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.

Canadian real GDP grew 0.2 percent in July, following a marginal increase in June. Service-producing industries grew by 0.2 per cent, slightly outpacing goods-producing industries (0.1 per cent). Retail trade (1.0 per cent) contributed the most to overall growth in July. The public sector saw its seventh consecutive month of growth (0.3 per cent), while utilities rose for a third consecutive month by 1.3 per cent. Manufacturing growth (0.3 per cent) was driven by gains in non-durable goods production (1.3 per cent), while wildfires drove contraction in multiple industries, including transportation and warehousing (-0.4 per cent) and accommodation services (-2.0 per cent). GDP for real-estate offices and agents was down 0.17 points month-over-month. Lastly, the construction sector contracted by 0.4 points, representing the largest drag to growth in July. Preliminary estimates suggest that real GDP in the Canadian economy was largely unchanged in August.

Canada's economy expanded at a reasonable rate that surpassed analyst expectations in July, following the anticipated 25 basis point cut from the Bank of Canada earlier this month. As the Bank's next meeting draws closer, markets will closely follow Canadian employment and inflation reports. Continually weakening labour markets coupled with further decreases in inflation may suggest that a 50-basis point cut is required in October to stimulate the economy. 

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

For more information, please contact: Gino Pezzani.

This easy-to-make bruschetta highlights the fresh flavors of tomatoes and basil. It's perfect for a quick appetizer or snack!

Ingredients:

4 ripe tomatoes, diced

1/4 cup fresh basil leaves, chopped 2 cloves garlic, minced

2 tablespoons olive oil

1 tablespoon balsamic vinegar Salt and pepper to taste

1 baguette, sliced

Extra-virgin olive oil for drizzling

Prepare The Tomato Mixture:

In a bowl, combine diced tomatoes, chopped basil, minced garlic, olive oil and balsamic vinegar. Season with salt and pepper to taste. Mix well and let sit for 10 minutes to allow flavors to meld.

Toast The Baguette:

Preheat your oven to 400°F (200°C).

Place the baguette slices on a baking sheet and drizzle with extra-virgin olive oil. Toast in the oven for 5-7 minutes until golden and crisp.

Assemble The Bruschetta:

Spoon the tomato mixture onto the toasted baguette slices. Drizzle a little more olive oil on top if desired. Serve immediately and enjoy the fresh, vibrant flavors!

This bruschetta is a simple and delicious way to savor the fresh flavors of ripe tomatoes, fragrant basil and rich olive oil, with minimal effort, making it a perfect choice for any occasion.

As the days grow shorter and cooler, this is the perfect time to prepare your home for the cozy fall season.

Here are some tips to help prepare your space:

First, declutter each room and remove items you no longer need. Donating gently used clothing, books and household items can create more space and make your home feel refreshed and inviting.

Swap your summer clothes for fall attire. Store away shorts and tank tops in favor of sweaters and jackets. This simple switch will make your morning routine more efficient and organize your wardrobe.

Your entryway should be welcoming and functional. Add hooks for coats and a shoe rack to keep this area tidy, welcoming and functional. A small bench with storage can also help maintain a clutter-free space that is convenient for everyday use.

Organize and clean the kitchen. Check your pantry for expired items and restock it with fall staples, such as soups and baking supplies. A tidy kitchen makes meal prep more enjoyable and efficient.

Create a cozy atmosphere in your living room by swapping summer decor for fall- themed items, such as blankets, pillows and warm lighting. Doing so will make the space perfect for relaxing during the cooler months.

Your bedroom should also reflect the changing season. Replace lightweight bedding with warmer blankets and duvets. Have extra throws handy for added comfort, which will create a cozy and inviting retreat.

Remember your home office. Clear your desk of clutter, organize paperwork and add a touch of fall decor to make the space feel more inviting and productive.

Finally, prepare your outdoor space for fall. Store summer furniture and garden tools, remove leaves and add outdoor lighting for evening gatherings. Create a warm seating area with weather-resistant pillows and blankets, so you can enjoy the crisp autumn air.

To view the full interactive BCREA Mortgage Rate Forecast, click here.

Download the full report (PDF)

Highlights:

• Canadian bond yields falling as markets expect deep rate cuts by US Federal Reserve and the Bank of Canada.

• Economic growth slowed through the summer but will lower rates stimulate a second half recovery?

• The Bank of Canada is on a glide path to a 2.75 per cent policy rate.
  

Exemptions needed to mitigate unintended consequences

Vancouver, BC – September, 2024. The British Columbia Real Estate Association (BCREA) is calling for significant amendments to BC's short-term rental laws to mitigate the major disruption they've caused for specific business and tourism sectors across the province, the Association announced today.

On May 1, 2024, the BC Government enacted a widespread ban on short-term rentals, with the intent of returning homes to the long-term rental market. However, as part of a new housing policy resource hub launched in the lead-up to the 2024 Provincial General Election, BCREA identified multiple groups of British Columbians negatively affected by the ban, including:

• medical employees transferred to remote areas;

• those receiving multi-week medical care as well as caregivers in urban areas;

• film sector workers in town for weeks at a time;

• those attending or employed by short-term but large events for which hotel space is inadequate (such as a Taylor Swift concert or the FIFA World Cup 2026); and

• those needing short-term housing due to delays in being able to take occupancy of homes or apartments.

As part of the analysis, the Association stressed that provincial and regional economies need to be factored into policy decisions of this magnitude.

“While housing affordability is extremely important, there are additional considerations in communities across BC that have been paved over with the implementation of this policy,” said Trevor Hargreaves, BCREA Senior VP, Policy and Research. “There are numerous exemptions desperately needed to make this a workable and successful policy moving forward.”

Hargreaves added, “There is no question that some of these short-term rental units should be functioning as long-term rentals, but there are some legitimate uses for short-term rentals that are no longer permitted under the legislation.”

The Association proposed several exemptions from the ban across a wide variety of categories, including high-tourism areas and the groups listed above.

Here is a way to make yourself stronger, improve your heart health, boost your mood and thinking power, and provide adventure: e-bikes.

That's right, electric bikes, or e-bikes, are pedal bikes fitted with a motor. Adult trikes also can be fitted with a motor. According to a 2019 study from the U.K., e-bikes might provide older adults with more physical and mental benefits than conventional bikes. A group of 100 older adults, ages 50 to 83, participated in the study. Half of the group rode conventional bikes; the other half rode e-bikes. Each participant rode at least three times a week for 30 minutes. The e-bike riders showed similar or greater benefits than the pedal cyclists.

Researchers concluded that the benefits come from physical activity and from engagement with the outdoor environment, such as by riding longer and going more places.

According to National Geographic, most riders use a low pedal assist power setting. Riders are pedaling, but not quite as hard––which helps them cash in on a host of benefits. Studies also show that e-riders have reduced stress, sleep better and are generally happier.

E-bike clubs provide companionship on bike paths and trails. E-bikes are available with a wide range of configurations and price points. You can buy an e- trike, such as the Liberty Trike, for about $2,000.

This small and foldable adult trike holds riders up to 300 pounds and can be used in some public places as a mobility device.

Other bikes and trikes retail from $2,000 to as much as $13,000, although lighter bikes are the more-expensive ones.

Canadian housing starts fell 22 per cent to 217,405 units in August at a seasonally adjusted annual rate (SAAR). Starts were down 12.1 per cent from the same month last year. Single-detached housing starts were 3 per cent higher from last month at 55,851 units, while multi-family and other starts fell 28 per cent to 161,555 units (SAAR).

In British Columbia, starts fell 30 per cent from last month to 33,820 units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts rose 6 per cent to 4,678 units while multi-family starts fell 35 per cent to 26,823 units compared to July. Starts in the province were 30 per cent below the levels from August 2023. Compared with last year, year-to-date starts are up by 63 per cent in Kelowna and 26 per cent in Abbotsford. Year-to-date starts are down by 20 per cent in Vancouver, 15 per cent in Nanaimo, and by 8 per cent in Victoria. 

https://mailchi.mp/bcrea/canadian-housing-starts-august-2024

For more information, please contact: Gino Pezzani.

Canadian prices, as measured by the Consumer Price Index (CPI), rose 2.0 per cent on a year-over-year basis in August, down from a 2.5 per cent increase in July. This marks the slowest year-over-year increase since February 2021. Month-over-month, on a seasonally adjusted basis, CPI rose by 0.1 per cent in August. The deceleration in headline CPI was driven by a 5.1 per cent decrease in gasoline prices in August. This drop is largely attributed to base-year effects as well as lower crude oil prices due to lower demand in China and concerns regarding the American economy. Excluding gasoline, the CPI rose 2.2 per cent in August, a fall from 2.5 per cent in July. Mortgage interest costs were up 18.8 per cent, and rent was up 8.9 per cent from last August. Despite steadily decreasing year-over-year growth rates, mortgage interest costs have been the largest contributor to headline CPI since December 2022. Overall, shelter costs rose 5.3 per cent year-over-year in August, down from 5.7 per cent in July. Finally, goods costs fell 0.7 per cent while services costs rose 4.3 per cent year-over-year. In BC, consumer prices rose 2.4 per cent year-over-year, down from 2.8 per cent in July. The Bank of Canada's preferred measures of median and trimmed inflation,which strip out volatile components, fell to 2.3 and 2.4 per cent year-over-year in August, respectively. 

Canada's August inflation report marks a significant milestone for the national economy, with headline CPI reaching the midpoint of the Bank of Canada's target range. Despite some downward pressure from base-year effects on gasoline, the prices for several major components of inflation ticked downward nationwide. Moreover, CPI-median and CPI-trim continue declining towards the midpoint of their target ranges. Taken together, August's inflation report bolsters the likelihood of a fourth consecutive rate cut from the Bank of Canada in October. Barring weaker-than-expected monthly GDP and employment, we can expect this cut to be 25 basis points. For more information, please contact: Gino Pezzani.

Thriving in today's digital landscape demands ongoing learning and skill adaptation.

Here are essential skills to achieve career success:

Data Analysis: Use Excel, Google Analytics, and similar tools to interpret data for strategic decisions.

Critical Thinking: Enhance problem-solving by tackling challenges and learning from feedback.

Communication: Clearly convey ideas across platforms, practice active listening, and give constructive feedback.

Adaptability: Embrace change, new ideas, and different roles as needed.

Collaboration: Work effectively in teams, even remotely, using tools like Zoom and Microsoft Teams.

Emotional Intelligence: Manage emotions to build relationships and navigate workplace dynamics.

Leadership: Motivate others and manage projects, even in informal roles.

Continual Learning: Stay relevant through lifelong learning with online courses and workshops.

Focus on these skills to advance your career in the evolving digital age and embrace growth and opportunities in the modern workplace.