Canadian housing starts increased by 3% m/m to 214,875 units in October at a seasonally adjusted annual rate (SAAR), following a decline in September. Housing starts increased in 6 of 10 provinces with strong gains in Manitoba and Alberta. Building activity gained momentum in the single-detached segment, while multi-unit starts declined slightly. October's healthy number increased the six-month moving average to 222,734 units SAAR.

In BC, housing starts decreased by 6% m/m to 30,381 units SAAR in October, following a decrease of 26% in September. Building activity was up by 6% in the single-detached segment, while multi-unit starts were down by 11%. In the near term, we can expect housing activity to continue to be supported by strong demand and historically low borrowing rates. Meanwhile, the value of residential building permits was up in September by 34%. Compared to the same time last year, housing starts were down by 11% in BC.

For more information, please contact: Gino Pezzani.
Link: https://mailchi.mp/bcrea/canadian-housing-starts-oct-november-17-2020

Sir Arthur Conan Doyle is famous for creating the enduring character Sherlock Holmes. However, he started out doing far less creative and glamorous work.

He once commented that the turning point in any writer’s career is when publishers begin commissioning stories from the writer. Doyle’s first commission was a translation of a German article for The Gas and Water Gazette. The title: “Testing Gas Pipes for Leakage.”

Vancouver, BC – November, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 11,051 residential unit sales were recorded by the Multiple Listing Service^® (MLS^®) in October 2020, an increase of 43.8 per cent from October 2019. The average MLS^® residential price in BC set a record of $812,960, a 12.5 per cent increase from $722,333 recorded the previous year. Total sales dollar volume in August was $8.98 billion, a 61.8 per cent increase over 2019.

“The provincial housing market sustained its blistering pace of activity in October,” said BCREA Chief Economist Brendon Ogmundson. “While pent-up demand may be starting to fade, record low interest rates and a recovering job market are supporting strong sales.”

“A pandemic-driven shift in buyers’ preference for extra space is pushing average prices to record highs as larger value transactions account for a higher share of sales,” added Ogmundson. Prices are also being pushed higher by a lack of inventory. Total provincial active listings continue to trend lower and were close to 14 per cent lower in October 2020 compared to 2019.

Year-to-date, BC residential sales dollar volume was up 29.7 per cent to $58.7 billion, compared with the same period in 2019. Residential unit sales were up 16.3 per cent to 76,140 units, while the average MLS^® residential price was up 11.5 per cent to $771,085.

For more information, please contact: Gino Pezzani.

Canadian employment gained 84k jobs in October (0.5%, m/m), following a gain of 378k in September. This is the sixth consecutive month of increases, putting national employment within 636k of its pre-COVID February level. The national unemployment rate was little changed at 8.9%, as some provinces reinstated containment measures targeted at restaurants and bars, and recreational facilities. Compared to the same month last year, Canadian employment was down by 3.1% (-598k).

Regionally, employment increased in five provinces, with the largest gains in BC and Ontario. In BC, employment grew by 33.5k (1.4%, m/m) in October, following a gain of 55k in September. The province is now at 97% of its pre-COVID February employment level. The unemployment rate fell for the fifth consecutive month, down by 0.4 percentage points to 8.0%. Meanwhile, in Vancouver, employment increased by 52k jobs (3.8%, m/m). Compared to one year ago, employment in BC was down by 3.3% (-86K) jobs.

As expected, employment recovery was slower in October than the jumps we saw earlier on. Gains in industries that were hardest hit reported some backpedaling in October, as a few provinces reinstated containment measures. As COVID-19 cases continue to rise, the path to recovery will be tougher, especially if containment measures in Ontario and Quebec are prolonged, and if other provinces/territories decide to follow suit.

For more information, please contact: Gino Pezzani.

Link: https://mailchi.mp/bcrea/canadian-employment-oct-november-6-2020

A single father who had been laid off from his job was watching expenses closely for months while applying for every job he could find in his field.

Months earlier, he’d made a promise to his two sons— twins —that he’d take them to a nearby amusement park to celebrate their 10th birthday.

When the day came, the father withdrew some money from his savings, and took his two sons to the amusement park. Explaining that the walk was good for them, he skipped the parking fee by parking blocks away, knowing he’d need the extra cash to pay for lunch. When they finally reached the front gate, he saw a sign with two prices listed: one for “General Admission” and one for “Children under 10”. The father realized, he could have spent half as much if he’d come just one day sooner. With a sigh, he led the boys up to the ticket window and said, “Three general admission tickets, please.” 

The woman in the booth looked them over and smiled.

“How old are you boys?”

“Today is my birthday, I just turned 10,” said one boy.

“So am I,” said the other. “We’re twins!”

The woman leaned forward. “You know,” she whispered, “you could have asked for two ‘Under 10’ tickets, and I never would have known.”

“Yeah,” said the father, “but they would have.”

A few bright spots can be seen in the midst of the pandemic confronting the nation.

The Food Navigator USA website reports that in a survey of 1,005 Americans age 18–73, 54% say they
are cooking more at home, and 46% are baking more.

Seventy-five percent say they feel more confident in their cooking skills as a result, 50% are learning more about cooking, and 73% are enjoying it more.

More than half of those— 51% —say they’ll continue cooking more at home once the crisis has passed. Looking ahead to 2021 resolutions, you might want to subscribe to a food blog, take one day each week to explore a new recipe, or invest in a new appliance that simplifies your kitchen adventures.

BCREA 2020 Fourth Quarter Housing Forecast

Vancouver, BC – November, 2020. The British Columbia Real Estate Association (BCREA) released its 2020 Fourth Quarter Housing Forecast today.

Multiple Listing Service^® (MLS^®) residential sales in the province are forecast to rise 16.9 per cent to 90,450 units this year, after recording 77,350 residential sales in 2019. MLS^® residential sales are forecast to increase 9.7 per cent to 99,240 units in 2021.

“The housing market had a record fall season and prices are rapidly rising as pent-up demand floods into an under-supplied market,” said Brendon Ogmundson, BCREA Chief Economist. “As that pent-up demand fades, sales will likely come down from their current record pace, albeit to a still robust level of activity as record-low mortgage rates and a recovering economy continue to drive sales.”

On the supply side, active listings remain low due to hesitation on the part of sellers to list during the pandemic. Some additional supply may come online following the end of mortgage deferral programs, but given the tightness of market conditions, that supply is unlikely to be disruptive. We are forecasting the provincial MLS^® average price to finish the year up 9.9 per cent and to increase a further 2.6 per cent in 2021.

For more information, please contact: Gino Pezzani.

Most of us would rather dig a ditch than give a speech. However, the holidays are upon us with end-of-the-year presentations and all manner of gatherings (online or in person) that may require taking center stage.

The next time you’re offered the chance to make a presentation, say “Yes!” and follow this advice:

Learn about your audience

Who will be listening and what is important to them? If you’re following other speakers, find out who they are and get an idea of what they’re going to cover so you can fit your remarks into the right context.

Know your material

Do enough research to understand your topic and anticipate the questions you’re likely to be asked. Prepare an outline, if not a whole speech, and follow it as you talk.

Be clear on the reason for your speech

Audiences rarely enjoy vague, wishy-washy speeches. Decide what you want your main takeaway to be with a clear call to action, and structure your speech around it.

Practice, practice, practice

Run through the speech a few times before you deliver it to an audience. You’ll feel more comfortable with a solid mastery of the words.

Have a strong opening

You don’t necessarily have to open with a joke, but your opening lines should be clear and focused. Briefly thank the host and the audience, then confidently move into the bulk of your speech.

Finish on time

Few listeners ever wish that a speech was longer. As you practice, keep an eye on how much time you’re using, and stick to the time limit. If you come up short, you can always take questions.

I am so positively thrilled that November has come dancing in with a much-needed infusion of bright, cheerful energy! Certainly, we could use some extra autumn color— all those shimmering yellows and golden sunset oranges bring such a welcome jolt after ongoing months of peaceful distancing.

Gosh, I’m looking forward to connecting with friends and family this year. Certainly, this is a Thanksgiving like no other: it will not necessarily kick off a season of robust holiday parties and sparkling events to attend. However, the essence is there - shining through the pauses this year has given us. I have a sense of gratitude that we are together and here for each other.

Maybe you knew this— November is Family Stories Month. I love the thought that this is an old idea carried through to modern times. Ancient Vikings had what they called Wordfame, retelling the stories of their ancestors through memorized eddas that were passed down through generations. The ancient Greeks had a similar idea, Kleos, bringing joy to a family name through tales of heroism and honor.

Reciting the same anecdotes about family and bestowing wordfame on the people dearest to you, simply by retelling those same stories over again each year, seems an accurate description of Thanksgiving. I’m pretty sure those stories, if they had colors, would be a mix of the bright yellows, different varieties of orange, and some gold mixing on one tree in a cacophony of vibrant hues… like laughter around a dinner table.

I hope your November is full of stories that beg to be retold, ripe with laughter and bursting with color. May you enjoy hours of wordfame throughout the month!

Best wishes to you and yours for a lovely November.

Your friend,

Gino Pezzani.