A marble statue stood in the middle of a large city, surrounded by hundreds of marble tiles that visitors from all over the world stood on to admire the statue’s beauty. One night, when the city square was empty, one of the marble tiles right in front of the statue spoke.

“Hey statue, don’t you think it’s unfair that people from all over the world come here to admire you, while ignoring and stepping on me?”

The statue replied, “Don’t you remember we were actually cut from the same block of marble?”

"Yes, I do! That’s why it’s even more unfair. Both of us came from that block, and yet the world treats you so differently now!”

The statue said, “Do you remember the day the sculptor tried to work on you, but you resisted his tools?”

“Yes, it hurt! I was mad at him! How could he use those nasty tools on me?”

The statue continued, “Well, because you resisted his tools, he couldn’t work on you, so he decided to give up and work on me instead. I knew at once that I would be something different and unique after his efforts, so I bore all the painful tools he used on me and allowed him to craft me as he wanted.”

The tile exclaimed, "But those tools were so painful!"

The statue said, “My brother, there is a price for everything in life. You decided to resist and give up, so you can’t blame anybody who steps on you now."

The marble tile silently listened to the statue’s words and started to reflect on them.

A cup of coffee or tea helps many people wake up in the morning, but they may also have health benefits later in life, according to recent research reported in Scientific American.

 One project by the National Institutes of Health studied the relationship between different kinds of beverages and depression, and found that coffee consumption was associated with slightly lower rates of self-reported depression.

A Chinese study found that adults who drink tea on a regular basis had a smaller risk of depression. Other research suggests that caffeine may play a role in preventing cognitive decline, but the evidence remains inconclusive.

March is Women’s History Month. During this month, we celebrate the efforts and accomplishments of women. One such woman is Julie-Victoire Daubié.

Born in France in 1824, Daubié grew to adulthood frustrated by the constraints limiting women’s roles in society. An essay she wrote about the opportunities denied to women during that era earned her a spot in a baccalaureate program. In 1861, she became the first woman to graduate from a French university.

Julie-Victoire Daubié spent  her  adult  life  engaged in activism focused on gender equality. March 26 is the 195th anniversary of her birth.

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

The BCREA Commercial Leading Indicator (CLI) fell to 149.7 from 150.6 in the fourth quarter of 2021, representing the second consecutive decline since the economy began recovering from the recession induced by COVID-19. Compared to the same time in 2020, the index was up by 3.8 per cent.

The CLI dropped in the fourth quarter due to declines in the financial and employment components of the index. The decline in the employment component of the index was driven by a 4.1 per cent decline in finance, insurance, and real estate (FIRE) employment and a 6.2 per cent decline in professional services employment. Workers in sales and services occupations drove much of those declines, with workers in this subsector down 6 per cent from two years prior as the economy adjusts to the post-pandemic reality. The drop in the financial component of the index was driven by the rising spread between government and corporate borrowing rates. This spread on 3-month bonds jumped from 5 to 15 basis points in the fourth quarter as investors demanded higher risk-premia over government treasuries for lending to firms.

The economic component of the index was flat from the prior quarter. Although wholesale trade rose 0.7 per cent and manufacturing sales rose 1 per cent from quarter three, these were offset by a 0.8 per cent decline in retail trade. Ongoing supply chain disruptions, Omicron lockdowns and a shifting composition of consumer spending continues to hold down growth in these economic variables driving the CLI.

It is important to note that while the BC economy generally continues recovering strongly, the environment for commercial real estate remains highly abnormal and uncertain. Although the CLI was designed to interpret specific sectoral activity and employment growth as positive indicators for commercial real estate demand, the recent strong growth of these indicators may not translate as readily into improved conditions in the commercial real estate market relative to the pre-pandemic period.

For more information, please contact: Gino Pezzani.

World Wildlife Day, March 3rd. A day to celebrate and raise awareness of the world’s wild animals and plants.

Pi Day, March 14th. Divide any circle’s circumference by its diameter; the answer is always approximately 3.14, a number represented by the Greek letter π. Keep calculating its digits and you’ll discover they go on forever.... literally!

St. Patrick’s Day, March 17th. May the luck and joy of the Irish be with you.

World Storytelling Day, March 20th. A global celebration of the art of oral storytelling celebrated every year on the March equinox.

As widely expected, the Bank of Canada raised its overnight policy rate this morning to 0.5 per cent, an increase of 25 basis points. In the statement accompanying the decision the Bank noted that the invasion of Ukraine by Russia has added a major new source of uncertainty to the global economy, and it expects the fallout to include upward pressure on inflation and possible supply disruptions. However, economic growth in Canada finished 2021 stronger than expected and persistently higher inflation increases the risk up a continued upward move in inflation expectations. As such, the Bank states that it believes interest rates will need to rise further.

The Bank must now contend with inflation and inflation expectations that are much higher than the Bank is comfortable with, while also monitoring the potential impact of the Russian invasion of Ukraine on financial markets and commodity prices.  While we expect the Bank will continue to tighten, ultimately bringing its overnight rate to 1.75 per cent by early 2023, there is clearly more uncertainty in the global economy now than when the Bank decided to embark on this tightening cycle. That uncertainty is already being reflected in long-term Canadian interest rates, with the once rapidly ascending 5-year Govt of Canada bond yield falling about 30 basis points in recent days. 

Link:  https://mailchi.mp/bcrea/bank-of-canada-interest-rate-announcement-m3zj4psoqd

For more information, please contact: Gino Pezzani.

Two boys walk into a bakery on a dare. They have no money in their pockets, but are determined to score a few treats. When the baker isn’t looking, the first boy, Tyler, swipes three cookies from a tray on the counter and sticks them in his jacket pocket.

“Guess I won this challenge,” he says to his friend Chuck.

“Watch and learn,” Chuck replies as he walks to the counter and rings the bell. “What can I get for you?” the baker asks.

“Just your undivided attention,” Chuck answers.

“Gather around folks. I am the Amazing Chuck, and I know magic.”

A small crowd assembles around Chuck and Tyler. Chuck turns to the baker and says, “If you would be so kind as to give me a cookie, I will show you all a trick.”

The curious baker obliges and hands Chuck a cookie from the tray on the counter. Chuck takes the cookie, looks it over, and then stuffs it in his mouth. When he is finished, he says, “That was pretty tasty. Might I have another?”

The baker is becoming skeptical and says, “This isn’t much of a trick as far as I can tell.” He hands Chuck another cookie and watches as Chuck gobbles it down, as he did with the first one.

While smacking his lips, Chuck says, “Trust me, this is going to be the most amazing magic trick you ever witnessed. I know you have your doubts, but please, sir, I just need one more cookie for this trick to work.”

“This better be a heck of a good trick,” the baker says as he hands a third cookie to Chuck.

Just as before, Chuck devours the cookie. He then pats his belly and rubs his hands together. He rolls up his shirtsleeves and shows his palms to the baker and says, “Abracadabra!”

“I don’t see anything,” the baker says.

Chuck points to Tyler and says, “Let’s check his pocket.”

A king had a boulder placed on a roadway, then hid and watched to see if anyone would move the boulder out of the way.

Some of the kingdom’s wealthiest merchants and courtiers came by and simply walked around it. Many of them loudly blamed the king for not keeping the roads clear.

Then a peasant came along, pushing a cart of vegetables. Upon approaching the boulder, the peasant set his cart aside and tried to push the stone out of the road. After much pushing and straining, he finally succeeded.

Then he noticed a purse lying in the road where the boulder had been. The purse contained many gold coins and a note from the king, explaining that the gold was for the person who removed the boulder from the roadway.

Every obstacle we come across in life gives us an opportunity to improve our circumstances.

Some studies have suggested that drinking too much coffee can cause stiffening of the arteries, increasing the chance of suffering a heart attack or stroke. However, a new study from the British Heart Association, reported that drinking 3 cups of coffee or more a day is no worse for arteries than drinking a single cup.

Researchers studied more than 8,000 people in the UK, some of whom drank 1 cup of coffee or less a day, others who drank 1 to 3 cups, and a third group who reported consuming up to 20 cups of coffee a day.

All participants were given extensive tests and the findings appear to show that drinking 3 cups or more a day doesn’t significantly increase artery stiffness compared with consuming just one cup.

No one is recommending having 20 cups or more per day! However, if you do enjoy a cup or two maybe even three per day, you should not be at any additional risk of heart issues.

In BC in January, the housing market warmed up again, with sales rising while new listings and starts fell. Sales rose in all areas of the province from December. Rental costs in Vancouver and Victoria remain broadly elevated relative to most other points since the onset of the pandemic.

Retail sales declined in December in BC with the arrival of the Omicron variant but remain 11 per cent above February 2020 levels. As of January, restaurant reservations in Vancouver are at roughly 60 per cent of the pre-pandemic level. Compared to Toronto and Montreal, Vancouver restaurants avoided lockdowns during the month of January. In BC, Google’s measure of movement trends is currently about 16 per cent below pre-pandemic levels.

Although aggregate employment has recovered in BC to pre-pandemic levels, the accommodation and food service sector was about 15 per cent below the pre-pandemic level in January. The labour market has served high-income workers much better than low-income workers. Employment in high-income industries is about 8 per cent above pre-pandemic employment levels, while employment in low-income industries is about 5 per cent below pre-pandemic employment levels. Manufacturing and imports edged up in December, while exports declined slightly. Business confidence declined slightly in January, while consumer confidence drifted sideways. The number of US and non-US tourists has been rising each month since restrictions were eased last summer, reaching about 45 per cent of pre-pandemic levels in November.   

For a more comprehensive overview of BC's economic recovery, click here.

For more information, please contact: Gino Pezzani.

Creativity may seem as if it springs from nowhere, but the truth is, you’ve got to work at it. Here are three tricks from the Creative Boom website to get your imagination into shape:

1.  Develop a ritual. Don’t just sit around waiting for ideas to strike. Train yourself to think creatively by developing a routine. A painter might set up his or her paints and pencils, doodle for a bit, then start on a new work of art. Other people take baths or showers before getting to work; some focus on simply making the perfect cup of tea. Whatever you do, make creativity a deliberate habit.

2.  Look for bad ideas. Looking for the perfect solution often means sorting through imperfect ideas first. Instead of focusing on what will work, start by figuring out what won’t work. Generate bad ideas and analyze them to find out why they’re bad. You may be able to eliminate the flaws and find the diamond underneath. (You’ll also get rid of your fear of failure by embracing the worst ideas you can think of, knowing you’ll eventually find something better.)

3.  Think like a child. Children have no assumptions or preconceptions about how the world works. To tap into your inner child, remember the kinds of ways you used to play when you were young—and then do them. Fly a kite, build a sandcastle, make paper airplanes, play a game, or whatever strikes your fancy. You’ll loosen up your mind and see the world in a different light.

Drawing can spur your creativity and you don’t have to be a Picasso. Just try some of these games with your friends, from the My Modern Met website.

The Exquisite Corpse. In this game, developed by the 20th-century Surrealist artists, one person begins a drawing at the top of a sheet of paper, then folds it over or covers it up so only a bit of the bottom is showing. The next person continues the drawing, folds it down, and so on. Unfolding it to reveal the completed drawing should produce surprises, laughs, and even some ideas.

Paper Telephone. One person writes a short, descriptive phrase on a piece of paper, then passes it to the next person, who then draws a picture based on the phrase. The next person looks only at the picture and then writes a phrase or sentence describing it. The following person then draws a picture of that phrase, and so on. By the end, the final picture and the original phrase may have nothing to do with each other.

Blind Contour. In this exercise, you and a friend draw something around you, but without looking at the paper—just the subject of your drawing. Keep your pen or pencil on the paper at all times. You might be surprised at what you see.