All of the third graders at Emily’s school had practiced songs for the holiday concert. When they first received the music at the start of the school year, December seemed far off in the future. However, with just a week to go until the concert, Emily still didn’t have any idea how she would make the concert a good one for her mother, who was born deaf.

The teacher informed the children that a few permission slips, required to walk to the theater for the afternoon concert, were still missing... including Emily’s slip.

After her brothers had recapped their day in the American Sign Language they all used at home, Emily bravely asked her mom if she would like to attend the concert. Her mother, usually shy in social settings, hesitated but smiled and signed the permission slip.

That Friday, most of the children spotted their parents in the old theater, but one seat remained empty. At show time, Emily’s mom still had not arrived.

When the house lights came on, Emily saw her mother was seated in the center of the first row. Her mother stood, then proudly began clapping in a standing ovation for the young performers, with all the other parents following suit. As the lights rose over the stage for the show to begin, the audience faded into darkness and the little girl gave up trying to spot her mother, focusing instead on singing with all her heart. Suddenly, a movement caught her eye. To the right of the risers, she saw both her brothers, signing the words for the audience.

The show was perfect.

In October, housing starts and new listings in BC were flat, while home sales began rising again. Rising sales in all regions of the province reversed the “calming trend” which had occurred since peaks in March. Rental rates remain elevated and continue to trend upwards in Victoria and Vancouver relative to pre-pandemic levels amid generally high consumer price appreciation.
 
Retail sales in BC rose in September to a fresh record, with sales 6.7 per cent above the same month last year. As of November, restaurant reservations in Vancouver are near the highest level since the onset of the pandemic, at roughly 80 per cent of the pre-pandemic level. This contrasts with a drop in reservations in Montreal and Toronto relative to post-pandemic peaks in late August. In BC, Google’s measure of movement trends remains high, although below the peak in late summer, currently about 14 per cent below pre-pandemic levels. This easing in movement is due in part to seasonality.
 
Although aggregate employment in BC has recovered to pre-pandemic levels, the accommodation and food service sector is about 13 per cent below the pre-pandemic level. The labour market has served high-income workers much better than low-income workers. Employment in high-income industries is about 9 per cent above pre-pandemic employment levels, while employment in low-income industries is about 5 per cent below pre-pandemic employment levels.
 
Manufacturing in BC rose slightly in September but remains below its peak due to a drop in the value of wood product sales. Exports in the province remained flat in September, while imports rose 3 per cent to a new record. Business confidence retreated slightly in October in BC, while consumer confidence rose slightly. Tourists into BC continued to rise after Americans were allowed to enter the country in August, hitting roughly 32 per cent of the February 2020 level in September. 
 
For a more comprehensive overview of BC's economic recovery, click here.

For more information, please contact: Gino Pezzani.

November is National Entrepreneurship Month and with that comes a chance for business owners to celebrate and reflect. The Forbes website offers these tips for entrepreneurs that are good to keep in mind all 12 months of the year:

1.  Always put customers first. While digital tools are incredibly useful, it’s essential not to let distance de-emphasize the need to focus on your customers. Check in regularly with customers about how they’re responding to your services. Ask important questions to refocus on who you should be targeting. Is there something you aren’t doing that competitors are? What about the opposite?

2.  Get your books in order. Belts and budgets tightened for a lot of businesses throughout the pandemic. Use revenue projections to predict what your business will need to bring in next year to remain profitable and limit turnover. Take a long look at your budget to figure out how you can stretch it as far as humanly possible. By getting creative with your bottom line, you’ll be able to sustain and thrive companywide.

3.  Keep track of your mentorship programs and support systems. Employees are the heartbeat of any company. Seventy-one percent of Fortune 500 companies offer mentorship programs. By taking care of employees and providing them with opportunities to grow and feel supported, you keep high-performing staff in the organization and inspired to continue contributing to your long-term growth. And by building a healthy stable of mentees, you’re encouraging everyone to pay it forward —89% of them will likely mentor others.

4.  Start brainstorming now— not in the new year. Planning is vital for any organization with long-term aspirations. But strategic planning can look different based on your unique goals. With less than two months left in 2021, take the rest of the year to put things into perspective for 2022. Continually revisit your budget, aligning those numbers with your big picture goals for the year. Put these elements into perspective and determine where they fit into your company’s prospects for the next year and beyond.

November is an excellent time to reflect on the past and look forward to your future business trajectory. Take this month to think about where you’ve been, look at where your company currently stands, and set a clear course toward its ultimate destination.

Cookies have a long history, but the first ones didn’t taste much like the treats we enjoy today. According to some sources, the first cookies were made in Rome around the third century B.C. They were thin, hard, bland wafers that were twice baked, and the Romans ate them by dipping them in juice.

Modern cookies may have originated in Persia during the seventh century, when sugar became more common in that region. They became popular across Europe in the 14th century, enjoyed by royalty and peasants alike. One reason for their appeal was that they traveled well in tins and boxes, making them a reliable source of food on trips.

The word “cookie” comes from the Dutch “koekje,” for “little cake.” Cookies arrived in America in the 17th century, in the form of macaroons, gingerbread cookies, and the “jumble,” a hard cookie that combined nuts, sweeteners, and water. The cookies we’re most familiar with, made by creaming butter and sugar, became common in the 18th century.

Some advice is tough to take, especially about money. The Inside website shares one financial planner’s unwelcome words that more people should bear in mind:

1. You’re probably not saving enough money for retirement. Chances are you’re thinking you’ve got enough time to start putting money aside for your later years. Unless you’re already wealthy, you’re probably wrong. Take a look at your income and assets, determine when you want to retire, and calculate realistically how much money you’ll need to live the rest of your life comfortably. If you’ve got children, don’t forget to start saving for college early, too. 

2. You can’t afford that much house. Monthly payments are only part of the expense in owning a home. Taxes, maintenance, repairs, and everything else can add up quickly. Don’t be too eager to buy the biggest house you can get a mortgage for. Get a reasonable loan that you can live with as other expenses come and go. 

3. Be comfortable with risk. The economy and the stock market are uncertain, but you can’t play it safe all the time. Don’t panic when the stock market goes down. Remember that you’re in it for the long haul, and stick to your investment plan. The economy is cyclical, so eventually things should swing back to positive territory.

Canadian seasonally-adjusted retail sales fell 0.6% to $56.6 billion in September. The decline was driven by sales at motor vehicle and parts dealers (-1.6%) as new car sales continued to be impacted by semiconductor chip supply shortages. According to Statistics Canada's survey, just 0.5% of retailers were closed at some point in September. Preliminary estimates, based on roughly 50% of respondents reporting so far to the agency, indicate that retail sales rose 1% in October. 

In BC, sales rose 1.1% to a fresh record in September, erasing declines in July and August. Compared to the same month last year, retail sales were up 6.7% in the province. Only electronics and appliance sales and building material or garden equipment were not up on a year-over-year basis in September. In the Greater Vancouver region, sales fell 0.6% month-over-month and were up 10.3% year-over-year. 

In September, Canadian e-commerce sales rose from $3 billion to $3.2 billion. As a result, e-commerce increased from 4.9% of total retail sales in August to 5.3% in September. This percentage is lower than at most points since the onset of the pandemic but is elevated compared to pre-pandemic levels. 

For more information, please contact: Gino Pezzani.

Link:  https://mailchi.mp/bcrea/canadian-retail-sales-september-2021

Changing careers is uncomfortable, but these days it’s sometimes necessary. If you’re contemplating a switch, the Ladders website has some tips for overcoming these common obstacles:

• A new network. Don’t abandon your current network when you move on to a new industry. Find out if any current contacts have connections in the industry you’d like to join. Use them to build a new network.

• Irrelevant skills. You may have to master new skills to make a change. Start by making a list of your current hard and soft skills. Many of these may transfer. Highlight these as you conduct your job search. Emphasize that you’re actively working to fill in your gaps when you talk to employers.

• Money issues. Be prepared to take a pay cut as you start over. Build up your emergency fund ahead of time, pay down your debt, and establish a budget you can stick to in the early days.

Canadian housin

g starts declined for the fifth consecutive month in October, but remain somewhat strong compared to typical pre-pandemic activity. Housing starts decreased by 13.4k to 236.6k units (-5.3% m/m) in October at a seasonally-adjusted annual rate (SAAR). Comparing year-over-year, starts were up modestly from October of 2020 (4.1% y/y). Single-detached housing starts dipped 3.7% in October to 73.4k, while multi-family and others declined 6% to 163.2k (SAAR). 

In British Columbia, starts were essentially unchanged in October, maintaining the level of 35.9k units SAAR in all areas of the province. Single-detached starts dropped 5.6% m/m to 7.5k units while multi-family starts offset this drop with a 5.9% rise to 25k units. Starts in the province remained 9.2% above the levels from October 2020. BC's six-month moving average for starts declined slightly, but remains elevated by historical standards. 

Link: https://mailchi.mp/bcrea/canadian-housing-starts-october-2021

For more information, please contact: Gino Pezzani.

Canadian prices, as measured by the Consumer Price Index (CPI), rose 4.7% on a year-over-year basis in October, rising at the fastest rate since 2003. On a month-over-month basis, the CPI was up 0.7% in October. The Bank of Canada's preferred measures of core inflation (which use techniques to strip out volatile elements) rose an average of 2.7% year-over-year in October. Major drivers of the year-over-year price increase included transportation prices (+10.1%), shelter (+4.8%) and food prices (+3.8%) partly on continuing supply-chain difficulties. In BC, consumer prices were up 0.43% month-over-month, and up 3.8% on a year-over-year basis. 

Inflation continues to run ahead of the Bank of Canada's 2 per cent target. The driving force behind rising prices in October was a 10% increase in transportation costs due to rising gasoline prices. Inflation from shelter costs was up month-over-month as home prices trended higher after flattening out over the summer. Those categories continue to account for about 60% of the year-over-year rise in consumer prices. We expect this elevated level of inflation to persist through next year before prices begin moderating. The Bank of Canada is clearly concerned about rising consumer prices and have signaled that it will begin raising its policy rate in the second or third quarter of 2022.

Link: https://mailchi.mp/bcrea/canadian-inflation-october-2021

For more information, please contact: Gino Pezzani.

The boy looked at it for a minute, then bopped the toy as hard as he could. The funny-looking toy leaned over for a moment, then popped back up with a quick wiggle.

The disconcerted boy took a few steps back, looked up at his father in confusion and then bopped the figure again.

Once again, the balloon figure looked like he would fall over, but popped right back up.

Fall is the perfect time to light up the fireplace with a cozy blaze. If you want to add little fragrance to your hearth, try these types of wood to sweeten your fire:

1. Apple. It not only sweetens the smell, it produces colorful flames.

2. Cherry. Although not as sweet as apple wood, cherry wood still adds a little sugar in the mix.

3. Hickory. Known to many great barbecue grill-meisters, hickory brings in a nice nutty aroma and is a great heat producer.

4. Black birch. Don’t like your fires so sweet? Black birch adds just enough spice with a cinnamon scent.

Vancouver, BC – November, 2021. The British Columbia Real Estate Association (BCREA) reports that a total 9,593 residential unit sales were recorded by the Multiple Listing Service^® (MLS^®) in October 2021, a decrease of 13.7 per cent from October 2020. The average MLS^® residential price in BC was $964,777, an 18.9 per cent increase from $811,307 recorded in October 2020. Total sales dollar volume was $9.3 billion, a 2.6 per cent decline from the same time last year. 

“The story across the province continues to be the record low number of listings,” said BCREA Chief Economist Brendon Ogmundson. “Rising mortgage rates should start to temper sales activity next year, but even with a moderation in demand it will take quite some time for the inventory of homes to return to a healthy level.”

Total active residential listings were down nearly 40 per cent year-over-year in October, falling to an all-time record low for the province. Active listings have now fallen for five consecutive months on a seasonally adjusted basis.

Year-to-date, BC residential sales dollar volume is up 69.7 per cent to $99.6 billion compared to the same period in 2020. Residential unit sales were up 42.8 per cent to 108,798 units, while the average MLS^® residential price was up 18.8 per cent to $915,833. 

For more information, please contact: Gino Pezzani.

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