December nights offer some of the clearest views of the winter constellations. For centuries, sailors relied on these stars, particularly Polaris, the North Star, to navigate safely home. What's remarkable is that Polaris doesn't move across the sky like other stars; it remains close to constant, a relatively fixed point you can always count on.

Ancient navigators would teach their crews to identify it, knowing this knowledge could save lives. They'd pass this wisdom to others because having a reliable guide wasn't just helpful, it was essential.
Just as those sailors once shared their knowledge of the North Star, we too can be that steady light for others. Whether through experience, encouragement, or kindness, each of us has the power to help someone find their way when the path ahead feels uncertain.

This time of year, trees teach us something we often forget.

They don’t rush to bloom. They don’t force growth when the environment isn’t right. Instead, they retreat. They shed what’s no longer needed, draw energy inward, and settle into stillness. Not because they’re lazy or unproductive, but because rest is part of the cycle.

In the human world, December tends to mean high gear: end-of-year wrap-ups, social obligations, holiday logistics, the relentless pull to do, buy, plan, perform. But nature, in all its wisdom, does the opposite. Trees know the value of dormancy. They trust that quiet seasons are just as necessary as the colorful ones.

What if we took a cue from them?

What if we allowed ourselves a little more softness this season, not just cozy blankets and cinnamon tea, but true spaciousness? A little less pressure to perform. A little more permission to pause. Not everything needs to be resolved before the year ends. Some things are meant to wait.

So consider this your nudge from the natural world: rest is not a weakness. It’s a strategy. A strength. A rhythm older than any to-do list.

Here’s to honoring it, at least a little.

To view the full interactive BCREA Mortgage Rate Forecast, click here.
Download the full report (PDF)

Highlights:

• Canadian fixed mortgage rates are holding steady amidst bond volatility.
• Trade uncertainty continues to be a drag on economic growth.
• After two rounds of rate cuts, is the Bank of Canada done?

For more information, please contact:  Gino Pezzani

Canadian employment increased by 0.3 per cent from the previous month, with the economy gaining 54,000 jobs to 21.136 million in November. The employment rate rose by 0.1 points to 60.9 per cent, while the unemployment rate dropped by 0.4 points to 6.5 per cent. Average hourly wages rose 3.6 per cent year-over-year to $37.00 in November.
           
Employment in B.C. rose by 0.2 per cent to 2.948 million, with the provincial economy gaining 6,200 jobs in November. Employment in Metro Vancouver increased by 0.5 per cent to 1.695 million. The unemployment rate in B.C. decreased by 0.2 points to 6.4 per cent in November. Meanwhile, Vancouver's unemployment rate also fell by 0.2 points to 6.1 per cent in November. 

November’s jobs report marks three consecutive months of strong employment growth, with the unemployment rate dropping to its lowest level since July of last year. Following a weak first half of the year, Canada has cumulatively added over 180,000 jobs since September, most of which is driven by boosted private sector and part-time employment. Resilience from the Canadian labour market will reaffirm the Bank of Canada’s determination to remain on the sidelines in the short-to-medium term following its brief cutting cycle, leading to a hold at its last meeting of the year. 

For more information, please contact:  Gino Pezzani

Canadian real GDP rose by 0.2 per cent in September, after declining by 0.1 per cent in August. Goods-producing sectors increased by 0.6 per cent, while service-producing industries grew by 0.1 per cent. Sectoral growth was led by manufacturing (1.6 per cent), wholesale trade (0.6 per cent), and transportation/warehousing (1.2 per cent). The biggest detractor to growth came from retail trade (-0.7 per cent), while construction also contracted by 0.3 per cent. Output for the offices of real-estate agents and brokers fell by 2.3 per cent month-over-month. Preliminary estimates suggest that real GDP by industry decreased by 0.3 per cent in October.
     
Real GDP increased by 0.6 per cent in the third quarter of 2025, registering an annualized growth rate of 2.6 per cent. Growth was driven by a rebalancing of trade, with exports rising by 0.2 per cent and imports falling by 2.2 per cent (largest drop since Q4 2022), respectively. Capital spending from government increased 2.9 per cent, largely driven by military investment. Meanwhile, business investment was mostly flat, as higher spending on residential and engineering structures offset dampened spending on machinery and equipment and non-residential buildings.  Looking deeper, residential investment jumped 1.6 per cent behind recovering resale activity throughout the country, while investment in new construction fell 0.8 per cent. Household final consumption fell 0.1 per cent in the third quarter, while the household savings rate ticked up to 4.7 per cent. On a per capita basis, GDP rose 0.5 per cent in Q3 after falling by 0.5 per cent in the previous quarter. 
    

Canada’s economic performance will surprise many, with annualized growth in the third quarter far outpacing the Bank’s updated projection of 0.5 per cent. Much of this divergence is attributable to a strengthening trade balance, as imports saw their largest quarterly fall in over two years. Importantly, this quarter’s trade data is somewhat incomplete due to the US government shutdown, leaving potential for large revisions moving forward. Moreover, one-time government defense spending propelled growth forward while offsetting continued weakness in private investment. However, frail domestic demand and household consumption continue to demonstrate the fragility of the Canadian economy, which cannot rely on weakening imports or anomalous public spending to drive growth moving forward.  While the Bank of Canada will likely hold its policy rate during its last meeting of the year, a weak preliminary growth estimate for October will catch their concern as global headwinds and underlying weakness in the labour market and broader economy persist.  
     
For more information regarding British Columbia's GDP growth, please visit our Nowcast for an estimate of economic activity throughout the province:

Private: BCREA Nowcast for October & November by Economics - Infogram

For more information, please contact:  Gino Pezzani

Canadian retail sales decreased by 0.7 per cent to $69.8 billion in September compared to the previous month. Compared to the same time last year, retail sales were up by 3.4 per cent. Furthermore, core retail sales, which exclude gasoline and automobile items, were relatively unchanged month-over-month. In volume terms, adjusted for rising prices, retail sales decreased by 0.8 per cent in September. Retail sales rose 0.2 per cent in the third quarter of the year.

Retail sales in British Columbia were down 0.9 per cent in September month-over-month and rose by 4.4 per cent compared to the same time last year. In the CMA of Vancouver, retail sales were down 1.0 per cent from the prior month and were 2.6 per cent above the level of September 2024.

September’s report rounds out the weakest quarterly retail growth since Q2 of 2024, demonstrating some hesitancy in consumption amidst shaky economic conditions. However, further resilience in October’s jobs report and slight downticks in core inflation reaffirm the Bank’s guidance toward holding the overnight rate during its December meeting.

Watch BCREA Chief Economist Brendon Ogmundson
discuss the October 2025 statistics.

This holiday treat is gluten-free, naturally sweetened and packed with fiber!

For the filling:

1 ½ cups ricotta cheese

¼ cup honey or maple syrup

1 tsp vanilla extract

½ tsp cinnamon

¼ tsp ground ginger

1 egg

For the crust:

1  ½ cups almond flour

¼ cup coconut flour

¼ cup melted butter (or coconut oil)

2  tbsp maple syrup

Pinch of salt

For the topping:

3  ripe persimmons, thinly sliced

1 tbsp honey

½ tsp ground cinnamon

¼ tsp ground nutmeg

Directions:

Preheat the oven to 350°F (175°C).

Make the crust: In a bowl, mix almond flour, coconut flour, melted butter, maple syrup, and salt. Press the mixture into a tart pan, covering the base and sides evenly. Bake for 10-12 minutes until lightly golden, then let cool.

Prepare the filling: In another bowl, combine ricotta cheese, honey or maple syrup, vanilla extract, cinnamon, ginger, and egg. Whisk until smooth and creamy.

Assemble the tart: Pour the ricotta mixture into the cooled crust. Layer the persimmon slices on top in an overlapping pattern.

Add the spiced glaze: In a small bowl, mix honey, cinnamon, and nutmeg. Drizzle the mixture over the persimmons.

Bake the tart for 30-35 minutes, until the filling is set, and the persimmons are tender.

Let it cool for 10 minutes before slicing.

Winter is the perfect season for comfort food—think warm soups, creamy casseroles, and hearty stews. But indulgence doesn’t have to mean unhealthy.

By adding a few smart twists to your favorite dishes, you can keep them nourishing and satisfying without overloading on heavy ingredients.

1. Swap heavy cream for coconut milk or Greek yogurt: For creamy soups or sauces, replace heavy cream with coconut milk or plain Greek yogurt. Coconut milk adds richness without the extra fat. Greek yogurt brings protein and tang to such dishes as mac and cheese or creamy soups.

2. Load up on seasonal veggies: Winter brings a bounty of nutrient-packed vegetables, such as sweet potatoes, Brussels sprouts, and butternut squash. Add roasted veggies to your favorite comfort meals or swap them in for carbs. For instance, use mashed sweet potatoes instead of regular potatoes or make a veggie-packed chili.

3. Go for whole grains: Comfort food can still be hearty without being heavy. Use whole grains, such as quinoa, farro, or barley, in casseroles or soups. They add fiber, keep you feeling fuller longer, and deliver a satisfying texture.

4. Bake with a healthy twist: Winter desserts can get a healthy makeover by swapping sugar for natural sweeteners, such as honey or maple syrup, and using almond or coconut flour instead of white flour. Add cinnamon, nutmeg, or ginger to up the flavor and give your baked goods a cozy, seasonal twist.

With these easy tweaks, you can enjoy winter comfort foods while keeping them light and nourishing. So go ahead—indulge, but with a little extra goodness!

Cinnamon, a festive spice loaded with antioxidants and anti-inflammatory properties, can help regulate blood sugar, improve heart health, and even boost brain function, according to research published by the National Center for Biotechnology Information (NCBI). This makes it a great addition to your holiday season.

Try sprinkling cinnamon on oatmeal, stir it into coffee or tea, or add it to baked apples for a healthy twist. You can also mix it into holiday desserts for a delicious and health-conscious treat. It’s a tasty way to enjoy its warming flavor while reaping some health benefits!

Canadian Employment (October 2025) – November 7, 2025

Canadian employment increased by 0.3 per cent from the previous month, with the economy gaining 67,000 jobs to 21.082 million in October. The employment rate rose by 0.2 points to 60.8 per cent, while the unemployment rate dropped by 0.2 points to 6.9 per cent. Average hourly wages rose 3.5 per cent year-over-year to $37.06 last month.
           
Employment in B.C. fell by 0.1 per cent to 2.942 million, with the provincial economy losing 2,900 jobs in October. Employment in Metro Vancouver decreased by 0.3 per cent to 1.687 million. The unemployment rate in B.C. increased by 0.2 points to 6.6 per cent in October. Meanwhile, Vancouver's unemployment rate rose by 0.1 points to 6.3 per cent in October. 

October’s jobs report marks two consecutive months of employment growth that offset similar sized job losses during the summer. Job growth was driven by gains in private sector employment, the first private sector job growth since June. This report will likely further solidify the Bank of Canada's resolve that further rate cuts are not needed at this time, leading to a hold at their December meeting.