An elephant drinking from a stream spotted a tortoise lounging on the shore. He grabbed it with his trunk and flung it into the jungle.

A passing zebra asked, “Why did you do that?”

“Forty years ago, that tortoise nipped my tail just for fun,” the elephant said.

“Wow, 40 years ago! How did you remember that?” “I have turtle recall,” replied the elephant.

Want to boost your creativity? It can enhance your career and your life. The Forbes

website offers these techniques for jumpstarting your brain:

• Say ‘Yes’: Don’t shut down ideas too quickly. Even if they seem unrealistic or impractical, take a positive approach by saying, “Yes, and  __.” Ask follow-up questions to spur a deeper exploration of the issues. You may discover a way to bring a seemingly impossible idea to life.
• Brainstorm: It’s easy to limit your thinking, especially when resources are scarce. Don’t fall into that trap. Expand on your idea without worrying about how much it will cost or how much work it will take. It’s always possible to scale it down later, but in the long run you’ll generate more impressive plans and strategies.
• Look for pain points: Find out what’s bothering your partners or customers. Chances are you can come up with interesting ideas for solving their most pressing problems. To cite one well-known example, an entrepreneur created Netflix, which initially shipped DVDs to homes for as long as customers wanted to keep them, because he realized people didn’t like late fees. Removing that one pain point led to a mammoth business.
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This summer is turning out to be a summer like no other I can remember. Everywhere, there is an element of hope, of wanting to believe that society is coming together and that we are on the road to remembering what summer feels like without any thought of social distancing.

There are all the familiar notes of summer pulsing with life: the sound of giggles wafting from tanned children, piles of ripe fruit sitting in colorful displays at the entrance of grocery stores, music pouring out from picnic radios, and evening sunsets that linger late into twilight.

Certainly, we cannot overlook the reality of recent, tragic events of the pandemic; but I am asking that we all face this summer with the bravery to move into a new normal that simultaneously acknowledges what we went through while looking to what we are capable of doing.

We are capable of connecting— the past few months proved we are able to connect online, by video, by phone, and by mail. We are capable of reaching out to those in need and lending help. We are capable of learning: everywhere, there are free online classes and new summer novels to savor. Most of all, we are capable of loving, of reaching out to friends and family in this brave new world of having realized what matters most.

This summer is ours to enjoy. These hot days are ours to bask in the glory of possibility... don’t forget to wear sunscreen.

Cheers!
Gino Pezzani

The arrival of COVID-19 caused stock markets and oil prices to fall and unemployment rates to rise.

In response, the Bank of Canada significantly lowered the prime interest rate and our provincial and federal governments launched a series of relief programs to help those impacted.

Locally, COVID-19 caused home sale and listing activity in Metro Vancouver to initially slow to about one-third of the pace witnessed prior to the pandemic. REALTORS® were quick to adapt, converting most services, like open houses, to a virtual environment. While housing market activity is beginning to pick up, some commentators have suggested that COVID-19 could cause home prices to decline longer term.

To help us make sense of these developments, we asked the British Columbia Real Estate Association's Chief Economist Brendon Ogmundson a few questions. Here are his answers.

1. What long-term impact will COVID-19 have on our economy and housing market?
For the first time in over a decade, the BC economy is in a recession. But this recession is unprecedented in that it didn’t happen due to collective poor business decisions, rapidly rising interest rates, bad loans, or misadventures in financial engineering. Rather, the economy has been purposely halted for the greater good. The implication being that, the shorter the duration of this unusual period, the more likely it is that demand can more readily return to where it was pre-COVID-19 and the outsized employment losses experienced this year can be reversed.

The ultimate impact of COVID-19 will depend on how quickly economic activity can return to its pre-COVID-19 level. The speed of the recovery will depend on the level of comfort people feel in getting back to work, going to the store, or catching a movie with friends, a variable that’s ultimately unforecastable. As the economy “re-opens” and as the industry along with buyers and sellers adapt and innovate, we expect home sales will rebound, aided by record low mortgage rates and pent-up demand. While the way we do those things in a post-COVID world will certainly change, I’m optimistic the economy will bounce back strong in 2021, with the housing market leading the way.

2. What home price changes and other long-term trends do you expect to see?
The impact of the current pandemic and associated recession on home prices is largely determined by the reaction of supply. If the inventory of listings accumulates significantly, and particularly if that inventory represents foreclosures or motivated selling by those affected by rising unemployment, then prices will be more severely impacted.

However, given the unusual nature of COVID-19, the supply of listings for sale has declined for at least the first month of the pandemic. It’s likely that even as social distancing measures ease and normal recession dynamics take over, the total supply of homes for sale will peak at a lower level than would be expected given the underlying economic turmoil.

A muted rise in for-sale inventory along with plummeting interest rates and pent-up demand may translate to home prices remaining relatively firm in 2020. In fact, this is a scenario we often see during recessions. Look back on the 2008/2009 financial crisis and recession, truly a frenetic and frightening time. While benchmark home prices in Vancouver moderated slightly, by early 2009 they were rising once again, leading to a double-digit average increase over the next two years. While a repeat of the post-financial crisis prices growth isn’t our baseline forecast, it’s illustrative of how Vancouver home prices have fared, even under an otherwise extremely challenging economic climate.

3. What should Realtors do to adapt their business given today’s environment?
On this question, Realtors certainly don’t need the advice of an economist. The real estate sector has shown itself to be remarkably resilient in the face of this pandemic. In a relatively short period, Realtors have adapted to a complicated new environment while dealing with enormous uncertainty.

Whether through virtual tours or combinations of other high- and low-tech solutions, transactions continue to take place and Realtors continue to serve their clients while adhering to measures necessary to mitigate the spread of COVID-19. While activity is still far below where it would be normally, sales and listings do seem to be picking up quickly and I’m optimistic this trend will continue through the summer.

For more information, please contact: Gino Pezzani.

https://www.rebgv.org/news-archive/expert-series--three-questions-with-bcrea-economist-brendon-ogmu.html

Canadian real GDP decreased 11.6 per cent on a monthly basis in April, reflecting the first full month of measures put in place to halt the spread of COVID-19. April's decline follows a 7.5 per cent contraction in March. April's decline was the largest monthly decline in GDP since the series started to be recorded in 1961. The Canadian economy is now 18 per cent below its February, pre-COVID-19 level.

While the decline in April was unprecedented, there is some potential good news in this morning's GDP report. Statistics Canada indicates that its preliminary estimate for May shows real GDP rising 3 per cent, which could signal the start of an economic recovery. Signs of that recovery can already be seen in housing markets, with home sales rising sharply across many markets in May and June.

Feel like getting off the world for a while? You’ve got company! As the U.S. News & World Report states, some 12,000 people have applied to become astronauts following a call from NASA for volunteers. It’s the second largest group of would-be spacefarers in the agency’s history.

The hopefuls come from all 50 American states, as well as the District of Columbia and four U.S. territories. Those selected will probably travel to the International Space Station and pave the way for exploration of the moon and Mars.

The previous call for recruits drew a record 18,300 candidates, of which 12 were ultimately chosen. This time around NASA tightened its qualifications, requiring a master’s degree in science, technology, engineering, or math. There are currently 48 active astronauts in the group.

The Lifelong Kindergarten group at the MIT Media Lab identified some guiding principles for cultivating creativity that can be adapted for life under social distancing:

• Projects: Many projects can be completed using the same tools. Just as children find new ways to construct Legos, employees can find new ways to synthesize ideas.
• Passion: Encourage co-workers to develop their own ideas for projects that will use their talents and hold their attention.
• Peers: Creativity flourishes when we connect and communicate. Use remote tools to seek out connections and maintain communication.

JOB DESCRIPTION: Long-term, team players needed, for challenging permanent work in an often chaotic environment. Candidate must possess excellent communication and organizational skills and be willing to work variable hours, which will include evenings and weekends and frequent 24-hour shifts on call. Some overnight travel required.

LENGTH OF JOB: The rest of your life.

POSSIBILITY FOR ADVANCEMENT & PROMOTION: Not much until Grandparent position opens up.

PREVIOUS EXPERIENCE: None required. On-the-job training mandatory.

SKILLS:

• Ability to fix any broken toy
• Bug Catcher
• Doctor
• Chef
• Chauffeur
• Teacher
• Principal
• Finder of lost objects
• Master pancake maker
• Clown

BENEFITS: No paid holidays. Available benefits include lifelong opportunities for personal growth, unconditional love, and occasional hugs.

These are only a few reasons to celebrate all the men we know and love who are great fathers!

Happy Father’s Day!
Gino Pezzani

Your favorite small businesses— the neighborhood bookstore, the family-owned coffee shop, your local grocery store— all worked hard to stay afloat during the COVID-19 pandemic. The CNN website shares these suggestions for making sure they continue to succeed:

Buy gift cards for upcoming presents. Most local businesses have gift cards for sale. Buying a few puts money in their bank accounts right away, even if the recipients don’t use them right away.

Shop locally, even online. We’ve all grown used to online shopping. Check websites for local opportunities to order what you need instead of heading to an internet giant.

Look for discounts. Businesses trying to attract customers will offer discounts to entice consumers. Taking advantages of these discounts will help support them while helping you to stay within your budget.

Skip the homecooked meal. As stores begin to reopen, many restaurants are still delivering food. Order in to support local establishments as they spread their wings again.

Tip generously. Your tip may or may not directly benefit the store, but it will show your appreciation to delivery drivers and staff, which can result in higher morale and better retention, which businesses need now more than ever.