Vancouver, BC – September, 2024. The British Columbia Real Estate Association (BCREA) reports that 5,943 residential unit sales were recorded in Multiple Listing Service^® (MLS^®) systems in August 2024, a 10 per cent decrease from August 2023. The average MLS^® residential price in BC in August 2024 was down 1.7 per cent at $938,500 compared to an average price of $955,063 in August 2023.

The total sales dollar volume was $5.6 billion, an 11.5 per cent decline from the same time the previous year. BC MLS^® unit sales were 22 per cent lower than the ten-year average for August. “After some encouraging signs of recovery in early summer, sales slowed again in August,” said BCREA Chief Economist Brendon Ogmundson. “However, with the Bank of Canada lowering rates for a third consecutive time and with fixed mortgage rates falling, we expect market activity to pick up in the fall.”
 
Year-to-date, BC residential sales dollar volume is down 3.3 per cent to $50.8 billion, compared with the same period in 2023. Residential unit sales are down by 4.6 per cent year-over-year at 51,505 units, while the average MLS^® residential price is up 1.4 per cent to $985,609.

For more information, please contact: Gino Pezzani.

A blind man sold flowers on a busy street; his vibrant stand contrasting with the gray city. Each day, people hurried past, barely taking notice of him or his blooms.

One afternoon, a young girl, enchanted by the scent and the blind man’s serene demeanor, stopped at his stand. “Why do you sell flowers you can’t see?” she asked.

He smiled and said, “I sell them not for their beauty, but for the joy they bring to others. In their fragrance, I find a vision of a world kinder and more patient. My blindness teaches me to feel beauty in ways others might miss.”

When she walked away, the bustling city around her seemed to slow, and the cacophony of traffic and chatter faded into a harmonious background hum.

Each step she took was lighter, as though the flowers had transferred some ethereal grace to her being.

The flowers seemed to whisper, revealing a hidden truth: Real beauty isn’t in what we see, but in how we choose to experience the world around us.

Knowing how to use a fire extinguisher is crucial for ensuring safety and minimizing damage during a fire emergency. To start a fire extinguisher quickly and use it properly, remember PASS:

P: Pull the pin to discharge material.

A: Aim low. Point to spray at the bottom of the blaze first.

S: Squeeze the lever above the handle to operate, and release it to stop the spray.

S: Sweep the extinguisher from side to side until the flames are out.

Always ensure the fire extinguisher is fully charged and easily accessible. Regularly check expiration dates and service the extinguisher as needed.

Canadian employment was largely unchanged from the previous month, growing by 22,000 jobs to 20.536 million in August. The unemployment rate rose 0.2 points to 6.6 per cent, while the employment rate fell 0.1 percentage points to 60.8 per cent. This was the fourth consecutive month of declining employment rates with minimal changes to overall employment. Average hourly wages rose 5 per cent year-over-year to $35.16 last month, while total hours worked were up 1.4 per cent from August of the previous year.

Employment in B.C. fell 0.2 per cent to 2.839 million with a loss of 4,300 jobs in August, marking the fourth consecutive month of provincial job losses. Employment in Metro Vancouver fell 1.7 per cent to 1.584 million in August. The unemployment rate in both B.C. and Vancouver rose by 0.5 points year-over-year to 5.8 per cent and 6.3 per cent, respectively.

Overall, these employment statistics for August are indicative of a continuing cooling of the labour market. Relatively flat employment and steadily rising unemployment support the notion of another 25-basis point cut from the Bank of Canada in October. 

https://mailchi.mp/bcrea/canadian-employment-august-2024

For more information, please contact: Gino Pezzani.

September 28 - National Good Neighbor Day. This day promotes community spirit and encourages people to be good neighbors by reaching out and connecting with those living around them.

September 30 - National Day for Truth and Reconciliation.

Because most sports rely heavily on physical capabilities, you might not assume that sports could also drive innovation. In practice, however, athletes who are scientists and inventors off the field have made numerous important contributions to sports and to society.

Engineers and sports enthusiasts aren't the only ones who have been cooking up new technologies. A farmer in southern Illinois, Arthur Ehrat, invented the breakaway basketball rim to stop players from destroying backboards when they dunked the ball. The original rim relied on springs from a John Deere tractor.

Another legendary performance booster: Gatorade. Physician Robert Cade noticed that players on the University of Florida Gators football team consistently performed worse during the second half of each game. Dr. Cade theorized — and later proved — that dehydration, not just fatigue, was the problem. Gatorade, named for the legendary team, was invented to replenish salt and sugar levels and quickly rehydrate the thirsty players.

The crossover of diverse expertise from various fields into sports not only enhances athletic performance, but it also fosters significant innovations that benefit broader societal needs.

BCREA 2024 Third Quarter Housing Forecast Update

Vancouver, BC – August, 2024. The British Columbia Real Estate Association (BCREA) released its 2024 Third Quarter Housing Forecast Update today.

Multiple Listing Service^® (MLS^®) residential sales in BC are forecast to increase 4.4 per cent to 76,300 units this year. In 2025, MLS^® residential sales are forecasted to strengthen further, rising to 86,475 units.

"The Bank of Canada has shifted to easing policy following aggressive tightening since 2022," said Brendon Ogmundson, BCREA Chief Economist. “This policy shift has positive implications for the BC housing market, and we expect home sales to rebound in the second half of this year with momentum carrying over into 2025. 

A steady supply of new listings and sluggish sales over the first half of the year has resulted in the total inventory of homes for sale rising to its highest level since 2019. Market conditions have been trending near the lower end of what is traditionally defined as a balanced market. As such, average home prices have mostly trended sideways over the past year, with the notable exception of Greater Vancouver where the average price has returned to its 2022 peak.

We anticipate that the average home price in BC will edge up slightly this year, rising 2 per cent to an annual average of $990,500. As home sales pick up over the next year, we expect the market to tighten and for the average price in BC to rise 2.9 per cent to an average of $1.02 million.

For more information, please contact: Gino Pezzani.

In our digital age, taking breaks from screens is essential for maintaining mental and emotional well-being. Tech-free weekends offer a chance to disconnect from digital noise and reconnect with yourself, loved ones and nature. Here are some engaging activities to inspire your next screen-free weekend.

• Start by immersing yourself in nature with a hike or walk in a nearby park. A study in the Journal of Environmental Psychology states that spending time in natural environments can significantly reduce stress and improve mood.

• Gather family or friends for a fun game night with board games and puzzles. Research from the NCBI highlights that playing board games can enhance memory and thought processes. It’s a great way to bond without the distraction of screens.

• Tap into your creative side with arts and crafts projects. A study in the American Journal of Public Health suggests that creative arts can improve mental health by reducing anxiety and enhancing emotional expression.

• Pack a picnic and head to a local park. Enjoy the simplicity of eating outdoors, playing lawn games and soaking up the sunshine.

Unplugging for a weekend can be refreshing and beneficial for your overall health. Engage in these tech-free activities to create meaningful, offline experiences.

To view the full interactive Commercial Leading Indicator, click here.
To view the full Commercial Leading Indicator PDF, click here.   

The BCREA CLI fell 0.4 points to 145.9 in the second quarter of 2024, while the six-month moving average also fell to 146.1. The index is unchanged from the same time last year.

Second Quarter Highlights:

• The economic activity index declined in Q2 by 0.57 points. Inflation-adjusted retail trade (-1.6 per cent), and wholesale trade (-2.4 per cent) both fell from the previous quarter, pushing the economic component down in spite of growth in manufacturing sales (+2.1 per cent).

• Office employment (financial, insurance, real estate, and professional services) rose by 3.2 per cent in the second quarter, while manufacturing employment increased by 0.6 per cent. The overall employment component rose by 0.76 points from the previous quarter, contributing positively to the index.

The financial component of the index also declined in the second quarter by 0.46 points. Real Estate Investment Trust (REIT) prices declined by -7.5 per cent, pushing the component down. However, interest rate spreads declined for a second consecutive quarter, indicating less perceived short-term risk in the economy. This offset some of the effects of declining REIT prices on the CLI, but the financial component was still negative on net.

For more information, please contact: Gino Pezzani.