Canadian employment rose by 0.4 per cent from the previous month, growing by 76,000 jobs to 20.993 million in January. The employment rate rose by 0.1 points to 61.1 per cent, while the unemployment rate fell 0.1 points to 6.6 per cent. Average hourly wages rose 3.5 per cent year-over-year to $35.99 last month, while total hours worked were up 2.2 per cent from January of the previous year.

Employment in B.C. rose by 0.8 per cent to 2.944 million, with a gain of 23,000 jobs in January. Employment in Metro Vancouver rose 1.7 per cent to 1.696 million in January. The unemployment rate in B.C. rose by 0.1 points to 6.0 per cent in January. Meanwhile, Vancouver's unemployment rate rose by 0.3 points to 6.8 per cent in the first month of the year.

January's jobs data continues a trend of increasing employment growth and moderation of the unemployment rate, though at a higher-than-desired level. Importantly, private sector job growth has grown in accordance with these trends, with January's numbers being driven by employment gains in manufacturing, construction, and professional, scientific, and technical services, among other industries. January's report begins the year on a strong note and demonstrates an improving labour market. Under the assumption that trade policy remains unchanged, we anticipate that the Bank of Canada will lower its policy rate one more time by 25 basis points in March before pausing to assess the need for further stimulus. 

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

For more information, please contact: Gino Pezzani.

As February unfolds, it reminds us that warmth doesn’t just come from the sun—it comes from the connections we nurture. Whether it’s the joy of a hug, the celebration of love on Valentine’s Day, or the quiet moments of reflection this season inspires, this month is filled with opportunities to embrace what matters most.

February teaches us balance: between reflection and renewal, between the stillness of winter and the anticipation of brighter days ahead. It’s a time to pause, appreciate the small joys, and hold close the people who bring warmth and meaning to our lives.

This month also invites us to explore the many ways we can foster connection in our daily lives. From thoughtful acts of kindness to meaningful conversations, February challenges us to show up for others and ourselves with love and intention. These small gestures have the power to deepen bonds and create lasting memories.

As we navigate February’s chilly days, let’s also focus on the potential for growth. Whether it’s setting new goals, rekindling old passions, or taking steps toward long-held dreams, this is a month that reminds us that every day holds the possibility for renewal. Let's make the most of it.

Kind Regards,

Gino Pezzani

Exposure to natural light is crucial for regulating our circadian rhythms, which control our sleep wake cycles. During the winter months, the lack of daylight can disrupt this rhythm, and lead to fatigue.

A study published in the Journal of Affective Disorders shows that light therapy—using a light box to simulate sunlight—can improve energy levels and combat Seasonal Affective Disorder (SAD).

If you can't invest in a light box, then try to spend time outdoors during daylight hours, especially during the morning.

This information might seem counterintuitive at first. Researchers have found that the more you exercise, the better your body becomes at storing fat. But wait: Doesn't exercise help you burn fat? Yes, it does, but the critical point is not whether your body stores fat, since fat storage is necessary for good health, but rather how and where your body stores it.

Researchers from the University of Michigan, writing in Nature Metabolism, discovered that people who exercise regularly have a greater capacity to store fat under the skin, which is beneficial. Why? Because if fat isn't stored under the skin, then it's more likely to accumulate in organs, such as the liver, heart, or pancreas. When excess fat builds up in these organs, it can interfere with their proper function and lead to serious health issues.

In fact, fat is meant to be stored under the skin, where it's safely kept and can be accessed for energy when needed. Regular exercise ensures that fat is stored in this healthier way, allowing your body to tap into those reserves efficiently for extra energy during physical activity or times of need.

Digital contacts are replacing real friendships. Technology, demanding jobs, and two-career households are translating into people having less time for in-person connections. Robert Putnam's book.

Bowling Alone notes that the decline of social activities, such as bowling leagues, reflects how people are doing fewer things together.

Similarly, the UK's The Lonely Society reports that half of Brits feel lonelier, and one-third wish they had closer relationships with family members.

In the United States, many Americans now have only two close friends and one in four has none. Online interactions dominate, but sociologists warn that these shallow connections can't replace real friendships.

The key to strong bonds? Spend time face-to-face. Cultivate meaningful friendships by putting down electronic devices and making time for real interaction.

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

In the dashboard, the image and data are available for download under each chart, where possible.

For more information, please contact: Gino Pezzani.

Breaking New Year’s habits is more common than you think. Research shows it takes about 66 days to form a lasting habit, so slipping up early isn’t failure—it’s part of the process. 

“Behavior change isn’t linear,” therapist Dr. Kristin Neff says. Instead of viewing setbacks as failures, recognize them as opportunities to reflect and adjust.

One common pitfall is setting goals that are too big or vague. Dr. Timothy Pychyl, an expert on habit formation, suggests breaking larger goals into smaller, actionable steps. 

For example, rather than aiming to “get in shape,” try “walk 20 minutes three times a week.” Achieving small wins builds momentum and increases motivation.

To view the full interactive BCREA Housing Forecast Update, click here.
To download the PDF, click here.

BCREA 2025 First Quarter Housing Forecast Update

Vancouver, BC – January 2025. The British Columbia Real Estate Association (BCREA) released its 2025 First Quarter Housing Forecast Update today.

Multiple Listing Service^® (MLS^®) residential sales in BC are forecast to increase 14.3 per cent to 85,140 units this year. In 2026, MLS^® residential sales are forecast to strengthen further, rising to 87,670 units.

“Markets across BC closed 2024 with significant momentum,” said BCREA Chief Economist Brendon Ogmundson. “While we are entering 2025 with a high level of optimism and expectations for increased activity, the potential for punishing tariffs on BC exports to the United States presents significant uncertainty for the outlook.”

Although new listings activity has been much stronger than last year, the accumulation of inventory in 2024 had much more to do with a prolonged slump in home sales. With active listings returning to more healthy levels across BC, we expect that the market will be able to absorb the coming rise in sales activity without a sharp increase in prices. Nonetheless, following a year of flat prices, the average price in BC is projected to rise by 4.5 per cent in 2025, driven by a strong recovery in overall housing demand.

For the complete news release, including detailed statistics, click here.

For more information, please contact: Gino Pezzani.

This light, warm, and flavorful soup is filled with ingredients that promote digestive health and combat inflammation, making it ideal for a post-holiday reset. It’s packed with fiber, antioxidants, and nutrients that support overall wellness.

Ingredients

2 tbsp olive oil

1 small yellow onion, diced

2 garlic cloves, minced

1 tbsp fresh ginger, minced

1 tsp turmeric powder (or 1 tbsp fresh turmeric, grated)

1 medium carrots, peeled and sliced

1 sweet potato, peeled and diced

1 small zucchini, diced

1 cup cauliflower florets

6 cups vegetable broth (low sodium)

1 can (14 oz) coconut milk (optional for creaminess)

1 cup spinach or kale

1 tbsp apple cider vinegar

Juice of 1 lemon

Salt and pepper to taste

Fresh parsley or cilantro for garnish 

Directions

Sauté the aromatics:

Heat olive oil in a large pot over medium heat. Add the diced onion and cook until translucent, about 5 minutes. Add the minced garlic, ginger, and turmeric, stirring for another minute until fragrant.

Add the veggies:

Toss in the carrots, sweet potato, zucchini, and cauliflower, stirring to coat them in the spices. Cook for 5 minutes, allowing the vegetables to soften slightly.

Simmer:

Pour in the vegetable broth and bring the mixture to a boil. Reduce the heat to low and let the soup simmer for 20-25 minutes until the vegetables are tender. Stir in the spinach or kale, apple cider vinegar, and lemon juice. 

Let it simmer for an additional 5 minutes to wilt the greens and meld the flavors. If you’re adding coconut milk, then pour it in at this stage to create a creamy texture.

Season and serve: 

Taste the soup and season with salt and pepper to your liking. Serve hot, garnished with fresh parsley or cilantro.