Canadian employment rose to 20.03 million in January, up by 150,000 (0.5 per cent). The Canadian unemployment rate held steady at 5 per cent, hovering just above all-time lows. Employment gains were concentrated among workers aged 25 to 54; workers in Ontario, Quebec, and Alberta; and workers in wholesale and retail trade, health care and social assistance, and educational services. Average hourly wages were up 4.5 per cent from January of last year, while total hours worked were up 5.6 per cent year-over-year. 

Employment in BC rose by 7,700 (0.3 per cent) to 2.771 million in January, while Metro Vancouver's employment rose by 0.4 per cent month over month. BC's unemployment rate rose to 4.4 per cent, still near record lows, while Metro Vancouver's rate rose to 4.7 per cent. Among the provinces, only Quebec, Manitoba, and Saskatchewan currently have a lower unemployment rate. 

 

Link: https://mailchi.mp/bcrea/canadian-employment-january-2022-february-10-2023

For more information, please contact: Gino Pezzani.

At a restaurant, a June bug suddenly landed on a lady and frightened her. With a panic- stricken face and trembling voice, she started jumping desperately, trying to shoo the bug.

Her reaction was contagious and everyone in her group also got panicky. Then the June bug flew away and landed on another lady in the group.

Now it was the second lady’s turn to continue the drama. The waiter rushed forward to her rescue. In the relay of throwing it back and forth, the June bug fell on

the waiter, who stood firm, composed himself and observed the behavior of the bug on his shirt.

Confidently, he grabbed it with his fingers and threw it out of the restaurant.

While I sipped my coffee and watched with amusement, I wondered if the June bug was responsible for their frantic behavior.

If so, then why was the waiter not disturbed? He handled it near to perfection without any chaos. It is not the bug, but the inability of the ladies to handle the disturbance caused by the bug that disturbed the ladies.

When faced with an unexpected bug, the women instinctively reacted while the waiter wisely responded. Reactions can be emotional and uncontrolled, but by responding instead of reacting, we allow ourselves a chance to consider our decisions carefully.

In that moment, I understood that I should not react in life. Instead, I should always respond.

Valentine from your dog: Valentine, I love you to kibbles and bits! I still can't believe I found a human who loves sunsets and longs walks on the leash as much as I do!

From your cat: Valentine, I am marginally less indifferent to you than I am to others.

From the National Security Agency: Valentine, I love listening to you talk.

From a young adult: Baby, you are the only one in this dystopian world of blindly conforming adults who understands me.

• Amendments to the Strata Property Act that increase contingency reserve fund minimums are coming November 1, 2023.

• Changes to the From B Information Certificate requiring a summary of the strata corporation’s insurance coverage to be included will be coming April 1, 2023.

The BCREA Housing Monitor Dashboard has been updated with the latest data up to February 07, 2023. Click here to access the latest dashboard. 

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.

BCREA 2023 First Quarter Housing Forecast Update

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

Multiple Listing Service^® (MLS^®) residential sales in BC are forecast to decline 7.1 per cent to 75,150 units this year. In 2024, MLS^® residential sales are forecast to post a strong rebound, rising 23.8 per cent to 93,025 units. 

“A slowing economy and still elevated mortgage rates are expected to keep housing activity lower than normal through much of 2023,” said BCREA Chief Economist Brendon Ogmundson. “However, we expect a strong recovery, boosted by an expected decline in mortgage rates and record high immigration that will carry significant momentum into 2024.”
 
Inventories have increased from the depleted level at the beginning of 2022, but they remain low compared to historical levels, despite a sharp decrease in sales. However, the abrupt shift in market conditions has meant that prices have come down despite low inventory, falling from peak levels through the spring before stabilizing toward the end of last year. While we expect MLS^® average prices to trend relatively flat this year, they will be lower than the peak values of 2022. Consequently, year-over-year comparisons will register negative for much of 2023, likely resulting in negative annual price growth even if monthly prices begin to recover as expected later this year. 

For the complete news release, including detailed statistics, click here.

For more information, please contact: Gino Pezzani.

February is a special month; it brings with it the beauty of solitude and introspection. Now that the holidays have come to an end and we’ve had time to celebrate with our friends and family, this is the perfect opportunity to reflect on ourselves and our lives.

This month offers us a chance to look back on the previous year and gain clarity on what we want out of the coming one. It’s a time for setting new goals, adjusting old ones, and finding ways to make them achievable. We can learn from our mistakes, get creative in finding solutions, and grow into better versions of ourselves.

The stillness of February allows us a unique kind of self-reflection that is not often found during busier months. With fewer social events demanding our attention, now is the perfect time to take advantage of our unoccupied schedules and reconnect with activities we love - or even try something new. Get lost in a good book, explore exciting podcasts that challenge your perspective, or learn how to make one of those dishes you've been meaning to try for ages! Being alone can be as rewarding as being surrounded by others.

Let us remember that February is not only about reflection, but it’s also about gratitude. Be grateful for the little moments sprinkled throughout each day which add up to a special kind of magic, if we choose to recognize them as such. Let us relish in this month as much as possible before the liveliness of springtime arrives!

Sincerely,

Gino Pezzani

Surgeons at the University of Alabama at Birmingham have successfully transplanted kidneys from a genetically modified pig into the abdomen of a 57-year-old man, who was clinically brain dead.

According to the New York Times, the kidneys functioned well without signs of rejection. The landmark procedure occurred just weeks after University of Maryland surgeons completed a successful pig-to-human heart transplant.

Researchers believe that organs grown in genetically modified animals could potentially save countless lives. In the United States alone, more than a dozen people die every day while waiting for a kidney transplant.

The Canadian economy grew 0.1 per cent in November, matching the rate of growth in October. In contrast to the pandemic economy of the previous two years, the services sector is now leading the economy while goods producing sectors struggle.  Overall, growth was fairly broad-based with 14 of 20 Canadian industrial sectors posting positive growth. Rising interest rates continue to impact highly rate-sensitive sectors like residential construction and real estate. Residential construction activity contracted 1.8 per cent in November and output from offices of Real Estate Agents and Brokers fell 4.2 per cent, the ninth consecutive monthly decline in that sector.

With November's data and Statistics Canada's preliminary estimate of zero growth in December, the final quarter of 2022 likely saw growth of 1.6 per cent on an annualized basis. While GDP data is showing signs of a slowing economy, that slowdown has yet to show up in the labour market where job gains remain robust and the unemployment rate is at a historical low. However, we expect that as higher interest rates begin impacting the wider economy this year, slowing growth will catch up to the labour market. That outlook is shared by the bond market where long-term rates have been falling as investors price in expectations of a slowing economy. If that trend continues, we should see further relief on fixed mortgage rates this year while variable rate holders will have to wait for a pivot to lower rates from the Bank of Canada.

Link:  https://mailchi.mp/bcrea/canadian-real-gdp-growth-november-2022

For more information, please contact: Gino Pezzani.

Metro Vancouver home sales set or neared historic records in 2021 and 2022 on both ends of the spectrum. Sales activity hit a record high in March of 2021 and closed 2022 near historic lows after accounting for typical seasonal variation.

The key economic variable most responsible for this oscillation between extremes has been the spike in mortgage rates, as a result of the Bank of Canada rapidly raising the policy interest rate to quell inflationary pressures not seen in the country in more than thirty years.

At the time of publication, inflation remains stubbornly high, despite the Bank of Canada’s historically monumental efforts to bring inflation back to their preferred target range of between one and three per cent. Largely because of this, mortgage rates are expected to remain higher than market participants had been used to in recent times.

Home sales in 2023 will remain in line with last year while prices may see small increases, according to the Real Estate Board of Greater Vancouver’s first 2023 Residential Market Forecast.

The forecast looks at current and historical market trends alongside economic factors like inflation and risk of recession to predict what 2023’s housing market will look like.

A second forecast will be coming in the second half of the year.

Key highlights 

1. The Bank of Canada is at, or very near, the peak of the current interest rate tightening cycle.

2. Apartment sales are forecast to decrease over last year, while detached homes are forecast to increase. 

3. While increasing mortgage costs are decreasing purchasing power, other factors will continue to put upward pressure on prices. 

For more information, please contact: Gino Pezzani.

The link of the report: Read the report

1 large butternut squash, peeled and sliced (discards seeds and pulp)

2 red onions, cut into wedges

3 tablespoons olive oil

3 1/2 tablespoons light tahini paste

1 1/2 tablespoons lemon juice

2 tablespoons water

1 small clove garlic, crushed

1 tablespoon za’atar spice

1 tablespoon coarsely chopped parsley (optional)

Sea salt and freshly ground black pepper

Preheat oven to 350 degrees. Toss squash and onion in a bowl with olive oil, 1 teaspoon sea salt and some black pepper. Spread on a baking sheet and roast for 30 to 40 minutes, until the vegetables have taken on some color and are fully cooked.

For the sauce, whisk the tahini, lemon juice, water, garlic and teaspoon of salt until you have a liquid the consistency of honey. Add more water or tahini as necessary.

To serve, spread the vegetables on a serving platter and drizzle with the tahini sauce.

This is a heart-healthy, vegetarian-friendly recipe. Butternut squash is also high in insoluble fiber, which helps control blood sugar to promote fullness and regulate blood sugar.

Tahini-based sauce, made from sesame seeds, is rich in heart-healthy monounsaturated and polyunsaturated fats. The olive oil, which is used to roast the squash, contains omega-3 fatty acids to reduce inflammation and improve cholesterol.