Does your organization know how to learn? In a world dominated by the ability to process information, the ability to learn, as an organization, is crucial. Here are five ways you can create a learning organization:

1. Encourage self-directed learning for employees. Instead of telling people what to learn, give permission for them to explore what they think is important. And provide resources like access to information, the Internet, time off, and tuition reimbursement, if possible.

2. Promote cross-pollination of ideas. Bring together team members from different departments to share ideas and strategies. Encourage people to respect different opinions and points of view so meetings produce thoughtful, innovative results.

3. Use open-ended language. In your meetings and discussions, ask questions that stimulate creative thought and learning without simply focusing on finding “correct” answers. If you can say, “Let’s explore that further,” you’ll show everyone on your team that you consider striving for improvement more important than a single “right” answer.

4. Treat mistakes as learning opportunities. Hold honest, straightforward conversations when something doesn’t work as anticipated. Look for lessons that might improve the process next time, as well as ideas for new processes that might result in an innovative product.

5. Review the learning process. On a regular basis, ask team members what’s working and what isn’t. With this information, get to work on fixing what doesn’t work and enhancing what’s going well.

Canadian employment gained 259k jobs in February (1.4%, m/m), almost making up for the 266k jobs lost in the previous two months. This left the employment level 3.1% (-599k) below its February 2020 pre-pandemic level. The rise was largely in part-time employment with full-time positions continuing to see positive growth in February. Notable job gains were reported in Quebec (113k) and Ontario (100k), as both provinces began easing restrictions in February. The only province to report negative job growth was Newfoundland and Labrador. The national unemployment rate decreased by 1.2 percentage points to 8.2%, which is the lowest rate since March 2020.

In BC, employment grew by 27k (1.0%, m/m) in February, following a gain of 3k in January. The unemployment rate decreased from 8% to 6.9%, which is the lowest rate the province has recorded since February 2020. Meanwhile, in Vancouver, employment increased by 13.9k (1.0%,m/m), following a rise of 9.0k in the previous month. Compared to one year ago, employment in BC was down by 0.6% (-15K) jobs.

Although national employment is still 599k below its pre-pandemic level, February's employment gain is a step in the right direction. Today's bounce-back signals that the economy is gaining momentum, as the vaccine rollout enters its next phase and public health restrictions ease. That being said, progress could be thwarted if a third wave of the pandemic forces another round of restrictions.

For more information, please contact: Gino Pezzani.
Link: https://mailchi.mp/bcrea/canadian-employment-feb-march-12-2021

Canadian housing starts decreased by 13.5% m/m to 246k units in February at a seasonally adjusted annual rate (SAAR), following a strong increase of 24% in January. Housing starts decreased in all provinces except for BC. Building activity declined in both the multi-unit (-16%) and single-detached (-9%) segments. Despite February's decline, national housing starts were up by 17% compared to the same time last year. Also, the six-month moving average was still a strong 243k units SAAR.

In BC, housing starts increased by 21% m/m to 43.5k units SAAR in February, following a decrease of 17% in the previous month. Building activity was up by 39% in the multi-unit segment, while single-detached starts were down by 14%. The rise in the multi-unit segment was led by Vancouver, which reported a 70% increase in multi-unit starts in February. Compared to the same time last year, housing starts were up by 2% in BC.

The decline in February comes on the heels of a very strong 2020. Also, the level of residential construction activity is still above pre-pandemic levels, reflecting the high demand for housing that we've seen across the country. The value of BC residential building permits was down by 1% in January, led by the multi-unit segment, while permits were up for the single-detached segment.

For more information, please contact: Gino Pezzani.
link: https://mailchi.mp/bcrea/canadian-housing-starts-feb-march-15-2021

The Bank of Canada maintained its overnight rate at 0.25 per cent this morning, a level it considers its effective lower bound. The Bank reiterated what it calls "extraordinary forward guidance" in committing to leaving the overnight rate at 0.25 per cent until slack in the economy is absorbed and inflation sustainably returns to its 2 per cent target. The Bank projects that will not occur until 2023. The Bank is also continuing its quantitative easing (QE) program, purchasing at least $4 billion of Government of Canada bonds per week. In the statement accompanying the decision, the bank noted that while the near-term outlook for growth is strong, there remains considerable slack in the economy and employment is still well below its pre-COVID levels. Inflation is expected to move modestly higher, largely reflecting base-year effects and deep price declines in some goods and services at the start of the pandemic.

The Bank of Canada was anticipating a second wave induced contraction of the economy in the first quarter of this year and so finds itself somewhat caught off guard by a vastly improved economic outlook and rising long-term bond yields. The massive $1.9 trillion COVID-19 relief package, the American Rescue Plan, recently passed by the US Congress and good news on the speed of US vaccinations has prompted a re-set of expectations in financial markets as higher economic growth and inflation gets priced into bond yields. While the Bank has continued its quantitative easing program aimed at holding Canadian long-term interest rates down, there is little it can do to combat the pressure on the Canadian yield curve from rising US long-term interest rates. Recognizing the much brighter economic outlook, the Bank may announce a tapering of its QE at its next meeting in April but will stick to its commitment to keep its policy rate on hold until 2023. That would mean a widening gap between fixed and variable mortgage rates over the next year as fixed mortgage rates rise alongside long-term interest rates.

or more information, please contact: Gino Pezzani.

Link: https://mailchi.mp/bcrea/bank-of-canada-interest-rate-announcement-m2ra3hmnqa

Vancouver, BC – March, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 10,918 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February 2021, an increase of 89.1 per cent over February 2020 and over a thousand sales higher than the previous February record, set in 2016. The average MLS® residential price in BC was $889,584, a 17.3 per cent increase from $758,382 recorded in February 2020. Total sales dollar volume was $9.7 billion, a 121.8 per cent increase from last year.

“Near-record sales in Metro Vancouver, combined with unprecedented housing demand outside of Metro Vancouver, continues to drive a blistering pace of home sales in BC,” said BCREA Chief Economist Brendon Ogmundson.

Total active residential listings were down 28.7 per cent to 20,185 units in February, the lowest level of provincial active listings on record, going back to 2000. Fortunately, new listings have increased considerably, but given the pace of sales, total inventory of homes for sale remains severely depleted.

"There is a drought of resale inventory across the province,” added Ogmundson. "With so few listings, and with so much demand for single-detached homes, average prices have increased dramatically.”

For more information, please contact: Gino Pezzani.

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

As Warren Buffett’s right-hand man for more than 40 years, and a vice chairman of Buffett’s Berkshire Hathaway, billionaire Charlie Munger has had the kind of career and financial success most people can only dream of. Here is his advice for anyone who wants to rise to the top:

“Don’t sell anything you wouldn’t buy yourself.” Be true to your values. Pick a career not for how much money you can make, but for doing something you believe in and are willing to dedicate your life to.

“Don’t work for anyone you don’t respect and admire.” Be careful about who you choose to work with and for. Seek out people you can look up to and learn from them.

“Work only for people you enjoy.” Your boss and co-workers can be a source of stress or strength. Find an employer whose culture attracts like-minded people who share your values and your commitment to success.

Did You Know? Women’s History Month, celebrated every year in March, started as Women’s History Week.

Women’s History Month originally began as a local week-long celebration in Santa Rosa, California. The Education Task Force of the Sonoma County Commission on the Status of Women planned and executed a “Women’s History Week” celebration during the week of March 8, 1978 to correspond with International Women’s Day. According to womenshistory.org, the movement spread across the country as other communities initiated their own Women’s History Week celebrations the following year. In 1980, a consortium of women’s groups and historians led by the National Women’s History Project (now the National Women’s History Alliance) successfully lobbied for national recognition.

In February 1980, President Jimmy Carter issued the first Presidential Proclamation declaring the Week of March 8, 1980 as National Women’s History Week.

Subsequent presidents continued to proclaim a National Women’s History Week in March until 1987, when Congress passed a law designating March as “Women’s History Month.”

A man was walking through the park when he came upon a boy playing a game of chess against a Cat.

“This is just incredible,” the man shouted, “What a smart cat!”

“He’s all right, I guess,” the boy replied.

“I’ve already beaten him two out of three games.”

If you or someone you know suffers from depression, this news could help. An article on the MedicineNet website reports that 35 minutes of exercise a day could help lower the risk of depression, even among people with a genetic predisposition for the ailment.

Researchers at Massachusetts General Hospital in Boston analyzed two years’ worth of medical records and genetic information from close to 8,000 people. They calculated a genetic risk score for each person that predicted the likelihood of depressive episodes.

The data showed that people with a higher genetic risk were likely to be diagnosed with depression within two years, but physically active people with the same score— or even a higher one— were less likely to suffer from depression.

For every four hours of exercise a week, the risk of depressive episodes decreased by 17%. Both intense, aerobic workouts and low-intensity practices like stretching and yoga showed the same effect. Getting active may be the key to mental as well as physical well-being.

The Canadian economy expanded at a 9.6 per cent annual rate in the fourth quarter of 2020. Growth was led by increased government spending, business investment and investment in new home construction and renovations as well as a large change in business inventories as large drawdowns of inventory from previous quarters reversed. For 2020 as a whole, the Canadian economy shrank 5.4 per cent, the steepest decline since quarterly GDP data were first recorded in 1961. Interestingly, the households savings rate registered 12.7 per cent, the third consecutive quarter of double digit saving rate. Remarkably, total household savings in 2020 matched the cumulative savings of the previous seven years combined. That accumulated savings, and how it gets spent over the next year, will be a key component of what we expect to be a robust economic recovery in 2021.

Following an unprecedented 2020, we expect the Canadian economy will enjoy two years of very strong growth with the economy expanding by 5 per cent this year and a 4.3 per cent in 2022. An expected acceleration of vaccinations appears to be on the immediate horizon. As that roll-out progresses, we expect pent-up spending throughout the economy to be unleashed, driving a strong economic recovery. While the Bank of Canada has not changed its commitment to keeping its overnight rate unchanged until 2023, there has been substantial upward pressure on long-term Canadian interest rates as markets price in a faster than expected recovery along with the impact of the $1.9 trillion US COVID-19 relief package. As 5-year government bond yields move higher, 5-year fixed mortgage rates have also started to rise from a record low average of 1.8 per cent to a still very low level of 1.95 per cent. For context, the average 5-year fixed rate prior to the onset of the COVID-19 pandemic was about 2.9 per cent.

For more information, please contact: Gino Pezzani.

Link: https://mailchi.mp/bcrea/canadian-real-gdp-growth-q42020

The BCREA Commercial Leading Indicator (CLI) reached a new high since the start of the series in 1999. The CLI rose from 139 to 144 in the fourth quarter of 2020, representing the second consecutive increase after four consecutive quarterly declines. Compared to the same time last year, the index was up by 5 per cent.

Although the CLI is responding to a sharp rebound in economic, financial and employment conditions, there is more here than meets the eye. Growth in these conditions would normally imply an improvement in demand for retail and office space. However, the complexities of the COVID-19 pandemic and related public health restrictions are driving a wedge between what we see in the data and what is being experienced on the ground.

Health restrictions in BC were tightened in the fourth quarter of 2020 to address rising COVID-19 cases. Despite this, manufacturing sales continued to recover, bolstered by strong demand for wood products to supply new home construction in Canada and the US. The increase in wholesale trade was driven by higher sales in motor vehicles and building materials, as many households undertook home renovations in the second half of 2020. Retail sales also continued to grow in the fourth quarter, but at a slower pace than the previous quarter as travel and health restrictions decreased mobility in retail spaces.

Employment growth in key commercial real estate sectors such as finance, insurance, real estate (FIRE) and leasing increased by about 10,400 jobs in the fourth quarter. Combined with employment growth in the previous quarter, this resulted in a full recovery of job losses in the FIRE sectors from the first half of 2020. Manufacturing employment was also up by about 5,700 jobs in the fourth quarter. Employment growth in this sector in the second half of 2020 nearly made up for all losses in the previous four quarters.

The CLI’s financial component was positive in the fourth quarter of 2020, as REIT prices rose and risk spreads fell, and investors gained confidence in the recovery of the global economy following widespread rollouts of the COVID-19 vaccine.

For more information, please contact: Gino Pezzani.

To view the full Commercial Leading Indicator PDF, click here.

March sure is galloping in this year with all its green and golden glory! The cheerful proliferation of green shamrocks printed all over the place are a constant reminder that St. Patrick’s Day is the event of the month, but did you know the real St. Patrick originally had light blue livery? It wasn’t until he started using shamrocks as a teaching tool that green came to be associated with this icon of Ireland.

Although that might be useful knowledge to have on hand for your next trivia night with friends, I’m also sharing that fact with you because I think it is important to remember we have the power to craft our own history.

I love the thought that we craft our own history, regardless of what others try to tell our story should be.

Each of us tells the world what we stand for, if not with a particular shade of blue or green, then with a particular response to the people around us. We can change our own standard and improve what we are best known for.

This month marks only one-quarter of the year already written for the history books, which leaves us with nine months remaining in this year’s journal. Starting now, you can decide what details to include and what is not worth bothering with. You can add in new plot twists, welcome new characters, and decisively edit out anything or anyone that doesn’t belong in your story.

Try this: picture what you want people to say about you in December, then write down nine things that would need to happen for that statement to be true. Just like that, you wrote your own history and now have a goal for each month ahead of you.

Since you already wrote the story as you want it to end, all that is left is for you to enjoy living out the details and enjoying the smaller developments along the way. Here’s hoping it is full of good luck and good times!