Did you know? Former American President Lyndon B. Johnson proclaimed October 15th White Cane Safety Day a national holiday in 1964. White Cane Safety Day commemorates the accomplishments of the blind or visually impaired. Independence is represented by a white cane, a vital tool that helps visually impaired individuals navigate the world.

According to the National Federation of the Blind, the white cane helps people reach out farther to effectively assess a situation several steps in advance, find steps and curbs, locate and step over cracks or uneven places in the sidewalk, find doorways, get into cars and buses, and much more.

In a year when everything around us has changed, most of us have become pretty good at adapting. This Thanksgiving will not be like any other holiday we have shared together. I say this because we have all been stretched to adapt and do nearly everything differently. We visit each other differently; we eat differently; and we even shop for groceries differently. But the thing is, Thanksgiving is about doing the same thing, the same way… every year. Can you remember the last time a friend or family member tried to put a new spin on a traditional dish? There was at least one person who didn’t respond well to this!

No matter what changes this year, the one thing that shouldn’t change is the reason we celebrate this day together. We break bread together because we are thankful. We are thankful that we are friends; we are thankful we are family; and we are thankful that no matter what, we come together in the spirit of gratitude. Because no matter what we may do differently, we will do it differently together and that should never change.

I wish you a Happy Thanksgiving!
Gino Pezzani

Canadian housing starts decreased by 20% m/m to 208,980 units in September at a seasonally adjusted annual rate (SAAR), following a strong gain of almost 262,000 units in August. This is the first decline after four consecutive months of increases, which was driven by declines in the multi-unit segment in Ontario and BC. The decline was broad-based, where starts were down in 8 provinces. September's still healthy number increased the six-month average to 214,647 units SAAR.

In BC, housing starts decreased by 25% m/m to 32,279 units SAAR in September, following a robust increase of 43,322 in August. This rounded out the third quarter average to 38,662 units SAAR. 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 down in August by 19%. Compared to the same time last year, housing starts were down by 22%.

Looking at census metropolitan areas in BC:

Housing starts in Vancouver were down by 28% m/m to 21,478 units SAAR in September, following last month's healthy showing of 29,714 units SAAR. Starts were down in both multi-units (-29%) and singles (-14%). Compared to last year, housing starts were down by 14%.

In Victoria, housing starts were down by 15% m/m to 2,324 units SAAR. Compared to a year ago in September, housing starts were down by 61%.

In Kelowna, housing starts decreased by 60% m/m to 1,052 units SAAR. Starts were down by 31% in the region compared to the same time last year.

Monthly housing starts in Abbotsford-Mission were down by 25% at 1,074 units SAAR. Compared to the same time last year, new home construction was down by 48%.

For more information, please contact: Gino Pezzani.

Canadian employment gained 378.2k jobs in September (2.1%, m/m), following a gain of 245.8k in August. This is the fifth consecutive month of increases, putting national employment within 719.5k of its pre-COVID February level. The national unemployment rate fell by 1.2 percentage points to 9% from the previous month. Gains in the services-producing sector were driven by accommodation/food, educational services, and information/culture/recreation, while manufacturing led the increase in the goods-producing sector. Compared to the same month last year, Canadian employment was down by 3.6% (-685k).

Regionally, employment increased in all provinces except in New Brunswick and PEI, with the largest gains in Ontario and Quebec. In BC, employment grew by 54.8k (2.3%, m/m) in September, surpassing the 15.3k gain in August. The province is now at 96% of its pre-COVID February employment level. September's gain brought down BC's unemployment rate by 2.3 percentage points to 8.4%. In Vancouver, employment increased by 35,000 jobs, contrasting the 2.3k jobs lost in August. Compared to one year ago, employment in BC was down by 4.2% (-106K) jobs.

We've come a long way since the loss of 3 million jobs in April. But as the economy continues to recover and adapt to the impacts of the global pandemic, some industries will continue to face a longer path to recovery than others.

For more information, please contact: Gino Pezzani.

October is Breast Cancer Awareness Month, according to National Breast Cancer Foundation, Inc. Every year, this campaign grows awareness of this disease.

While purchasing products branded with the pink breast cancer ribbon has become fairly commonplace, here are just a few of the ways you can help those in need without going to the store:

Share the story. Reach out and share the story of how you or a loved one has been affected by breast cancer. Be the voice of wisdom for someone in need.

Spread the word. Share about Breast Cancer Awareness Month on Facebook, Instagram, Twitter, or LinkedIn. Put those social media accounts to work!

Make a donation. Make a one-time or monthly donation to help provide a mammogram for a woman through the charity of your choice. Unsure where to start? Try the American Cancer Society or the National Breast Cancer Foundation.

In year’s past, October has heralded the upcoming holidays: scarecrows in the garden, pumpkins resting by doorsteps, and the thought of friends and family gathering in just a few weeks. It is all different this year, given that our world is still healing from the pandemic.

However, I refuse to lose my sense of optimism and I hope you are as stubborn as I am, resolutely standing with faith in humanity… no matter how tough this year has been so far.

I ran across a lovely site online the other day that listed a full October Optimism calendar packed with cheerful suggestions to infuse each day this month with a way to keep looking ahead. Some of my favorites were: think of three things every morning that give you hope for the day; deliberately look for the good intentions from everyone you encounter each day; and rethink your priorities for the month.

However, the one I liked best was this one: share your most important goals with the people you trust.

Sharing your goals automatically means you’ve accepted today as a starting point, which is in itself optimistic. It also opens up a conversation with close friends or family, and that sense of connection is so vital in these trying times. The give-and-take of ideas might just spur a trusted friend into action as well, benefiting you both and likely bringing you closer together at the same time for a strong finish to this challenging year.

On a professional level, sharing your most important goals has potential to stimulate outreach and inadvertently forces you into connecting with peers and contacts before the holiday hustle and bustle sets in.

My friend, we have made it through so much already this year. I remain optimistic and hope you will as well!

Gino Pezzani.

Highlights:
• 5-year fixed mortgage rate falls under 2 per cent
• Canadian economic recovery entering recuperation phase
• Bank of Canada on hold until 2023?
For more information, please contact: Gino Pezzani.
[gview file="https://vanhomesales.com/wordpress/wp-content/uploads/2020/10/mortgagerateforecast.pdf"]

Canadian real GDP grew 3 per cent in July, following a record 6.5 per cent increase in June. However, even after three consecutive months of strong growth, the Canadian economy remains about 6 per cent below its pre-pandemic level of output. All 20 Canadian industrial sectors posted increases in July, with the real estate sector surpassing its pre-pandemic level of GDP.

Statistics Canada preliminary estimate for August real GDP growth is 1 per cent, which means that third quarter real GDP growth is currently tracking at close to 10 per cent, or about 40 per cent on a quarterly annualized basis. Still, even that unprecedented level of growth would still leave the Canadian economy about 4 per cent below its pre-pandemic level. From there, we anticipate a strong, albeit slower rate of growth as the economy heals and enters a “recuperation phase.”

For more information, please contact: Gino Pezzani.

The provincial government announced changes on September 13 intended to address rising strata insurance costs that have affected strata owners throughout the province.

Here’s a summary of the changes:

• Effective immediately, referral fees to strata property managers from strata insurance transactions are prohibited.
• Effective November 1, strata insurers and agents must provide 30 days advance notice to strata corporations if they intend to not renew an insurance policy or make material changes to the policy.
• Strata insurance agents will also be required to disclose their commission amount, or a reasonable estimate, to strata corporations. Failing to meet these requirements can result in penalties of up to $25,000 for an individual or $50,000 for a corporation.

Click here to read the government’s announcement.

These changes follow the BC Financial Services Authority’s June report that found strata premiums have risen by approximately 40 per cent across the province year-over-year and deductibles have risen as well, sometimes with triple-digit increases.

We’ll share more analysis on these changes in future communications.

Other articles on this issue

Strata insurance – where are we at?

Government steps in to address rising insurance costs for strata owners

For more information, please contact: Gino Pezzani.
https://www.rebgv.ca/content/rebgv/en/Guidelines-Rules-and-Legislation/REALTOR-Essentials/Property-Research/stratas/provincial-government-changes-strata-insurance-regulations.html

Meditation has many health benefits and is a highly effective way to relieve stress and maintain a healthier lifestyle. With practice, meditation becomes more of an easy habit to maintain and more of an effective one as well, given that it builds resilience to stress over time.

Here is a basic process to get you started from the verywellmind website:

Step 1: Get Into a Comfortable Position.

Choose where and how you’ll sit. Many people like to sit in a comfortable chair while others prefer to sit cross-legged on the ground. You want to be able to completely relax while still staying awake, which is easier to do if your back is straight. A straight back will also prevent soreness during longer meditations.

Step 2: Gently close your eyes.

Become aware of your breath, attuning to the sensation of air moving in and out of your body as you breathe. Feel your belly rise and fall as air enters your nostrils and leaves your mouth. Pay attention to the way each breath changes and is different.

Step 3: Put your thoughts aside.

While you can’t control your thoughts, you can control how much power they have over you. This doesn’t mean you should ignore or suppress them, but simply remain calm, note them, and then use your breathing to bring you back to the moment. Learning to do this during your meditation practice can help you to let things go in the rest of your life as well.

Step 4: Keep going.

That’s it, really! Keep putting aside any thoughts that may pop into your mind. The quiet spaces between thoughts will become longer and more frequent the longer you practice.

A Few Tips to Help You Get Started:

• Set goals for personal growth and give yourself time to learn.
• Begin with five minutes and use a timer to avoid watching the clock.
• Try different techniques until you find yours.

Titan, the largest moon of the ringed planet Saturn, is moving out. Not just that, but the large moon is escaping at a faster speed than anyone previously realized. CNN reports that Titan is moving away from Saturn at a rate of four inches per year—100 times faster than previously thought. Other moons in the solar system also migrate, but at a slower rate. Earth’s moon, for example, is pulling away some 1.5 inches per year.

Titan, larger than the planet Mercury, orbits Saturn at a distance of 759,000 miles. Titan is the only moon known to have a considerable atmosphere and, aside from Earth, is the only planetary body in the solar system with liquid rivers and lakes on the surface.

Titan will be visited by a NASA probe, Dragonfly, in 2034. The drone will fly through the moon’s thick atmosphere and visit an impact crater formed tens of thousands of years ago, where scientists believe they might find ingredients for life.