Real estate watchers have been monitoring the data for signs of renewed strength in demand in response to recent mortgage rate reductions, but the September figures don’t offer the signal that many are watching for. 

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Vancouver, BC – October, 2024. The British Columbia Real Estate Association (BCREA) reports that 5,579 residential unit sales were recorded in Multiple Listing Service^® (MLS^®) systems in September 2024, up a little under 1 per cent from September 2023. The average MLS^® residential price in BC in September 2024 was down 2.8 per cent at $942,969 compared to an average price of $969,907 in September 2023. 

The total sales dollar volume was $5.3 billion, a 2.1 per cent decline from the same time the previous year. BC MLS^® unit sales were 25 per cent lower than the ten-year average for September.

“Thus far, falling mortgage rates have not had the expected impact on home sales,” said BCREA Chief Economist Brendon Ogmundson. “That said, there has been interesting regional variation with markets on Vancouver Island and in the North recording more historically normal activity while the Lower Mainland and parts of the Interior lag behind.”

Year-to-date, BC residential sales dollar volume is down 3.2 per cent to $56 billion, compared with the same period in 2023. Residential unit sales are down by 4.1 per cent year-over-year at 57,069 units, while the average MLS^® residential price is up 1 per cent to $981,393. 

For more information, please contact: Gino Pezzani.

Canadian employment rose by 0.2 percent from the previous month, growing by 47,000 jobs to 20.582 million in September. Both unemployment and employment rates fell by 0.1 points to 6.5 per cent and 60.7 per cent, respectively. Average hourly wages rose 4.6 per cent year-over-year to $35.59 last month, while total hours worked were up 1.2 per cent from September of the previous year.

Employment in B.C. fell 0.6 per cent to 2.821 million with a loss of 18,000 jobs in September, marking the fifth consecutive month of provincial job losses. Employment in Metro Vancouver rose 0.2 per cent to 1.587 million in September. The unemployment rate in B.C. rose by 0.2 points to 6 per cent. On a similar trend, Vancouver's unemployment rate rose by 0.4 points year-over-year to 6.7 per cent.

September's employment statistics are a beginning sign of a rebounding labour market, with the unemployment rate ticking downward for the first time since January. Moreover, headline job growth is driven by strong private sector expansion (+61,000 jobs), suggesting that firms are willing to incur greater costs amidst continually improving borrowing conditions from the Bank's cutting cycle. Overall, these numbers indicate a slight economic bounceback, which may reduce the odds of a 50 basis point cut later this month. However, September's CPI report will provide more clarity on the economy's expectations of the Bank of Canada's announcements moving forward. 

https://mailchi.mp/bcrea/canadian-employment-september

For more information, please contact: Gino Pezzani.

Although it was long past her bedtime, Sophie couldn't sleep. She climbed out of bed, quietly crept to the living room, and saw her tired mom sitting with a huge smile and reading a book, with a basket of unfolded laundry at her feet.

Hearing Sophie enter, her mom looked up and said, “A book by Erma Bombeck,” already knowing what Sophie was about to ask because moms just know. She patted the couch next to her, smiled when Sophie plopped down next to her, and started reading aloud:

As we get ready to gather with the people we care about, let’s pause and appreciate the simple joys that fill our lives. The thoughts we nurture create the world around us, so when we focus on positivity and abundance, we invite more of it in. Today, let’s reflect on what truly matters and embrace the happiness we can create with our mindset.

Think about what you think about.

What you think about you talk about, and what you talk about you bring about, so what are you thinking about? Have a look around! What you see is what you’ve been focusing on.

Happiness is free.

Experience shows that when you commit to being happy now, the journey of building the life you want is much more enjoyable.

Abundance is your birthright.

The scarcity mindset doesn’t think there’s enough to go around. The abundance mindset says, “There is plenty for everyone.”

Nothing to fear.

It’s funny how some people choose to worry about things they have no control over. As Roosevelt said, "There is nothing to fear, except fear itself."

Know that a setback is a setup for a comeback.

Most people give up when they meet setbacks and obstacles. When you meet challenges, do what you did when you learned to walk: When you fall down, learn from the experience, pick yourself up and keep going!

Seize the day.

Don't be fooled by the calendar. There are only as many days in the year as you make use of. Stop for a moment and realize that you are occupying a unique space, at a time in history that will never be repeated. Seize this day and own it all.

Respite is time off, time away, a much-needed time for a caregiver. It's relying on someone else, whether a friend, relative, volunteer or professional, who can fill in for you and give you some time to yourself -- because your wellness should be priority number one.

Unfortunately, according to a National Respite Coalition survey, most caregivers don't realize they're in need of respite care until it's too late.

Only a small percentage of a National Alliance for Caregiving members actually used respite care. When they did, it was because of a health crisis or another emergency.

The challenge is that they view themselves not as caregivers, but as spouses, parents, or siblings who feel it's their duty to provide care. They don't believe they deserve a respite.     

If you are a caregiver, you need time away - just as any worker needs a vacation from the daily stress of their job, according to the National Caregivers Association. It's a break that renews you.

The ideal respite is to go somewhere else so you're not in the same environment. That's the best way to clear your head. It gives a little bit of your life back.

There's a timeless business adage: what you invest in your work today will pay off in three months. Right now, you're likely reaping the rewards of the efforts you made back in early July. This also means that the work you're putting in at this moment will start to yield benefits just as the new year begins.

Building your business requires focus, a growth mindset, and often, more hours than seem available—especially as we approach the holiday season. One strategy that has been particularly helpful for me is leveraging technology, including AI, to streamline my tasks and continue growing my business, all while staying connected to the people who matter most to me.

Think about it: you could spend time manually writing out multiple shopping lists for different meals, or you could use a shopping app that consolidates ingredients, freeing up more time to craft a special dinner with friends. Taking it a step further, consider how you define personal success and ask yourself: what tasks could be automated or better organized with the help of AI? With a wide range of apps and AI-driven tools available today, there's almost certainly one that can help bring your vision to life.

This October, commit to implementing new strategies that will set you up for success. Whether it’s configuring a calendar to carve out more family time, establishing a daily workout routine for better well-being, or dedicating yourself to learning a new skill online, the work you invest now will set the foundation for a successful start to the new year.

So, where will you start?

Sincerely,

Gino Pezzani