Vancouver, BC – July 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 8,740 residential unit sales were recorded in Multiple Listing Service^® (MLS^®) systems in June 2023, an increase of 21.9 per cent from June 2022. The average MLS^® residential price in BC was $991,648, up 4.7 per cent compared to June 2022. The total sales dollar volume was $8.7 billion, representing a 27.6 per cent increase from the same time last year. 

“June home sales continued to outperform expectations, following a very strong rebound in May,” said BCREA Chief Economist Brendon Ogmundson. “However, rising interest rates will likely dampen home sales activity in coming months.”

Active listings in the province were above 30,000 units for the first time since September 2022, but were still down 1.2 per cent compared to this time last year, and essentially flat month-over-month on a seasonally adjusted basis.
 
Year-to-date BC residential sales dollar volume was down 26.1 per cent to $39.4 billion, compared with the same period in 2022. Residential unit sales were down 21.1 per cent to 40,381 units, while the average MLS^® residential price was down 6.4 per cent to $976,885.

A dog ran into a museum that was completely covered in mirrors—all the walls, ceiling, doors and floors were reflective. Upon seeing his own reflections, the dog froze with surprise in the middle of the hallway.

From all sides, the dog saw a whole pack of dogs surrounding him, from top to bottom.

The dog bared its teeth and barked, and so did all the reflections. Horrified, the dog barked feverishly, and its reflections followed, raising the noise to an unbearable level.

The dog barked louder, and the echoes only grew louder. The dog flung itself from side to side, causing the reflections to stir and even threaten it with their own bared teeth.

Moral of the story: The world brings no good or evil on its own. Everything that happens around us is simply a reflection of our thoughts, feelings, desires and actions. The world is like a giant mirror that we must learn to treat with respect and compassion.

The Bank of Canada raised its overnight rate by 25 basis points to 5 per cent this morning. In the statement accompanying the decision, the Bank noted that the Canadian economy has been stronger than expected but is expected slow as higher interest rate work their way through the economy.  On inflation, the Bank cited the recent easing of inflation to 3.4 per cent but also noted that core inflation continues to run a at 3 to 4 per cent pace and has been more persistent than anticipated.  The Bank now forecasts a return to its 2 per cent target in mid-2025 rather than in 2024. 

While inflation has come down significantly in the past year, the economy seems somewhat impervious to the Bank's efforts to slow it down. The labour market continues to add jobs at a robust pace, consumer spending was brisk during the first quarter and the housing market remains unexpectedly strong. Although the impact of rate increases can take time to be felt, we should be seeing some signs of a slowing economy emerge relatively soon. However, the likelihood of an impending recession and a related fall in interest rates now seem to fading, meaning homebuyers and homeowners may need to wait until next year for any mortgage relief. Indeed, 5-year bond yields are now near 4 per cent for the first time since 2007 which has driven 5-year fixed mortgage rates to their highest point this year.  The Bank's statement suggests it may be on pause at 5 per cent, though further rate increases could be on the horizon if the economy continues to out-perform expectations. 

link: https://mailchi.mp/bcrea/bank-of-canada-interest-rate-announcement-u0thlemdkn

For more information, please contact: Gino Pezzani.

This cake is a light and fruity treat that incorporates whole wheat flour, Greek yogurt and natural sweeteners.

Ingredients:

• 1 1/2 cups all-purpose flour

• 1/2 cup whole wheat flour

• 1 1/2 teaspoons baking powder

• 1/2 teaspoon baking soda

• 1/4 teaspoon salt

• 1 cup plain Greek yogurt

• 1/4 cup honey or maple syrup

• 1/4 cup coconut oil, melted

• 2 large eggs

• 1 teaspoon vanilla extract

• 1 cup mixed berries (your choice)

Topping:

• 1/4 cup mixed berries

• 1 tablespoon honey or maple syrup

• Fresh mint leaves (optional, for garnish

Instructions:

Preheat your oven to 350°F (175°C). Grease a 9-inch round cake pan and set aside.

In a medium bowl, whisk together the all-purpose flour, whole wheat flour, baking powder, baking soda and salt. Set aside.

In a large bowl, combine the Greek yogurt, honey or maple syrup, melted coconut oil, eggs and vanilla extract. Whisk until combined well.

Gradually add the dry ingredients to the wet ingredients, stirring until just combined. Be careful not to overmix. Gently fold in the mixed berries, reserving a handful for the topping.

Pour the batter into the prepared cake pan and smooth the top with a spatula. Sprinkle the reserved berries over the top. Bake for about 30 to 35 minutes or until a toothpick inserted into the center comes out clean.

Remove the cake from the oven and allow it to cool in the pan for 10 minutes. Then transfer it to a wire rack to cool completely.

For the topping, combine the remaining berries and honey or maple syrup in a small saucepan. Cook over low heat for a few minutes until the berries release their juices and the mixture thickens slightly.

Drizzle the berry sauce over the cooled cake and garnish with fresh mint leaves, if desired.

Vancouver, B.C. – June, 2023 – Commercial real estate sales and dollar volumes had a slow start to 2023, with year-over-year declines across all property types.

There were 273 commercial real estate sales in the Lower Mainland in Q1 2023, a 58.1 per cent decrease from 651 sales in Q1 2022, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).

The total dollar value of commercial real estate sales in the Lower Mainland was $1.483 billion in Q1 2023, a 64.8 per cent decrease from $4.213 billion in Q1 2022.

“Not to sound like a broken record, but it’s hard to ignore the cooling impact higher borrowing costs have had on transactions in the real estate market overall, and the commercial market remains no exception,” Andrew Lis, REBGV’s Director of Economics and Data Analytics, said. “With a 0.25 per cent hike to the Bank of Canada’s policy rate in June, and the possibility of another 0.25 per cent hike in July, relief doesn’t appear to be on the near-term horizon. That said, the silver lining is that inflation is heading in the right direction and is finally nearing the Bank of Canada’s target range of one to three per cent, suggesting that the need for any dramatic increases to the policy rate from here on is unlikely.”

Q1 2023 activity by category

Land: There were 86 commercial land sales in Q1 2023, which is a 60.7 per cent decrease from the 219 land sales in Q1 2022. The dollar value of land sales was $896 million in Q1 2023, a 62 per cent decrease from $2.356 billion in Q1 2022.

Office and Retail: There were 113 office and retail sales in the Lower Mainland in Q1 2023, which is down 53.7 per cent from the 244 sales in Q1 2022. The dollar value of office and retail sales was $172 million in Q1 2023, a 78.8 per cent decrease from $811 million in Q1 2022.

Industrial: There were 63 industrial land sales in the Lower Mainland in Q1 2023, which is a 58.6 per cent decrease from the 152 sales in Q1 2022. The dollar value of industrial sales was $322 million in Q1 2023, a 50.7 per cent decrease from $653 million in Q1 2022.

Multi-Family: There were 11 multi-family land sales in the Lower Mainland in Q1 2023, which is down 69.4 per cent from 36 sales in Q1 2022. The dollar value of multi-family sales was $93 million in Q1 2023, a 76.3 per cent decrease from $392 million in Q1 2022.

Download the Q1 2023 Commercial Stats Package.

For more information, please contact: Gino Pezzani.

Canadian employment rose by 0.3 per cent to 20.17 million in June. The Canadian unemployment rate rose to 5.4 per cent after rising to 5.2 per cent in May. Total hours worked were up 2 per cent year over year, while average hourly wages were up 4.2 per cent from June of last year.

Employment in BC was little changed in June, falling 0.1 per cent to 2.778 million, while falling by 0.3 per cent in Metro Vancouver to 1.570 million. The unemployment rate jumped to 5.6 per cent in BC, up from 5 per cent in May, while rising to 5.7 per cent in Metro Vancouver. 
Link: https://mailchi.mp/bcrea/canadian-employment-june-2023

For more information, please contact: Gino Pezzani.

Breathwork is known to promote relaxation and reduce activation of the sympathetic nervous system, which can help you sleep better. Here is an easy breath exercise that might help promote restful sleep:

1. Lie in a comfortable position, close your eyes and breathe in deeply through your nose.

2. Hold for a count of three, and then slowly exhale through your mouth to release tension.

3. Continue with deep breathing by inhaling for four counts, holding for four and exhaling for six.

4. Focus on the sensation of each breath and let go of any distractions.

5. Practice this exercise for 10 minutes to allow your body and mind to relax.

Here are some common ingredients in skin care products and what they mean.

Salicylic acid: This exfoliates the outer layer of skin and unclogs pores.

Alpha-hydroxy acids (such as glycolic and lactic acids): These compounds remove dead skin cells, moisturize the skin and minimize acne scars, discoloration and fine lines.

Retinoids: These are forms of vitamin A that boost collagen production and reduce fine lines and wrinkles. They can be obtained in prescription or nonprescription strength.

Vitamin C: Available in various formulations, vitamin C helps heal blemishes, even out skin tone and give the skin a healthy glow.

Canadian real GDP was flat from the prior month in April, following a 0.1 per cent increase in March. Goods-producing sectors of the economy grew 0.1 per cent while services-producing sectors were flat. Construction activity rose 0.4 per cent as lower residential construction activity was offset by other subsectors, including engineering construction (+1.1 per cent). The real estate and rental leasing sector expanded 0.5 per cent in April as home sales rebounded. Canadian real GDP is now roughly 3.7 per cent above its pre-pandemic, February 2020 level. Preliminary estimates suggest that output in the Canadian economy expanded 0.4 percent in May.

April's GDP read extends a trend of weak but positive growth since February. The strike of federal workers caused public sector GDP to decline 0.3 per cent in April and contributed to a solid rebound in May, estimated preliminarily at 0.4 per cent. Despite low growth, the economy remains relatively resilient given the headwinds of rising interest rates. Furthermore, given the widespread expectation of an imminent recession for at least the prior two quarters, that growth has been positive in all months of 2023 so far is an unexpectedly cheerful development. But monetary policy works with a long lag, and further slowing of GDP and labour markets are widely expected in the second half of the year. The Bank of Canada's goal is to guide inflation back down to 2 per cent without causing a prolonged contraction in GDP. So far, they have had considerable success, but the Bank will be watching closely to maintain this balance into the fall. 

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

For more information, please contact: Gino Pezzani.

I wanted to write to you today about something that has been on my mind for a while - the importance of patience with ourselves and others. I believe this is something that we all struggle with at some point.

When we're dealing with our own shortcomings or the imperfections of others, it can be all too easy to become frustrated or even angry. But in those moments, it's important to take a step back and remind ourselves that nobody is perfect. We all have our strengths and weaknesses, and we're all doing the best we can with what we've been given.

I think this is especially true when it comes to family. Our loved ones are the people who know us best, and who we often expect the most from. But they're also the people who are most likely to push our buttons and challenge us in ways that nobody else can.

In those moments, it's important to remember that we're all on the same team. We may not always see eye to eye, but we all want what's best for each other. And sometimes, that means picking our battles and letting things go.

Of course, this is easier said than done. It takes practice and patience to be able to let go of our frustrations and focus on the bigger picture. When we can learn to be patient with ourselves and others, we create a more peaceful and harmonious environment for everyone.

So, as we move forward, it’s important to remember that we're all doing the best we can, and that sometimes, the most important battles are the ones we choose not to fight.

Sincerely,

Gino Pezzani

RE/MAX Heights Realty

July 1, Canada Day (CAN): Canadian's everywhere celebrate Canada Day, for becoming one country through the Constitution Act on July 1, 1867.

July 4, Independence Day (US): A federal holiday commemorating the adoption of the Declaration of Independence on July 4, 1776, in the United States.

July 9, Nunavut Day: A day is annually celebrated commemorates passing of two Nunavut acts. 

July 14, Bastille Day: A national holiday in France that commemorates the storming of the Bastille prison on July 14, 1789, a pivotal event in the French Revolution.

July 17, World Emoji Day: A day dedicated to the use of emojis, celebrating their role in digital communication, and their impact on pop culture.

July 20, Moon Landing Anniversary: Anniversary of the first human landing on the moon by the Apollo 11 mission on July 20, 1969.