As the leaves turn and the air grows crisp, the anticipation of the holidays draws near. This time of year is always a reminder of two things: the irreplaceable joy of being with family and the quiet moments of self-reflection.

Gatherings around the dinner table, the shared laughter, and even the small debates about the best pie flavor, become cherished memories. These moments with family and friends define the very essence of Thanksgiving. They ground us, reminding us of our roots and the bonds that sustain us through the ups and downs of life.

Yet, during all the festivities, I've come to value the moments of solitude just as much. It's in the quiet that we can truly appreciate the year gone by, count our blessings, and recharge for the adventures ahead.

As we approach this special day, I hope you find the perfect blend of joyful togetherness and meaningful solitude. Whether you're surrounded by a bustling crowd or taking a peaceful walk alone… cherish every moment.

Thank you for being a part of my journey this year. Your presence, near or far, has made all the difference. Here's to a holiday that fills your heart with gratitude and warmth.

Sincerely,

Gino Pezzani

RE/MAX Heights Realty

Canadian employment rose by 17,500 (0.1 per cent) in October. The Canadian unemployment rate jumped to 5.7 per cent, following three consecutive months at 5.5 per cent. Average hourly wages rose 4.8 per cent year-over-year to $34.08 in October, while total hours worked were up 2.1 per cent from October of last year.

Employment in BC dipped 0.1 per cent to 2.81 million, while employment in Metro Vancouver fell 0.3 per cent to 1.61 million. The unemployment rate was unchanged in both areas at 5.4 per cent in BC and 5.8 per cent in Metro Vancouver. 

Link: https://mailchi.mp/bcrea/canadian-employment-october-2023-november-3rd-2023

For more information, please contact: Gino Pezzani.

Ingredients:

2 cups of pumpkin, diced into small cubes

1 cup of fresh cranberries

1  large onion, finely chopped

2  cloves garlic, minced

1/4 cup brown sugar

1/4 cup apple cider vinegar

1 tablespoon olive oil

1  teaspoon ground cinnamon

1/2 teaspoon ground ginger

1/4 teaspoon ground cloves

1/4 teaspoon ground nutmeg

1/2 teaspoon red chili flakes (adjust to taste)

Salt and pepper to taste

2  tablespoons fresh orange zest

1/4 cup orange juice

1/4 cup chopped pecans or walnuts (optional)

Freshly chopped cilantro or parsley for garnish

Instructions:

In a large saucepan, heat the olive oil over medium heat. Add the chopped onion and sauté until translucent, then add the garlic and sauté for an additional minute. Stir in the diced pumpkin cubes, ensuring they are well-coated with the onion and garlic mixture.

Add brown sugar, apple cider vinegar, cinnamon, ginger, cloves, nutmeg, and red chili flakes. Stir well.

Allow the pumpkin to cook for about 10 minutes, stirring occasionally. If it begins to stick, then add a little water or broth.

Add the cranberries, orange zest, and orange juice to the saucepan. Stir and let the mixture simmer. The cranberries will begin to pop and release their juices, which will mix with the pumpkin.

Once the pumpkin is tender and the cranberries have burst, add salt and pepper to taste. If you're using nuts, then toast them lightly in a separate pan and fold them into the chutney.

Remove from the heat and let it cool slightly. Garnish with freshly chopped cilantro or parsley before serving.

This chutney can be served warm or at room temperature. It pairs beautifully with roasted turkey, but it's also great with other proteins or even cheese. The mix of pumpkin and cranberry offers a unique blend of sweet, tart, and savory flavors that will surprise and delight your Thanksgiving guests.

World Vegan Day, Nov. 1: A day to encourage people to consider a plant-based diet and spread awareness about veganism.

Diwali, Nov. 12: Known as the Festival of Lights, a Hindu celebration that symbolizes the triumph of light over darkness.

Remembrance Day, Nov. 11: Honors the members of the U.S. armed forces who lost their lives in World War I and subsequent conflicts.

World Kindness Day, Nov. 13: This day serves as a reminder of the unifying force of compassion and its profound ability to connect people across borders and cultures.

Thanksgiving, Nov. 23: Celebrated on the fourth Thursday of November as a day for Americans to express gratitude and is often marked by a large feast.

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.

In August, for the second consecutive month, Canadian real GDP was largely unchanged. A surge in sales of machinery, equipment, and supplies led to a 2.3 per cent increase in the Wholesale trade sector. Meanwhile, oil & gas extraction rose 1 per cent on higher extractions in Western Canada while mining and quarrying rose 4.2 per cent. Manufacturing, on the other hand, fell 0.6 per cent, declining for the third consecutive month. Offices of real estate agents and brokers fell for the second consecutive month, dropping 3.8 per cent as sales softened over the late summer. Overall, Canadian real GDP is now 3.6 per cent above its pre-pandemic, February 2020 level. Preliminary estimates suggest that output in the Canadian economy was again largely unchanged in the Canadian economy in September. 

With a flat August GDP number and September's preliminary estimate also flat, the Canadian economy is expected to have been largely unchanged since February, despite rapid population growth. Indeed, with the preliminary estimate for September, annualized third-quarter GDP is expected to contract 0.1 per cent, following a 0.2 per cent contraction in the second quarter. This would technically imply that the Canadian economy is in a shallow recession. Despite still too-hot inflation numbers, the Bank of Canada held its overnight rate steady at 5 per cent last week, giving the prior 10 rate hikes time to work through the economy. Given signs of weak growth and cooling labour markets, financial markets no longer anticipate additional rate hikes this cycle. 

Link: https://mailchi.mp/bcrea/canadian-real-gdp-growth-august-2023

For more information, please contact: Gino Pezzani.

To view the BCREA Housing Forecast PDF, click here.

BCREA 2023 Fourth Quarter Housing Forecast

Vancouver, BC – October, 2023. The British Columbia Real Estate Association (BCREA) released its 2023 Fourth Quarter Housing Forecast today. 

Multiple Listing Service^® (MLS^®) residential sales in BC are forecast to decline 4.8 per cent to 76,700 units this year. In 2024, MLS^® residential sales are forecast to post a modest rebound, rising 4.8 per cent to 80,375 units. 

"Activity in the BC housing market has mirrored movements by the Bank of Canada over the past two years,“ said Brendon Ogmundson, Chief Economist. “As such, there is little reason to believe that sales will meaningfully detach from the anchor that is monetary policy over the next year. Thankfully, it appears that the Bank is at, or at least very near, the end of its tightening cycle and may begin lowering its policy rate late next year.” 

After trending down for most of the year, new listings activity has normalized in the second half of 2023, which, combined with slowing sales, has led to a modest uptick in total inventory. Still, at just over 30,000 listings, the supply of homes for sale falls considerably short of the roughly 45,000 active listings that are historically consistent with a healthy, balanced market. Prices saw a significant increase in the first half of the year, but that surge in prices has since given way to a flattening trend as market conditions balance out, albeit at a low level of market activity. We expect a 1.9 per cent decrease in annual prices for 2023 compared to 2022, with a slight uptick expected in 2024, driven by a projected recovery in the latter half of the year.

For more information, please contact: Gino Pezzani.

The Bank ofCanada maintained its overnight rate at 5 per cent this morning. In the statement accompanying the decision, the Bank noted that there is growing evidence that higher interest rates are dampening economic activity, and it expects growth to be weak through 2024. On inflation, the Bank sees little downward momentum in its preferred measures of core inflation and expects inflation to average 3.5 per cent until the middle of next year before falling back to its 2 per cent target in 2025.  Notably, the Bank stated that it is concerned that price stability is slow and inflationary risks have increased. As such, it is prepared to still raise its policy rate further if needed.

The combination of a slowing economy with inflation seemingly stuck in a range of 3 to 4 per cent muddies the outlook for rates over the next year, though as the Bank clearly stated, there is the possibility of more rate increases if inflation does not decline. Our bet is still that the impact of high interest rates will tip the economy at least briefly into negative territory, and that consumer spending will slow further. However, without significant progress on returning inflation to its 2 per cent target, households may be waiting longer than expected for relief on variable mortgage rates. Yields on five-year Government of Canada bonds have come down from their highs near 4.5 per cent but remain at their highest level in 15 years. Consequently, fixed mortgage rates have hit annual highs over 6 per cent, the impact of which is compounded by an increasingly punishing stress test. We expect five-year fixed mortgage rates may start to come down in early 2024 as bond markets price in future rate cuts by the Bank of Canada.  However, once the Bank lowers its policy rate back to neutral (2-3 per cent), fixed mortgage rates will settle at a level that is higher than borrowers have become accustomed to over the past decade.

Link: https://mailchi.mp/bcrea/bank-of-canada-interest-rate-announcement-hhun143ys0

For more information, please contact: Gino Pezzani.

A single father who had been laid off from his job was watching expenses closely for months while applying for every job he could find in his field. Months earlier, he’d made a promise to his two sons—twins—that he’d take them to a nearby amusement park to celebrate their 10th birthday.

When their birthday arrived, the father withdrew money from his savings account. Explaining that the walk to the amusement park was good for them, he skipped the parking fee by parking blocks away, knowing he’d need the extra cash to pay for lunch. At the front gate was a sign with two prices listed—one for general admission and one for children under 10. The father realized he could have spent half as much if he’d come just one day sooner. With a sigh, he led the boys to the ticket window and said, “Three general admission tickets, please.”

The woman in the booth looked at them and smiled. “How old are you, boys?”

“Today is my birthday, I just turned 10,” said one boy.

“So am I,” said the other. “We’re twins!”

The woman leaned forward. “You know,” she whispered, “you could have asked for two ‘Under 10’ tickets, and I never would have known.”

“Yeah,” said the father, “but they would have.”

Canadian housing starts rose 8 per cent to 270,466 units in September at a seasonally adjusted annual rate (SAAR). Starts were down 9 per cent from the same month last year. Single-detached housing starts rose 2 per cent from last month to 56,880 units, while multi-family and others rose 10 per cent to 213,585 units (SAAR). 

In British Columbia, starts fell 18 per cent from last month to 40,493 units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts fell 10 per cent m/m to 5,621 units while multi-family starts fell 21 per cent to 31,409 units. Starts in the province were 25 per cent below the levels from September 2022. Starts declined by 5.3k in Vancouver and by 5.4k in Victoria while rising by 780 units in Kelowna from last month. In Abbotsford, starts were unchanged. The 6-month moving average trend in BC fell by 3.5 per cent to 51,108 SAAR. 

Link: https://mailchi.mp/bcrea/canadian-housing-starts-september-2023

For more information, please contact: Gino Pezzani.

Imagine a world where your small acts of kindness warm your heart, improve your health, strengthen your community bonds and even extend your lifespan.

This is not a utopian dream; it’s the reality for everyday philanthropists—individuals who discover that giving, regardless of the size of their bank accounts, creates a ripple effect of positivity in their lives and the lives of others.

Although we usually correlate philanthropy with wealthy people, anybody, regardless of their income, can enjoy the benefits of giving. Here's a case that proves anyone can be a philanthropist within their means:

While serving in the Navy during World War II, Thomas Cannon survived several accidents that killed more than 300 of his shipmates. Cannon credits his escape from these accidents as the reason for his philanthropy. "Such escapes made me believe that I was being preserved for something,” he says.

Cannon, who began donating money in 1972, frequently chose people whom he heard about in the news. Throughout 33 years, Cannon gifted more than $156,000, often by mailing $1,000 checks to the staff of the local newspaper, with instructions about who should receive the money. His charity helped support a local group that volunteered in the elementary school, a woman who started a youth center in her low-income neighborhood and an orphaned teen who was active in his community.

Cannon managed these donations on a $20,000-a-year postal worker salary. In time, he was forced to quit his job and become a full-time caretaker for his wife. That's when much of his philanthropy came back to him, as the community came together to provide him and his wife with a house and medical care.

Before he died, Cannon suggested the best way to honor his memory would be for others to just “Help somebody.”

Gino Pezzani

RE/MAX Heights Realty

www.vanhomesales.com

604-418-9366