's preferred measures of core inflation, which strip out volatile components, fell to between 2.3 and 2.9 per cent per cent year-over-year in June.

Canada's inflation report contained some good news mixed in with familiar challenges. The headline year-over-year price change declined in June, reversing May's uptick, and came close to the lowest rate since early 2021. This was achieved in part due to 3.1 per cent month-over-month decline in gasoline prices following an announcement from the Organization of the Petroleum Exporting Countries (OPEC) that it plans to increase production. On the other hand, the year-over-year change in food costs rose for a second consecutive month, halting an optimistic downward trend. CPI-median and CPI-trim are back above the 2 per cent target when measured on a 3-month annualized basis for the second consecutive month. Finally, shelter costs and especially rents remain the most persistent challenge in the CPI and show few clear signs of improvement. Taken together, however, markets considered the report positive news and raised the probability that the Bank of Canada would cut rates next Wednesday to 90 per cent. 

For more information, please contact: Gino Pezzani.

Link: https://mailchi.mp/bcrea/canadian-inflation-june-2024-july-16-2024

Canadian housing starts fell 9 per cent to 241,672 units in June at a seasonally adjusted annual rate (SAAR). Starts were down 14 per cent from the same month last year. Single-detached housing starts were up 1 per cent from last month at 52,762 units, while multi-family and others fell 11 per cent to 188,911 units (SAAR).

In British Columbia, starts fell 12 per cent from last month to 40,808 units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts rose 11 per cent to 4,876 units while multi-family starts dropped 15 per cent to 34,085 units. Starts in the province were 38 per cent below the levels from June 2023. Compared with last year, year-to-date starts were up by 5 per cent in Victoria, 54 per cent in Kelowna, and 27 per cent in Abbotsford. Year-to-date starts were down by 18 per cent in Vancouver and by 20 per cent in Nanaimo. 

Link:https://mailchi.mp/bcrea/housing-starts-june-2024

For more information, please contact: Gino Pezzani.