Vancouver, BC – April, 2024. The British Columbia Real Estate Association (BCREA) reports that a total of 6,460 residential unit sales were recorded in Multiple Listing Service^® (MLS^®) systems in March 2024, a decline of 9.5 per cent from March 2023. The average MLS^® residential price in BC in March 2024 was up 6.5 per cent at $1.02 million, compared to an average price of $958,051 in March 2023. The total sales dollar volume was $6.6 billion, a decrease of 3.6 per cent from the same time the previous year.  

"March capped off a slow start to the first quarter of 2024," said BCREA Chief Economist, Brendon Ogmundson. "Despite a steep decline in fixed mortgage rates, buyers appear to be waiting on the Bank of Canada to lower its policy rate before jumping back into the market."
 
Year-to-date, BC residential sales dollar volume was up 13 per cent to $15.8 billion, compared with the same period in 2023. Residential unit sales were up 6.4 per cent to 15,938 units, while the average MLS^® residential price was up 6.5 per cent to $995,149.  

For more information, please contact: Gino Pezzani.

Vitamin K, often overlooked yet crucial for health, plays a key role in many ways. It's vital for coagulating blood, preventing excessive bleeding and strengthening bones by regulating calcium. It also shows potential in preventing arterial calcification and reducing heart disease risk.

Rich sources of it are green leafy vegetables, such as kale, spinach and Swiss chard, as well as broccoli, Brussels sprouts and certain vegetable oils. Smaller amounts of it are found in fish, meat, eggs and dairy. Vitamin K deficiency is rare, but people on blood thinners should monitor their intake carefully.

Consulting a healthcare provider, especially when considering supplements or if on medication, ensures a balanced Vitamin K intake is aligned with overall health needs. Essential yet understated, Vitamin K is a key component of a well-rounded diet and overall health maintenance.

Spring invites us to step outside and shake off the winter chill. Although such traditional activities as jogging and cycling are great, let’s explore some creative and unconventional ways to stay fit this spring.

Nature’s Obstacle Course: Transform a local park into your fitness playground. Use benches for step-ups or tricep dips, swing from low-hanging tree branches for pull-ups or balance-walk along curbs. These fun activities challenge and engage your whole body.

Outdoor Yoga Adventures: Take your yoga mat to different outdoor locations each week—a serene lakeside, a quiet forest or even a scenic mountaintop. The changing environments will add an element of novelty and challenge to your practice.

Wildlife Photography Hikes: Combine photography with hiking for a unique fitness adventure. Trekking to capture the perfect shot of spring blooms or wildlife can turn into a great workout!

The Bank of Canada maintained its overnight rate at 5 per cent this morning. In the statement accompanying the decision, the Bank noted that while the Canadian economy appears to have entered into a phase of excess supply, it expects growth in the Canadian economy to pick up this year and next. On inflation, the Bank cited that inflation is still too high and risks remain, and that shelter inflation is still very elevated. However, both CPI and core inflation have eased in recent months and 3-month annualized measures suggest downward momentum. The Bank will continue to look for evidence that this downward momentum is sustained. 

There is now a widely held belief in financial markets that today's rate hold by the Bank of Canada will be its last before embarking on a series of rate cuts starting in June. There is also mounting evidence that this is the correct course of action. Jobs data from March showed that the Canadian unemployment rate reached its highest level in three years and inflation is well below target once housing costs are removed. Given that housing costs are rising as a function of the Bank's tight monetary policy and its effects on mortgage rates and new home supply, it would be wise for the Bank to look past rising shelter inflation when setting the future course of monetary policy. We expect that the Bank will lower rates 3 to 4 times this year in 25 bps increments with 2.5 per cent as the ultimate destination for the overnight rate by the end of 2025. 

Link: https://mailchi.mp/bcrea/bank-of-canada-interest-rate-announcement-t2jwyc4jb8

For more information, please contact: Gino Pezzani.

The number of Metro Vancouver homes listed for sale on the MLS® rose nearly 23 per cent year-over-year, providing more opportunity for buyers looking for a home this spring.

Learn more at www.GVRealtors.ca

For more information, please contact: Gino Pezzani.

Spring heralds the rebirth of nature. Among the myriad flowers that bloom, three stand out for their beauty and symbolism: tulips, cherry blossoms and daffodils.

1.  Tulips: Colors of Joy

Origin: Central Asia, popularized in Europe in the 16th century.

Varieties: More than 3,000 varieties, with a spectrum of colors and shapes. Bloom time: Early spring, symbolizing love and new beginnings.

2.  Cherry Blossoms: Ephemeral Elegance

Cultural Heart: Integral to Japanese culture, celebrated with Hanami (flower viewing). Varieties: Range from white to shades of pink.

Bloom Time: Short, typically early spring, symbolizing life's transient beauty.

3.  Daffodils: Harbingers of Hope

Varieties: About 50 species, with colors varying from yellow to white, pink and orange.

Bloom time: Annually around Easter, symbolizing rebirth and new beginnings. Resilience: Hardy and enduring, they bloom annually with minimal care.

Canadian employment was essentially unchanged from the prior month in March, remaining at 20.401 million. The unemployment rate rose 0.3 percentage points to 6.1 per cent. Average hourly wages rose 5.1 per cent year-over-year to $34.81 last month, while total hours worked were up 0.7 per cent from March of last year.

Employment in BC rose 0.2 per cent to 2.848 million, while employment in Metro Vancouver was essentially unchanged at 1.616 million in March. The unemployment rate rose 0.3 points in BC to 5.5 per cent while rising in Metro Vancouver by 0.6 points to 5.6 per cent last month. 

Link: https://mailchi.mp/bcrea/canadian-employment-march-2024-april-5th-2024

For more information, please contact: Gino Pezzani.

You may have heard the joke about a study on alternative foods where one-third of participants in a taste test enjoyed the new scientifically engineered food options, one third-did not enjoy them, and the last third ran away? Another fun statistic: one-third of the population registered with an online dating site has never actually had a date as a result of that site. And, while we’re talking statistics, here is an interesting one: Millennials now make up one-third of the workforce, having surpassed Generation X about two years ago. Oh, and did you know that students who read proficiently by third grade are more likely to pursue an advanced degree? 

Clearly, reaching ‘a third’ of anything is sort of a defining line in common studies, the point where there is some semblance of shape to a situation, even if it is not as remarkable as the halfway mark. You can probably see where I’m going with this one...  We are one-third of the way through 2024.

What have you done?

I hope that you’ve nailed some of your goals at work and that you’ve accomplished wonderful things in everyday life. If you haven’t quite made it to your goals just yet, then factor in this math: there are still two months left to change what this year will look like for you at the halfway point and that will happen before you still have six months to change the outcome of the entire year. In other words, the statistics are yours to create and your life is yours to shape.

Consider this your spring cleaning. Now is your chance to sweep out the cobwebs and come up with a plan for where you want to be in two months. So I ask you, instead of questioning what you have done, tell me instead— what are you going to do?

Spring forward!

Spring's arrival means updating your skin care routine to adapt to warmer, more- humid weather. Here are key tips for men and women to maintain healthy, radiant skin this season:

Switch To Lighter Moisturizers. Opt for water-based moisturizers—instead of heavy, oil-based ones—to maintain hydration without excess oiliness.

Gentle Exfoliation. Exfoliate gently once a week to remove dead skin cells accumulated during winter.

Sun Protection. Use a broad-spectrum SPF (at least 30) daily, reapplying every two hours when outdoors.

Eye Care. Apply light eye creams to address the delicate under-eye area, especially if spring allergies cause puffiness or dark circles.

Hydrate And Eat Healthy. Drink plenty of water and eat a diet rich in fruits and vegetables to nourish your skin from the inside.

Remember, adaptation is the key to spring skin care. Lighter products, increased sun protection and increased hydration will keep your skin fresh and vibrant throughout the season.

Canadian real GDP grew 0.6 per cent in January, following a 0.1 per cent contraction in December. The growth was driven by services-producing sectors, which rose by 0.7 per cent. The resolution of public sector strikes in Quebec led to a jump in educational and social services GDP, reversing declines in the prior two months. Residential construction activity fell by 1.5 per cent, declining for the third consecutive month following a burst of activity in the summer and fall. Offices of real estate agents and brokers increased for the second consecutive month, rising 4 per cent as higher home sales in the greater Toronto region contributed to growth. Preliminary estimates suggest that output in the Canadian economy rose 0.4 per cent in February.

As striking teachers and social workers in Quebec returned to work and buoyed economic growth, the Canadian economy began 2024 with solid GDP momentum. Growth stalled in the latter half of 2023, but the January number and the February preliminary estimate suggest that the economy is regaining some strength to start the year. Decent economic growth could also reduce pressure on the Bank of Canada to cut rates, although financial markets continue to expect a first cut to occur in June. With inflation below 3 per cent for the previous two months, the Canadian economy is now experiencing disinflation and growth, putting the Bank of Canada in a more comfortable position as it decides when and how much to cut. Markets continue to expect the Bank to hold rates at its next announcement on April 10th. 

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

For more information, please contact: Gino Pezzani.