Canadian employment was virtually unchanged from the previous month, growing by 1,100 jobs to 20.995 million in February. The employment rate and unemployment rate each held steady at 61.1 per cent and 6.6 per cent, respectively. Average hourly wages rose 3.8 per cent year-over-year to $36.14 last month, while total hours worked were up 0.5 per cent from February of the previous year.

Employment in B.C. fell by 0.2 per cent to 2.939 million, with a loss of 4,800 jobs in February. Employment in Metro Vancouver rose 0.5 per cent to 1.705 million in February. The unemployment rate in B.C. was unchanged at 6.0 per cent in February. Meanwhile, Vancouver's unemployment rate rose by 0.2 points to 7.0 per cent in the second month of the year.

February's jobs data indicated a potential softening of the Canadian labour market following two months of strong job growth. Overall, this report may slightly tilt the Bank of Canada toward lowering its policy rate next week as they look to evaluate the impacts of an apparent trade war with the U.S. on Canadian inflation and economic growth. 

https://mailchi.mp/bcrea/canadian-employment-february-2025

For more information, please contact: Gino Pezzani.

In a world of texts, emails and instant replies, the handwritten letter has become a rare and beautiful thing - a small act of thoughtfulness that feels more personal than a digital message ever could.

Writing a letter forces us to slow down. It’s about more than words; it’s about intention. From choosing the paper to feeling the scratch of the pen against it, every step feels deliberate. Letters carry a piece of us - our handwriting, our rhythm and our thoughts. They are keepsakes and something to hold onto, unlike a fleeting text.

Studies have shown that writing by hand can reduce stress and strengthen memory, and receiving a letter can create feelings of connection and joy. According to Psychology today, the tactile act of writing engages the brain more deeply than typing and it fosters creativity.

This month, challenge yourself to write a letter. Send one to a friend who lives far away, to a family member you haven’t called recently, or even to yourself. Share a story, express gratitude, or simply say "Hello." The beauty of a letter is that it’s never just a message - it’s a gift.

Awe is the feeling of wonder sparked by something vast, sublime or unexpected. While natureoften evokes this emotion, a 2017 study revealed that profound awe is more commonly inspiredby acts of moral beauty—like courage, kindness or selflessness—than by material wealth orpossessions.

According to Dacher Keltner, author of Awe: The New Science of Everyday Wonder, awe reduces stress, improves physical symptoms, such as headaches, and fosters a deeper sense of meaning and connection. It can also help people be less self-focused and more inclined to help others.

Awe has been linked to spiritual experiences, as noted in a 2013 Psychological Science study. “Healthy doses of awe nourish us,” writes Keltner, “leaving us feeling strengthened, empowered and alive.”

Dear All,

Spring is in the air, and with it comes a sense of renewal and fresh possibilities. In this newsletter, you’ll find thoughtful stories, tips and insights to help you refresh your mindset, home and routines.

Spring is all about new beginnings, and sometimes, that means buying or selling a home. Whether you’re looking to find the perfect space for this season of life or move on to your next chapter, I’m here to guide you every step of the way.

Wishing you a fresh, uplifting start to spring. Let me know how I can help — new opportunities are just a
conversation away.

Wishing you all the best,

Gino Pezzani

Canadian real GDP rose by 0.2 per cent in December, after declining by 0.2 per cent in November. Goods-producing sectors rose 0.3 per cent, while service-producing industries were up 0.2 per cent. Sectoral growth was led by mining, quarrying, and oil and gas extraction (0.8 per cent), utilities (4.7 per cent), and retail trade (2.6 per cent). Output for the offices of real-estate agents and brokers fell by 6.0 per cent month-over-month. Preliminary estimates suggest that real GDP by industry increased by 0.3 per cent in January.

Real GDP increased by 0.6 per cent in the final quarter of 2024, registering an annualized growth rate of 2.6 per cent. Household spending grew by 1.4 per cent, leading to a 1.0 per cent increase in per capita household expenditures during the fourth quarter. Growth was also driven by strong residential construction (3.9 per cent) and non-residential business investment (0.7 per cent). Canadian trade grew in the fourth quarter, with exports of goods and services (1.8 per cent) outpacing imports (1.3 per cent). Household savings rates fell from 7.3 per cent to 6.1 per cent in the fourth quarter, driven by slower wage and income growth compared to spending, as well as lower investment earnings. On a per capita basis, GDP rose 0.2 per cent in Q4, but fell 1.4 per cent in 2024 overall.

Canada's GDP growth in the final quarter reflects the impacts of lower interest rates as well as temporary relief from the GST holiday on household consumption. This comes in the context of inflation moderating to its target range, with price appreciation being largely driven by high shelter costs. In addition, uncertainty surrounding potential tariffs and their inflationary impacts continue to hamper our economic outlook. This report, although stronger than expected, likely will not sway the Bank in either direction particularly as the impact of likely tariffs takes center stage before the next Bank of Canada interest rate decision.

For more information regarding British Columbia's GDP growth, please visit our Nowcast for an estimate of economic activity throughout the province:

https://infogram.com/1prlyj9k5xz7dyfgqj07nz33xjfm7krnq27?live

https://mailchi.mp/bcrea/canadian-economic-growth-real-gdp-q4-2024

For more information, please contact: Gino Pezzani.

Warm, hearty and comforting, this one-pot recipe is perfect for chilly winter evenings. Packed with earthy mushrooms, nutty wild rice, and a creamy base, it’s a bowl of cozy goodness.

Ingredients

2 tbsp olive oil or butter

1 medium yellow onion, diced

3 garlic cloves, minced

2 carrots, peeled and diced

2 celery stalks, diced

1 lb. mixed mushrooms (button, cremini, or 

shiitake), sliced

1 cup wild rice, rinsed

6 cups vegetable or chicken broth

1 cup unsweetened coconut milk or heavy cream 

1 tsp dried thyme

1 bay leaf

Salt and pepper to taste

Fresh parsley for garnish

Instructions

Sauté the Aromatics. Heat the olive oil or butter in a large pot over medium heat. Add the onion, garlic, carrots, and celery. Cook until the vegetables are softened, about five minutes.

Cook the Mushrooms. Add the mushrooms and cook for another five-seven minutes, stirring occasionally, until they release moisture and begin to brown.

Simmer the Soup. Stir in the wild rice, broth, thyme, bay leaf, and a generous pinch of salt and pepper. Bring the mixture to a boil, then reduce the heat to low. Cover and let it simmer for 40–45 minutes or until the rice is tender.

Add Creaminess. Once the rice is cooked, stir in coconut  milk or cream. Let the soup simmer for an additional five minutes to meld the flavors.

Season and Serve. Taste and adjust the seasoning with more salt and pepper if needed. Remove the bay leaf before serving. Ladle the soup into bowls and garnish with fresh parsley.

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

To view the full interactive BCREA Commercial Leading Indicator, click here.
To view the full Commercial Leading Indicator PDF, click here.

The BCREA Commercial Leading Indicator (CLI) rose 1.3 points to 149.8 in the fourth quarter of 2024, while the six-month moving average rose to 148.8. Compared to the same quarter in 2023, the index was down 0.2 per cent. 

Fourth Quarter Highlights

• The economic activity index rose in Q4 by 1.9 points. Growth in this index was broad-based, with inflation-adjusted retail trade (0.7 per cent), wholesale trade (0.5 per cent), and manufacturing sales (0.6 per cent) rising from the previous quarter.

• Office employment (financial, insurance, real estate, and professional services) rose by 0.1 per cent in the fourth quarter, while manufacturing employment fell by 0.2 per cent. The overall employment component declined by 0.1 points from the previous quarter, contributing negatively to the index.

• The financial component of the index decreased in the final quarter by 0.5 points. Real Estate Investment Trust (REIT) prices fell by 9.7 per cent, driving the component down. Additionally, interest rate spreads saw modest increases from the previous quarter, indicating slightly more perceived short-term risk in the economy. Both components combine into a net negative impact on commercial activity for the overall component.

For more information, please contact: Gino Pezzani.

You can get the benefits of cardiovascular and aerobic exercise in just 60 minutes a week. Exercise intensely for one minute and leisurely for another minute. Work up to a total of 20 minutes, three times a week.

The appeal of the one-minute workout is that after 30-60 seconds of pushing yourself, you continue moving, but at a leisurely pace. If you want to do more, then rest for between  30-60 seconds and push toward the intense phase again.

New studies show the program is as effective as more minutes of exercise and can be equally as safe.

Delayed flights, bad weather, clogged airports—and once you make it through the winter travel obstacle course, you might have to sit next to someone with a nasty cold. Save yourself some time and energy, and cut back on your stress with these tips.  

• Pick a morning flight. If your flight is canceled because of bad weather, then you're more likely to find another flight the same day.

• Try to find a non-stop flight. If that isn't an option, then look for connecting flights out of airports that aren't experiencing severe weather. In other words, skip that layover in Buffalo.

• Charge your electronic devices and have your cables handy. You might not be able to find replacements at the airport, and if you do, they're often wildly overpriced.

• Book a window seat. People in middle or aisle seats are more likely to catch colds from other passengers and the flight crew.

• Don't forget hand sanitizer. Keep your hands clean and away from your face to reduce your risk of illness.

• Have a Plan B. You can't control the weather, and you probably don't control the FAA, either.

Winter can be a challenging time for many, with shorter days, colder weather, and the post-holiday lull. But you don’t have to let the winter blues take over! Here are a few simple strategies to keep your energy up and your spirits high.

Get Moving—Exercise is a powerful mood booster. Even a short walk outside can increase endorphins and help you feel more positive. 

Soak Up Natural Light—Lack of sunlight can affect your mood. Keep your home bright by opening blinds and curtains during the day.

Connect with Others—Staying connected to friends and family is key to fighting feelings of isolation. Schedule a coffee date, host a game night, or even hop on a quick video call to brighten your day.

Your home should be a place of comfort, and you don’t need a big budget to make it feel like a personal retreat. Here are some affordable ways to refresh your space:

Layer Cozy Textiles—Few things are as inviting as soft, layered textures. Add throw blankets to your sofa or bed, and layer rugs for warmth and comfort. Check thrift stores for affordable finds or repurpose blankets or scarves you already have.

Upgrade Lighting—Lighting can easily transform a space. Swap harsh overhead lights for lamps with warm-toned bulbs, string lights, or candles. These small changes create a softer, more relaxing glow that’s perfect for cozy evenings.

Rearrange and Declutter—Sometimes a fresh perspective is all you need. Rearrange furniture to improve flow and clear out items that don’t spark joy. A tidier, open space can feel instantly calming and more inviting.

Bring Nature Indoors—Incorporate greenery with plants, flowers, or natural elements like twigs and pine cones. Even simple arrangements can make a room feel more alive. Propagating plants or foraging outside keeps costs low while adding personality.

DIY Personalized Decor—Turn your walls into a gallery of memories and creativity. Frame favorite photos, sketch minimalist art, or repurpose old materials like scarves or fabric scraps for one-of-a-kind pieces. These touches make your home uniquely yours.