Canadian employment was largely unchanged from the previous month, contracting by 2,800 jobs, to 20.514 million in July. The unemployment rate remained unchanged at 6.4 per cent, while the employment rate fell 0.2 percentage points to 60 per cent. Average hourly wages rose 5.2 per cent year-over-year to $34.97 last month, while total hours worked were up 1.9 per cent from July of last year.

Employment in BC fell 0.4 per cent to 2.843 million, while employment in Metro Vancouver rose 0.7 per cent to 1.602 million in July. The unemployment rate rose by 0.1 points year-over-year in BC to 5.5 per cent, while falling in Metro Vancouver by 0.1 points year-over-year to 5.8 per cent last month. 

For more information, please contact: Gino Pezzani.

https://mailchi.mp/bcrea/employment-july-2024

Alaska is getting a new predator with some amazing skills. You might think the land of moose and bear has plenty of amazing predators already, but this one is a robot with a mission: keep animals off runways.

Last year, the Fairbanks International Airport had 92 instances of animal strikes on runways, which can be dangerous to the animals, planes and people.

Soon the four-legged robot, Aurora, will be stalking the runways at the Fairbanks Airport, hoping to spook birds and maybe even bears.

The dog-like robot is amazingly nimble. It can run across big rocks, snow and ice, and can even climb stairs. Designed with a colorful exterior, the robot can also be outfitted with a fur print to make it appear more like a fox or a coyote.

Consistency. Journal regularly to build a habit.

Honesty. Be honest with yourself; it’s your personal space.

Creativity. Use drawings or doodles to complement your writing.

Flexibility. Allow your journaling practice to evolve naturally.

Embrace journaling as a tool for self-discovery, creativity and emotional well-being. With these benefits and prompts, you can start your journey of reflection and growth, one page at a time.

Newlyweds Ava and her husband recently had moved into their first home, and she had decided to plant a garden, like the one her grandma had planted years ago. For years Ava took care of that garden and was excited to keep the tradition alive.

Ava planted a baby tree at the base of a stone wall in the corner of her garden and spent the entire summer coaxing the seedling into growth. Finally, the tree began sprouting green leafy vines that climbed the wall, but to her disappointment, no flowers bloomed.

To her surprise, Ava saw that her tree had not only bloomed, but had also sprouted flowers all along the vines that had crept over the wall into her neighbor’s yard. Her work gave her neighbor so much pleasure that Ava decided never to cut the tree down. She realized that what she had really planted were the seeds of friendship.

As we step into August, there's a certain magic in the air. It's a month that carries the last whispers of summer while hinting at the beginnings of fall. There's a unique charm in these days—the sun-kissed afternoons, the soft sounds of summer evenings, and the subtle shift in the breeze that tells us change is on the horizon.

August feels like a gentle reminder to embrace the moment. It's a time to enjoy the laughter of children playing, the taste of fresh garden vegetables, and the warmth of the sun on our faces. It's also a great time to find joy in simple acts, like sharing a homemade treat with a neighbor or taking a quiet walk in the early morning light.

This month, let's celebrate these everyday moments. Whether it's a backyard barbecue, an impromptu game night, or just sitting outside watching the world go by, there's beauty in the small things. And sometimes, those small things are what connect us the most.

Wishing you an August filled with sunshine, joy and meaningful connections.

Sincerely,

Gino,

RE/MAX Heights Realty

(604)418-9366

As most of you will already know, the BC Government recently introduced and passed into law Bill 14, which makes several changes to the Residential Tenancy Act (RTA). The bill, which came into effect on July 18, 2024, is intended to protect residential tenants from tenancies terminated in bad faith.

While the intent of Bill 14 may have been noble, this is yet another example of the provincial government announcing new legislation without doing adequate advance consultation around unintended consequences. In collaboration with the Canadian Mortgage Brokers Association – BC, we have taken steps to identify multiple issues with the bill that need to be immediately addressed. We have issued tandem open letters to government along with a joint press release issued last Thursday. Thus far, our messaging has been amplified by the Globe and Mail, Financial Post, Business Examiner, Storeys, and Real Estate Magazine, among others.

This messaging is exceedingly important. Bill 14 has created significant confusion when applying its rules to real-life real estate practice, and we’ve already heard from REALTORS^® who’ve experienced this firsthand.

For example, the new requirement of providing four months’ notice for evictions due to personal or caretaker use – instead of the previous two months’ notice – is posing a major hurdle. While this is a problem for all buyers, it's particularly problematic for high-ratio buyers, including first-time buyers, who generally need mortgage default insurance to secure their financing.

The legislation also makes no distinction between a buyer of a tenanted unit who just wants to move into their new home and a landlord who might be using a bad-faith eviction as a tool to raise rents beyond the allowable limit.

In light of these and several other concerns, the BCREA Government Relations Committee has sent a letter to BC Minister of Housing Ravi Kahlon outlining our concerns and suggesting potential fixes. We also issued a press release to the media.

Click here to read our full letter to government.

Click here to read the press release.

Sample media coverage and press release pick-up:  

• New BC eviction rules might worsen housing affordability crisis, say industry groups | Canadian Mortgage Professional (mpamag.com) 

• BCREA and CMBA-BC urge revisions to Residential Tenancy Act amendments to avoid adverse impacts (realestatemagazine.ca) 

• How BC's New Four-Month Eviction Notice Rule May Affect First-Time Buyers (storeys.com)

• BC Real Estate Association and Canadian Mortgage Brokers Association – BC Identify Significant Issues with Changes to Residential Tenancy Act | Financial Post

• BC Real Estate Association and Canadian Mortgage Brokers Association – BC Identify Significant Issues with Changes to Residential Tenancy Act - The Globe and Mail 

• ORGANIZATIONS CALL ON GOVERNMENT TO AMEND RESIDENTIAL TENANCY ACT | Business Examiner 

If you have questions or concerns about changes to the RTA or any other policy issue, please contact me.

Sincerely,

Gino Pezzani

RE/MAX Heights Realty

(604)418-9366

Canadian real GDP grew 0.2 per cent in May, following a 0.3 per cent increase in April. The growth was driven by goods-producing industries (+0.4 per cent), in which 4 of 5 sectors grew, led by manufacturing (+1 percent) and agriculture, forestry, fishing and hunting (+0.9 percent). However, the mining, quarrying, and oil and gas extraction sector contracted by 0.6 per cent in May, entirely driven by a 2.1 per cent decrease in the oil and gas extraction subsector. Service producing industries grew by 0.1 per cent, with both retail trade and wholesale trade contracting by 0.9 per cent and 0.8 percent, respectively. Finally, the GDP for the offices of real estate agents and brokers grew by 0.17 per cent in May. Preliminary estimates suggest that output in the Canadian economy grew by 0.1 per cent in June, as well as about 2 per cent in the second quarter of 2024, on an annualized basis.

BCREA estimates that the B.C. economy grew by 1.4 per cent year-over-year in May. This slightly outpaces the 1.1 per cent year-over-year growth for the Canadian economy. To see the full details of our Nowcast, click here: https://infogram.com/bcrea-nowcast-for-may-2024-and-june-2024-prelim-july-31-2024-1h0n25ok1n5kl4p?live

Canada's economy expanded at a reasonable rate that matched analyst expectations in May, following the anticipated 25 basis point cut from the Bank of Canada last week. Amidst weakening labour markets and relatively flat inflation levels over the second quarter, this report is unlikely to deter the Bank of Canada from pursuing a gradual decline in the overnight rate throughout the rest of 2024 and into 2025. However, they will be watching next month’s CPI and jobs report to determine whether market expectations changed following their first cut. 

https://mailchi.mp/bcrea/monthly-economic-growth-may-2024

For more information, please contact: Gino Pezzani.

As August ushers in the last of the summer days, it's the perfect time to indulge in some fun and creative DIY projects with your kids or grandkids. Crafting fosters creativity and creates cherished memories. Here are some imaginative and easy-to- do craft ideas:

Nature Collage Boards

Materials: Cardboard, glue, scissors, and treasures from nature (leaves, flowers, small twigs and pebbles.)

Instructions: Take a nature walk to collect items. Cut cardboard into shapes and glue the collected items to create beautiful nature collages.

Painted Rock Garden Markers

Materials: Smooth stones, acrylic paints, paintbrushes and clear sealer.

Instructions: Paint stones with vibrant colors and fun designs, label them with herb or flower names, and use them as garden markers.

Handmade Bird Feeders

Materials: Pine cones, peanut butter, birdseed and string.

Instructions: Spread peanut butter over pine cones, roll pine cones in birdseed, tie a string around the top and hang them on tree branches.

DIY Wind Chimes

Materials: Sticks, string, small bells, beads and shells.

Instructions: Tie bells, beads, and shells to strings and attach them to a sturdy stick. Hang the wind chime outside and enjoy the soothing sounds.

Personalized Tote Bags

Materials: Plain canvas tote bags, fabric paint, stencils and brushes.

Instructions: Paint designs, names, or fun shapes on the bags using stencils and fabric paint. These totes are perfect for carrying books, groceries or beach gear.

These DIY projects are fun, easy to execute with common materials and a wonderful way to bond and create lasting memories. Happy crafting!

"True happiness comes from the joy of deeds well done, the zest of creating things new." – Antoine de Saint-Exupery

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.

Implementing common-sense driving techniques is a smart way to save on gas, especially when gas prices are high. Here are some tips:

Fill up with regular gas. If you are using premium and you don't have to, then you'll save money on fuel with lower octane.

Be a smooth driver. Your passengers will enjoy the ride more and you'll use less gas. If you floor it to get away from a stop sign and have to brake hard at the next one, then you'll pay a big price in gas.

Buy gas in the morning. Because gas is denser when it’s cold, you can get more for your money if you buy gas early in the morning, say the experts who write for Business Week.

Check your tires. Because underinflated tires increase drag, more energy is used to move a car with soft tires. Not only that, but your tires will last longer if they are properly inflated. Check your tires in the morning for the most accurate reading.

Combining these simple practices into your daily driving routine can lead to noticeable savings over time, helping to make every gallon count when fuel costs are on the rise.

August 5,  Civic Holiday in Canada.

August 9, International Day of the World's Indigenous Peoples. This is a day to promote and protect the rights and achievements of indigenous populations.

August 12, International Youth Day. Take the opportunity to highlight and engage the potential of youth in your community.

August 26, International Dog Day. This day celebrates all breeds of dogs and encourages adoption.

August 30, National Toasted Marshmallow Day. Enjoy toasted marshmallows and make s'mores with friends and family.