Canadian real GDP contracted by 0.3 per cent in October after increasing by 0.2 per cent in September. Goods-producing sectors fell by 0.7 per cent, while service-producing industries decreased by 0.2 per cent. Detractors from growth were led by manufacturing (-1.5 per cent), transportation and warehousing (-1.1 per cent), and wholesale trade (-0.9 per cent). Conversely, finance and insurance was one of the few drivers of growth (0.4 per cent), as all goods-producing industries either remained flat or contracted from September. Output for the offices of real-estate agents and brokers rose by 0.9 per cent month-over-month. Preliminary estimates suggest that real GDP by industry increased by 0.1 per cent in November.

The Canadian economy gave back all of the growth found in September, with October’s data painting a bleak picture for the final quarter of the year. Following its recent rate-hold, the Bank of Canada will closely follow November and December’s GDP data to assess Canada’s economic performance relative to its updated projection for the fourth quarter, as it continues signaling neutrality concerning future rate adjustments.

Canadian retail sales decreased by 0.2 per cent to $69.4 billion in October compared to the previous month. Compared to the same time last year, retail sales were up by 2.1 per cent. Furthermore, core retail sales, which exclude gasoline and automobile items, decreased by 0.5 per cent in October. In volume terms, adjusted for rising prices, retail sales fell by 0.6 per cent in October.

Retail sales in British Columbia were down 0.4 per cent in October month-over-month and rose by 2.6 per cent compared to the same time last year. In the CMA of Vancouver, retail sales were up 1.0 per cent from the prior month and were 3.5 per cent above the level of October 2024.

October’s report marks a second consecutive monthly fall in consumer spending, with retail activity falling by about 0.3 per cent since January. Turbulence in monthly retail sales throughout the year may signal a lack of confidence amongst Canadians as trade uncertainty continue percolating through the economy. The Bank of Canada will closely monitor Canada’s economic growth in the final quarter of 2025, as they remain poised for a relatively neutral 2026 concerning policy adjustments. 

Canadian prices, as measured by the Consumer Price Index (CPI), rose 2.2 per cent on a year-over-year basis in November, matching the increase in October. On a seasonally adjusted monthly basis, the CPI was up 0.2 per cent in November, equivalent to a 2.9 per cent increase on an annualized basis. The CPI ex-gasoline increased by 2.6 per cent in November, matching the previous two months. Additionally, food prices increased by 4.7 per cent year-over-year, the largest monthly increase in nearly two years. In BC, consumer prices rose 2.0 per cent year-over-year in November, matching the increase in October. The Bank of Canada's preferred measures of median and trimmed inflation, which strip out volatile components, both fell to 2.8 per cent year-over-year, respectively. 
 
Much of the downward pressure in November’s CPI print was driven by lower year-over-year prices for services, counteracted by smaller declines in gasoline prices and accelerating grocery prices among other goods-producing aggregates. Nonetheless, 3-month annualized core inflation cooled to about 2.3 per cent, while remaining near the Bank of Canada’s upper threshold year-over-year. Looking ahead, the Bank’s weak economic outlook and guidance suggests a relatively neutral 2026 concerning rate adjustments as they monitor Canada’s economic performance in the final quarter of the year.

As the days shorten and the temperature drops, many people start feeling the effects of the "winter blues." Although experiencing less energy during this season is common to some people, simple self-care practices can help you stay positive and maintain your mental health.

Soak Up Natural Light: Because a lack of sunlight can affect your mood, try to be outside during daylight hours, even for a short walk. If that’s difficult to do, then consider using a light therapy lamp indoors to mimic natural sunlight.

Stay Active: Physical activity boosts endorphins, which help improve your mood. Even a gentle indoor workout, yoga session, or brisk walk around the block can make a big difference.

Eat Nourishing Foods: Incorporate mood-boosting foods into your diet, such as leafy greens, nuts, and foods rich in Omega-3s. These nutrients can help stabilize your mood and energy levels.

Practice Mindfulness: Engage in mindfulness techniques, such as meditation or deep breathing. These practices can reduce stress and help you stay grounded and focused on the present, rather than letting the winter blues overwhelm you.

Stay Connected: Talk with friends and family, even for only a quick chat. Social connections are key to maintaining a positive mindset during the colder months.

With these self-care tips, you can navigate the winter months with a positive outlook and keep the blues at bay. Small daily habits can have a big impact on your mental well-being!

Make Christmas morning extra magical with these fun and unique ways to show your kids that Santa really made his visit!

Santa’s Footprints: Use flour or powdered sugar to create “snowy” boot prints leading from the door or fireplace to the Christmas tree. Your kids will love following Santa’s path through the house!

Santa’s Magic Key: If you don't have a chimney, leave a special "magic key" by the door for Santa to use. In the morning, the key can be left behind with a sprinkle of glitter and a note from Santa saying he used it to enter the house.

A Text from Santa: Schedule a personalized text or email “from Santa” to arrive on Christmas morning. It could say, “I just left your house! Thanks for the cookies! Enjoy the presents! – Santa.” Your kids will be amazed that Santa can text!

Santa’s Wrapping Paper: Wrap a couple of gifts in special “Santa” paper, and leave a scrap near the fireplace or tree, as if Santa accidentally left a piece behind during his late-night delivery.

Santa’s Lost Hat or Glove: Place a red glove, Santa’s hat, or even a black belt under the tree or by the fireplace. Let the kids discover it and say, “Looks like Santa was in such a hurry, he left this behind!”

Some extra care can keep your poinsettia staying beautiful for months. Location is the first consideration: Place it near a bright and indirect light source.

If the pot is wrapped in decorative foil, punch holes in the bottom so the plant's roots will not be standing in water. Place the plant in a saucer to collect extra water.

When watering it, always use water that is room temperature, so the roots don't chill. Slowly add water to the pot until it drains out the bottom. Discard the excess water.

Water only when the top quarter inch of the soil is dry. Too much water will make the leaves turn yellow and drop; not enough water will cause the plant to wilt and drop its leaves.

As the real estate market continues to shift, staying informed about your home’s value has never been more important. With mortgage rates beginning to stabilize and more balanced conditions emerging between buyers and sellers, understanding where your home stands in today’s market can help you make confident financial decisions.

An Annual Equity Review is your opportunity to get a clear picture of your home’s current value, equity growth, and future potential. Think of it as a financial wellness check for your most important investment.

I’ll provide you with a personalized, data-driven analysis that goes beyond headlines or online estimates, so you can see exactly how market trends affect your specific property and long-term goals. Whether you’re planning to stay, refinance, or explore your next move, this review gives you clarity and confidence for the road ahead.

Just as you review your finances or retirement plan each year, assessing your home’s equity is essential to protecting and growing your wealth.

Let’s schedule your Annual Equity Review and make sure your real estate strategy is aligned with today’s evolving market.

Contact me here: Gino Pezzani

As this year comes to a close, I find myself reflecting on the families I’ve had the privilege to help. Many of those opportunities came because someone like you trusted me enough to share my name when a friend, neighbor, or coworker mentioned they needed real estate guidance. That trust means everything.

When you introduce someone to me, you’re not just connecting them with an agent, you’re giving them access to someone who will treat their goals as carefully as I’ve treated yours. As your friend in real estate, I take that responsibility seriously.

If you know someone entering the new year with questions about buying, selling, or simply understanding their options in today’s market, I’d be honored if you’d keep me in mind. Your introductions have made all the difference this year.

Wishing you and yours a wonderful holiday season!

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