July has been the backdrop for significant historical events that have shaped nations, cultures, and ideologies. This article explores and reflects on some notable moments in history that occurred during July.

Canada Day, July 1: This marks the unification of the country's provinces. Activities throughout Canada include fireworks, concerts, and other festive events.

American Independence: One of the most celebrated events in July is American Independence Day, commemorating the adoption of the Declaration of Independence on July 4, 1776. This pivotal moment marked the beginning of the United States' journey as a sovereign nation, leading to a global impact on democracy and governance. Today, Independence Day is celebrated with fireworks, parades, and patriotic ceremonies throughout the United States.

The Storming of the Bastille: July 14 marks Bastille Day, a significant event in French history. In 1789, the storming of the Bastille, a fortress and prison in Paris, became a symbol of the French Revolution and the fight against tyranny. Bastille Day is now a national holiday in France, celebrated with parades, fireworks, and communal festivities.

The First Moon Landing: On July 20, 1969, humanity achieved a monumental feat with the first moon landing during NASA's Apollo 11 mission. Astronauts Neil Armstrong and Buzz Aldrin became the first humans to walk on the moon, an event memorialized by Armstrong's iconic words, "That's one small step for man, one giant leap for mankind." This achievement marked a milestone in space exploration and remains an inspiration for scientific discovery and human ingenuity.

International Ice Cream Day, July 21: International Ice Cream Day celebrates one of the world's most popular desserts. What's your favorite flavor?

The Signing of the Civil Rights Act: On July 2, 1964, President Lyndon B. Johnson signed into law the Civil Rights Act, a landmark legislation in American history. This act aimed to end segregation and discrimination based on race, color, religion, sex, or national origin. The Civil Rights Act became a cornerstone for advancing equality and social justice, laying the foundation for future civil rights movements.

2024 Summer Olympics, July 26: Let the games begin in Paris!

These historical moments remind us of the power of change and the importance of commemorating milestones that continue to shape our world. Each event offers lessons in courage, determination, and the enduring spirit of humanity.

At a glance (3 minute read)

• BC landlords must use the Landlord Use Web Portal to create personal or caretaker use eviction notices starting July 18, 2024 and must include information on who is moving in.

• Other changes to the personal or caretaker use eviction rules include a four-month notice period, 30-day dispute window, mandatory 12-month occupancy, and higher penalties for bad-faith evictions.

• The portal aims to protect tenants from false evictions and provide a transparent process, with data used for better regulation and support for renters and landlords

For more information, please contact: Gino Pezzani

The link:New eviction rules: Landlords required to use new website to create personal-use eviction notices, and more (gvrealtors.ca)

Canadian employment was largely unchanged from the previous month, contracting by just 1,400 jobs, to 20.516 million in June. The unemployment rate rose by 0.2 points to 6.4 per cent, the fifth consecutive monthly increase, and up 1 point from this time last year. Average hourly wages rose 5.4 per cent year-over-year to $34.91 last month, while total hours worked were up 1.1 per cent from June of last year.

Employment in BC fell 0.3 per cent to 2.854 million, while employment in Metro Vancouver fell 1.2 per cent to 1.591 million in June. The unemployment rate fell 0.4 points in BC to 5.2 per cent while falling in Metro Vancouver by 0.7 points to 5.4 per cent last month. 

Link: https://mailchi.mp/bcrea/canadian-employment-june-2024-july-5th-2024

For more information, please contact: Gino Pezzani.

Life certainly has a knack for keeping us on our toes. Among work, family and the myriad small tasks that fill our days, it's too easy to overlook the importance of pausing to catch our breath.

Reflecting on how much can change in just a few years is astonishing — new jobs, new friendships and a host of new experiences. The prospect of starting anew can be equally thrilling and daunting. But therein lies its beauty, right? Each day presents a fresh opportunity to reinvent ourselves — to craft something novel and to discover joy in the endeavor.

What I've realized is that change is the only constant in life. People weave in and out of our lives, and we find ourselves embarking on new paths — sometimes nearby, sometimes far away. Change is a part of the adventure, and each move brings us a step closer to where we're destined to be.

If you're at a crossroads or simply contemplating a shift in your life, then remember that you're not navigating this alone. Making significant life decisions can be daunting, and having a trusted friend can truly lighten the load. Also remember that you are that friend to someone else who’s going through a transition.

Here's to embracing both the monumental and the minute changes and to navigating this marvelous journey of life. I look forward to staying connected and am here for you whenever you need support or someone to talk with.

Gino

RE/MAX Heights Realty

(604) 418-9366

On July 3, 2024, the Provincial Government announced significant changes that came into effect July 18, 2024, to protect residential tenants from ending tenancies in bad faith. Under the Residential Tenancy Act, a landlord can end a tenancy for personal or caretaker use.

As you navigate the complexities of selling tenant-occupied properties, it's crucial to be aware of the latest regulations, including Bill 14 Tenancy Statutes Amendment Act, 2024, and best practices to ensure compliance and protect all parties involved. Here are the key points you need to know.

Key Changes Effective July 18, 2024

1. Mandatory Use of Landlord Use of New Web Portal:

• Landlords must use this portal to generate Notices to End Tenancy for personal or caretaker use.

• Landlords using the website portal will be required to have a Basic BCeID to access the site.

• The portal will require landlords to provide details about the persons moving into the home. The details of the new occupant of the home will be shared with the tenant.

• While using the website portal, landlords will be given information about the required conditions for ending a tenancy and the penalties associated with ending the tenancy in bad faith.

• They will also be informed about the amount of compensation they will be required to issue to tenants when ending a tenancy.

2. Extended Notice Period:

• The Two-Month Notice is changing to a Four-Month Notice on July 18, 2024.

• Tenants will have 30 days to dispute Notices to End Tenancy, extended from 15 days.

3. Occupancy Requirements:

• The individual moving into the property must occupy it for at least 12 months.

• Landlords found to be ending a tenancy in bad faith could be ordered to pay the displaced tenant 12 months’ rent.

We need to be aware of these new rules when we are buying or selling tenant-occupied properties if the buyer wants vacant possession (whether on the completion date or otherwise). Any notice to end a tenancy for the buyer’s personal use given to a tenant on or after July 18, 2024, cannot end the tenancy until after the expiration of the four-month notice period. 

How do the new requirements impact an offer on a home when rent is paid on the first of each month? If all contract subjects were satisfied or waived on July 22, 2024, a Four-Month Notice to tenants using the portal’s notice generator could be provided on or before July 31, 2024, and could require the tenant to vacate the home by November 31, 2024.

What if the tenant does not vacate the home? As has always been the case with tenant-occupied properties, sellers and buyers should be advised to obtain legal advice to ensure they understand their rights and responsibilities in circumstances when a tenant does not comply with a notice to vacate and remains in the home after the date that the tenancy was supposed to end.

Legal Advice for Ongoing Transactions
If you are currently in the middle of a transaction involving a tenant-occupied property, it is strongly advised to seek legal advice to navigate these new regulations effectively. Legal advice can help ensure compliance with the transition to the new rules and protect the interests of all parties involved by informing them of their rights and obligations arising under the new rules.

Additional Resources:

• For more details on the new regulations and to access the Landlord Use Web Portal, visit BC Government Residential Tenancies or contact the Residential Tenancy Branch at 1-800-665-8779.

• Selling Tenant-Occupied Properties During the Residential Tenancy Act Transitional Period.

• Legally Speaking #574: Landlords Take Notice – Recent Amendments to BC Tenancy Legislation by Amy Peck.

• BrokerConnect (June 2024): Bill 14 Tenancy Statutes Amendment Act.

Real Estate Errors and Omissions Insurance Corporation: Selling tenanted property – don’t let assumptions get you into a tough situation.

For more information, please contact: Gino Pezzani.

The Martin family hadn't gathered at the old family lake house in years. Over time, distance and life's busy pace had seen the once-close family drifting apart. This summer, however, Grandma Martin, the matriarch of the family, decided it was time to bring everyone back together. She sent out invitations for a grand family reunion, urging everyone to bring something special to share.

As the reunion day approached, the Martins arrived from various parts of the country, each carrying unique ingredients for a massive family meal. Aunt Ella brought spices from the South, Uncle Joe brought fresh fish from the coast, and the cousins brought vegetables and fruits from their local farms. The youngest ones gathered wildflowers and decorations to adorn the tables.

Under the old oak tree, they shared old family recipes and their new dishes this year. The once-quiet lake house was now buzzing with activity as everyone found a role. The kitchen was a symphony of chopping, stirring, and laughter.

When the meal was ready, they laid out a long table under the twinkling fairy lights. As they sat down to eat, each dish told a story of where they came from and who they had become.

Grandma Martin raised her glass in a toast. "Just like this meal, we are each unique but when together, we create something richer and fuller."

As the night set in, the children lit sparklers, running around the yard. In the distance, fireworks began to dot the sky, celebrating Canada Day. The family, now reconnected, watched in awe, reminiscing about the Canada Days spent at this very lake house.

The reunion, while seemingly just a gathering, was a reminder of their strength in unity. The family, like the community they symbolized, was strongest when together.

Canadian real GDP grew 0.3 per cent in April, following close to zero change in March. The growth was driven equally by goods (+0.3 per cent) and services (+0.3 per cent), as well as a rebound in wholesale trade (+2 per cent), manufacturing (+0.4 per cent), and mining, quarrying, and oil and gas extraction (+1.8 per cent). Residential construction activity fell by 2.3 per cent as higher interest rates eroded profitability for new projects. The sector is now nearly 24 per cent below its peak in April 2021. Cooler home sales caused GDP from offices of real estate agents and brokers to fall 2.5 per cent from the prior month. Preliminary estimates suggest that output in the Canadian economy grew by 0.1 per cent in May.

Canada's economy expanded at a reasonable rate that matched analyst expectations in April, following an unexpected jump in inflation last Tuesday. The GDP release caused little change in market expectations of a rate cut in July, which markets are currently pricing at close to 50-50 odds. The Bank of Canada will be watching next Friday's jobs report as the last major piece of information before it decides whether to cut or hold rates at its next meeting on July 24th. Regardless of whether the Bank cuts in July, markets are anticipating a gradual decline in the overnight rate throughout the rest of the year and into 2025. 

Link: https://mailchi.mp/bcrea/canadian-real-gdp-growth-april-2024

For more information, please contact: Gino Pezzani.

Canada's inflation rate came in higher than expected in May, halting a string of good reports since the start of the year. The Bank of Canada's preferred measures of core inflation, CPI median and CPI trim, jumped back above the 2 per cent target when measured on a 3-month annualized basis. Food prices ticked up sharply last month after remaining flat or declining in every prior month since the start of the year. Rents remain the most troubling component of the CPI bundle, and still show no signs of slowing down. Rents rose 9.3 percent over the last 4 months on an annualized basis. While one month does not make a trend, the probability of an additional rate cut by the Bank of Canada in July declined following the report. The Bank will be watching the forthcoming employment and GDP reports closely to guide its decision prior to the next announcement on Wednesday, July 24th. 

Link: https://mailchi.mp/bcrea/canadian-inflation-may-2024-june-25-2024

For more information, please contact: Gino Pezzani.

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

For more information, please contact: Gino Pezzani.

Ingredients:

1 cup fresh spinach leaves: packed with vitamins A, C, and K.

1/2 avocado: rich in healthy fats, fiber, and B vitamins.

1/4 cup sliced cucumber: hydrating and add a refreshing taste without added sugars.

1/2 green apple: has less sugar than their red counterparts and add a nice, tart flavor along with extra fiber.

1 tablespoon chia seeds: great source of omega-3 fatty acids, fiber and protein.

1 tablespoon flaxseeds: high in omega-3 fatty acids and antioxidants.

1 cup unsweetened almond milk (or any plant-based milk): a low-calorie, sugar-free liquid base that adds creaminess without dairy.

Prepare the Ingredients: Wash the spinach leaves, cucumber, and green apple thoroughly. Cut the avocado in half, remove the pit, and scoop out the flesh. Core and slice the green apple. Slice the cucumber.

Blend the Greens: Add the spinach, avocado, cucumber, and green apple to a blender. Blend on high until the mixture starts to become smooth.

Add Remaining Ingredients to the Blender: Add the chia seeds, flaxseeds, and almond milk. Blend again until the mixture is completely smooth. If the smoothie is too thick, you can add a little more almond milk to reach your desired consistency.

Enjoy: Pour the smoothie into a large glass and enjoy immediately for the best flavor and nutrient retention.

This smoothie combines hydrating and fiber-rich ingredients with healthy fats and proteins to keep you full and energized. It's a perfect way to start your day or as a refreshing post- workout recovery drink. Enjoy your healthy, low-sugar, high-fiber summer treat!

The warm nights of June offer a canvas for celestial wonders, which are perfect for avid and casual stargazers. Here's a concise guide for not-to-miss sky-gazing opportunities, validated by leading astronomical sources.

The Bootids Meteor Shower Peak: Around June 27th, the Bootids could surprise with more than the usual five to 10 meteors per hour, advises the International Meteor Organization. It is best viewed in dark skies post-midnight, according to Planetary Showcase.

Jupiter and Venus: These planets light up the early June dawn. Watch for their close encounter mid-month, a visual treat according to NASA.

Saturn at Opposition: With a small telescope, catch Saturn and its rings as it brightens in mid-June, making it a prime viewing target, as noted by the American Astronomical Society.

Summer Triangle: Vega, Deneb and Altair form one of the summer's celestial highlights.

Stargazing Tips

Darkness Is Key: Use light pollution maps to find the darkest viewing spots.

Adjust Your Eyes: Allow 15 minutes for your eyes to adapt to the dark.

Use App Assistance: Choose stargazing apps carefully to maintain night vision.

The June 2024 sky is ripe for exploration, with meteor showers, planetary alignments, and the Milky Way's splendor. Supported by insights from the International Meteor Organization, NASA, and the American Astronomical Society.

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

Highlights:

• Despite the Bank of Canada lowering its policy rate, fixed mortgage rates may not drop significantly as markets have already priced in the expected rate cuts.

• Canada faces a weak economic outlook and a softening labour market, but growth is expected to pick-up in 2025.

After the Bank's rate cut in June, what comes next? 

For more information, please contact: Gino Pezzani.