Canadian retail sales declined 0.5 per cent in April, offsetting a similar increase in March.  Weakness in the retail sector was broad-based with 8 out of 11 retail sectors recording declines. April was a particularly difficult month for new car dealers and clothing retailers which saw declines of 1.4 per cent and 2.8 per cent respectively.  The retail sector in BC also had a disappointing month in April. Provincial retail sales fell 0.2 per cent while year-over-year sales growth decelerated to a modest 2.3 per cent. 

With two full months of economic data now reported for the second quarter, we have revised our Q2 tracking estimate of Canadian GDP lower to 2.4 per cent following first quarter real GDP growth of just 1.9 per cent. 

Information provided by www.bcrea.bc.ca

Property Type:
25.5% of purchases were by Move-Up Buyers
20.9% by First Time Buyers
12.3% moving from Single Family Home to Strata Unit
11.4% purchasing Recreation Property  (up from 4.8% in April)*
7.7% buying Revenue/Investment Property
4.1% moving from Strata property to Single Family Home 
2.7% moving into Retirement Home/Seniors Community

*Recreation property sales improved significantly over April with 11.4% of purchases in compared to 4.8%.

Buyer Type (Family Dynamic):
28.7% Two parent family/children
24.2% Empty Nesters/Retired  (up from 16.8% in April)**
23.7% Couple without children 
11.2% Single Female
9.4% Single Male
3.1% Single Parent with children

**Interesting to note the relative “balance” this month between two-parent families, couples without children, and empty nesters/retirees -- due to a rise in purchases by the latter group.

Moving From: 
59.5% from Within OMREB Board Area
16.2% from Alberta
10.8% from Other Areas in BC  (up from 6.8% in April)***
7.7% from Lower Mainland/Vancouver Island
2.7% from Eastern Canada/Maritimes
1.4% from Outside Canada
0.9% from Saskatchewan/Manitoba
0.4% from NWT/Yukon (9th month reported)

Information provided by www.omreb.com

1.     Get rid of clutter. Throw out or file stacks of newspapers and magazines.  Pack away   

        most of your small decorative items. Store out-of-season clothing to make closets

        seem roomier. Clean out the garage.

2.     Wash your windows and screens to let more light into the interior.

3.     Keep everything extra clean. Wash fingerprints from light switch plates.  Mop and wax

        floors. Clean the stove and refrigerator. A clean house makes a better first impression

        and convinces buyers that the home has been well  cared for.

4.     Get rid of smells. Clean carpeting and drapes to eliminate cooking odors, smoke, and  

        pet smells. Open the windows.

5.     Put higher wattage bulbs in light sockets to make rooms seem brighter, especially

        basements and other dark rooms. Replace any burnt-out bulbs.

6.     Make minor repairs that can create a bad impression. Small problems such as sticky

        doors, torn screens, cracked caulking, or a dripping faucet may  seem trivial, but they'll

        give buyers the impression that the house isn't well maintained.

7.     Tidy your yard. Cut the grass, rake the leaves, trim the bushes, and edge the walks.  

        Put a pot or two of bright flowers near the entryway.

8.      Patch holes in your driveway and reapply sealant, if applicable.

9.      Clean your gutters.

10.    Polish your front doorknob and door numbers.

If you're thinking of making a move within the next few months, there are two important things you need to know.

The first is the market value of your current property. That's the amount your home will likely sell for on today's market. When you know its market value, you'll have a better idea of how much money will be available to invest in a new home.

The second is an overview of what's available on the market. Which of the homes currently available for sale meet your criteria with respect to type of home, special features (such as a big kitchen or pool), neighbourhood, etc? How much are these homes selling for?

With those two pieces of information, you'll be able to make a better decision.

A good REALTOR^® can get that information for you. Call the Dion-Ivans Real Estate Group today!!

You could get upgraded insulation installed in all the walls of your home, or buy a new high-efficiency furnace and air conditioner. These improvements would certainly reduce your energy costs – but they each require a significant investment.

What if you don't have the budget?

There are a lot of little things you can do to make a big difference in your heating or cooling bill. Here are just a few examples:

• Turn down the thermostat a couple of degrees in winter. (And turn it up a few notches in summer.) Chances are, you'll hardly notice the difference in comfort, and you'll cut your heating/cooling costs by about 5%.
• Do you need the air conditioner on all the time during the summer months? Consider turning it way up, or completely off, at night when it's cooler outside.
• Invest in a programmable thermostat. That way, you'll be able to set up a schedule that uses less heating/cooling energy while you’re out of the house.
• Let the sunshine in through windows in the winter (and block the sun where possible in the summer.) "Passive heat gain" can contribute to up to 20% of the heat in your home. Best of all, the sun is free.
• Use energy efficient lights throughout your home. These can cut the cost of lighting by up to 40%!
• Be careful with outside lights, which can use a lot of energy! Turn them off before you go to bed or, better still, use programmable outside lighting that can be set to turn off automatically.
• These are just a few ideas for reducing your energy bill. If you do some research, you can probably discover many other ways to cut your costs. It's worth the effort!

Thinking of buying or selling? Call the Dion-Ivans Real Estate Group today!!

The Canadian economy added just 7,700 jobs in May following two months of stellar job growth in March and April that saw the edition of 140,000 new jobs. The Canadian unemployment rate held steady at 7.3 per cent. Employment in British Columbia was flat on the heels of 19,700 new jobs in April. Last month's sharp drop in the BC unemployment rate to 6.2 per cent proved to be a temporary blip. The unemployment rate bounced up 1.2 per cent to 7.4 per cent in May. BC employment is up 1.9  per cent compared to May 2011.

Looking at the new home construction market, Canadian housing starts were down from May's blockbuster pace of nearly 245,000 units, but still strong at a 211,400 seasonally adjusted annual rate (SAAR).   New home construction in BC urban centres jumped 21 per cent month over month, registering 26,600  starts (SAAR) in May.  On a year-over-year basis, BC housing starts were 9 per cent lower than May 2011.

New home construction in major metropolitan areas was generally weaker last month. Vancouver's previously robust multi-family starts trended lower in May, falling 18 per cent year-over-year while new construction of single-family homes was down one per cent. Total Vancouver starts were down 15 per cent from May 2011.  Abbotsford new home construction was up 7 per cent year-over-year in May due to a 19 per cent rise in single-family starts. Housing starts in Victoria were down by nearly half compared to May 2011, the result of a slower pace of multi-family starts last month. Finally, new home construction in Kelowna was roughly flat compared with May 2011, albeit down 4 per cent. 

Information provided by www.bcrea.bc.ca

No surprises from the Bank of Canada’s interest rate decision this morning. The Bank opted to keep its overnight rate at 1 per cent, where it has been for nearly two years.  The statement released in support of the interest rate decision noted that, in the Bank’s judgement, Canadian economic growth and inflation are unfolding largely as anticipated. A wave of risk aversion due to heightened anxiety over the Euro-crisis has sent Canadian bond-yields plummeting and market expectations for Bank of Canada rate increases have sharply reversed course. However, in today’s statement the Bank once again signaled to markets its preference for higher interest rates over the medium term and its intention to modestly withdraw stimulus as slack in the Canadian economy is absorbed. 

The  Bank also stated that any such withdrawal will be weighed against domestic and global economic developments.  In its last interest rates announcement, the Bank suggested that the Euro-crisis had moved from an acute to chronic phase. While this turned out to be a misdiagnosis, it does suggest that the Euro-mess does not have to be completed resolved for the Bank to begin tightening policy, but it does need to be stable.  At this point, with policymakers and politicians in Europe still struggling to put out a number of fires, it is difficult to see a clear path to a stable Europe in the coming months. Therefore, it is increasingly unlikely that the Bank will begin raising interest rates in late 2012, though it has certainly left that door open.

Information provided by www.bcrea.bc.ca

The Canadian economy grew at a 1.9 per cent rate in the first quarter of 2012, as growth in consumer spending slowed and business investment accelerated. Economic growth fell short of Bank of Canada expectations of 2.5 per cent though a pick up in second quarter growth may compensate for that shortfall. We are forecasting that the Canadian economy will expand at a 2.4 per cent rate this year.

Today's GDP release probably makes the Bank of Canada's case for a rate increase more difficult, particularly given ongoing developments in the Euro-zone. We expect the Bank to hold its overnight target rate at 1 per cent at its next interest rate meeting on June 5 while also walking back the hawkish tone from its April rate decision. 

The US labour market continued to tread water in Ma following a strong first quarter of employment growth. Today's US non-farm payrolls report showed just 69,000 new jobs were created in May, following a downward revision to April employment growth to just 77,000.  The US unemployment rate ticked 0.1 points higher to 8.2 per cent.

Information provided by www.bcrea.bc.ca