Consultant Michael Hargrove uses this exercise frequently in his training sessions: Imagine you are on a 747 flying over the ocean. Halfway through the flight the plane begins experiencing mechanical difficulties. The captain comes on the intercom and explains as calmly as he can that an engine has fallen from the plane, ripping a fuel line. The crew will continue to fly as long as possible until fuel runs low, and then they will attempt a water landing.

Hargrove asks his listeners to write down the name of the one person they would call in the next few minutes, and what they would say.

Then he asks, “So what are you waiting for? Today, make the call.”

Canadian employment grew for the fifth consecutive month in October according to Statistics Canada, inching up by 31,000 to 19.162 million (0.2%, m/m). Canadian employment had recovered to its pre-pandemic level in September and remains above that level in October. Since the prior survey period, proof-of-vaccination initiatives continued to be implemented in workforces across the country while capacity limits were lifted. 

Across Canada, employment gains in retail trade (+72,000) were offset by declines in accommodation and food services (-27,000). The gains in retail trade pushed employment in this sector back to its pre-pandemic level in October. The Canadian unemployment rate declined for a fifth consecutive month to 6.7%, the lowest level since the onset of the pandemic. The unemployment rate is now within 1% of the rate in February of 2020 (5.7%). 

In BC, employment grew by 10,400 to 2.692 million (0.39%, m/m), once again hitting the highest level since the pandemic began. The unemployment rate declined by 0.3 in October to 5.6%, the lowest level since the pandemic began. Only Manitoba has a lower unemployment rate in Canada, while Quebec is tied with BC for the second-lowest rate. 

For more information, please contact: Gino Pezzani.

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

What feeds your ? The Refinery2 website surveyed their readers on where and when they feel most creative. Here’s what they said:

1. Outside 77%   

2. Alone 72%

3. At home 65% 

4. At night 62% 

5. Running 55% 

6. During yoga 45%               7.Daytime 38% 

8. In a coffee shop 35%       9. In a group 28%

A man with an elephant walked into a movie theater.

“I’m afraid I can’t let your elephant in here, sir,” the manager said.

“Oh, I assure you, he’s very well behaved,” the man said.

“All right, then,” the manager said. “If you’re sure.”

After the movie, the manager said to the man, “I’m very impressed! Your elephant was well behaved, and he even seemed to enjoy the movie!” “Yes, I was surprised, too,” said the man.

“He hated the book.”

There are always a few variations on old sayings, and chances are you’ve heard at least one version of “Gratitude unlocks the richness of life”.

In my own life, I am more than aware that I have everything that I need. However, it’s during moments of gratitude that I realize my true wealth. To have enough in the refrigerator is certainly enough, but to savor each bite of food in gratitude is more fulfilling. To have enough in the bank is comforting, but to realize I can spontaneously buy a gift for someone “just because” is freeing— not for any financial reason, but because I get to look forward to someone opening the gift with joy.

Every year, November surprises me all over again with her unmatched zest for life: the vibrant yellows and oranges, those luminous white skies of approaching winter, hot cocoa beginning to turn up on menus and the first crackling fires being lit. And, in this particular year, as we enjoy Thanksgiving with a second tough year behind us, gratitude truly outshines any wealth or accomplishment I could claim. My friend, I am so very grateful as I take a moment each day to stop and savor that gratitude, pausing to take in the richness of life.

Try this: set aside five minutes each day to sit in gratitude. No need to put rules on the matter; it can be something as simple as pausing to really taste your glass of morning juice and being thankful for sustenance, or making time for a noon stretch during which you count your blessings, or smiling in gratitude when you realize your to-do list is all crossed off at the end of the day. All I ask is that you take some time to find gratitude in the richness of life and by December, you will likely feel this year is going to end well.

I wish you and yours a world of gratitude and joy this Thanksgiving season!

Gino Pezzani,

Your Real Estate/Mortgage Consultant For Life

Few great authors spring up overnight. Most work odd jobs while they struggle to create. The Literacy Site shares these stories of the famous before they became famous:

J.D. Salinger. Before breaking onto the literary scene, the author of The Catcher in the Rye and other classics, worked as an entertainment director on a Swedish cruise ship.

Langston Hughes. The would-be poet worked as a busboy at a prestigious Washington, D.C. hotel. One day the well-known poet Vachel Lindsay came to lunch, and Hughes worked up enough courage to show her some of his poems. Lindsay was impressed by his talent and resolved to help get his name out, which led to him being discovered and going on to lead the Harlem Renaissance.

Kurt Vonnegut. The future author of Slaughterhouse-Five and other classics, owned the first Saab dealership in the U.S. He went on to serve in the U.S. Army during World War II, which had a major impact on his subsequent writing.

The Canadian economy expanded by 0.4 per cent. That is below Statistics Canada's original preliminary estimate of 0.7 per cent and follows a slight contraction in July.  The continued easing of restrictions was a main driver of growth in August, with increases in the accommodation and food service, retail trade and transportation sectors making strong contributions.  

However,  Statistics Canada's preliminary estimate for September  GDP is showing flat growth, which points to overall third quarter growth registering about 2 per cent on an annualized basis, in line with third quarter growth in the United States and well under the Bank of Canada's more rosy forecast of 5.5 per cent.  The middle quarters of 2021 have been fairly disappointing in terms of economic growth, with the economy contracting in the second quarter and underwhelming in the third. However, we anticipate that the economy will bounce back in the fourth quarter with Canadian real GDP expanding 4 per cent and carrying momentum into 2022.

Link:  https://mailchi.mp/bcrea/canadian-monthly-gdp-august-2021

For more information, please contact: Gino Pezzani.

BCREA 2021 Fourth Quarter Housing Forecast

Vancouver, BC – October, 2021. The British Columbia Real Estate Association (BCREA) released its 2021 Fourth Quarter Housing Forecast today.

Multiple Listing Service^® (MLS^®) residential sales in the province are forecast to rise 29 per cent to 121,450 units this year, after recording 94,013 sales in 2020. In 2022, MLS^® residential sales are forecast to pull back 15 per cent to 102,750 units.

“After a frenzied start to the year, activity in BC housing markets has settled back to a level that is broadly in-line with long-run trends. The strength of the first half of this year has sales on track to easily break the previous record for annual sales,” said BCREA Chief Economist, Brendon Ogmundson. “While we do not anticipate a repeat of the record-setting market of 2021, we do expect housing market activity to remain vigorous in 2022,” added Ogmundson. 

Given strong demand and very low active listings, particularly in smaller markets around BC, the average home price in BC is projected to rise 17 per cent in 2021. Prices are forecast to rise about 3 per cent in 2022 as the composition of home sales changes due to normalizing demand for single-family homes and a recovery in active listings helps the market balance out.

For more information, please contact: Gino Pezzani.

To view the BCREA Housing Forecast PDF, click here.

Shortly after being forced out of Apple Computer, Steve Jobs bought a small computer manufacturer named Pixar.

In 2000, he relocated the company to an abandoned factory. The original plan called for three buildings, with separate offices for computer scientists, animators, and the Pixar executives. Jobs immediately scrapped it. Instead of three buildings, he wanted a single vast space with an atrium at its center.

As Pixar’s Ed Catmull explains, “The philosophy behind this design is that it’s good to put the most important function at the heart of the building. Well, what’s our most important function? It’s the interaction of our employees. That’s why Steve put a big empty space there. He wanted to create an open area for people to always be talking to each other.”

Jobs saw separated offices as a design problem. He shifted the mailboxes to the atrium, then moved the meeting rooms, cafeteria, coffee bar, and gift shop to the center of the building. “The atrium initially might seem like a waste of space,” says director Brad Bird, “But Steve realized that when people run into each other, when they make eye contact, things happen.”

Jobs insisted that the best creations occurred when people from disparate fields were connected, especially in an age of intellectual fragmentation.

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 near the third quarter of 2022.  Of note, the Bank is ending its quantitative easing program of bond purchases and moving into what it terms the reinvestment phase where its Government of Canada bond purchases will be made solely to replace currently maturing bonds. In its statement, the Bank noted that growth in Canada is robust and it expects the economy will grow 5 per cent this year and 4.5 per cent in 2022.  However, shortages of manufacturing inputs and labour are limiting the economy's productive capacity in the short-term, leading to upward pressure on consumer prices. As a result, the Bank expects inflation to remain elevated into next year.

The Bank is currently challenged by the highly abnormal circumstance of an economy that is in many ways booming, from retail spending to the housing market, but one that is also suffering through significant supply side shocks from overwhelmed ports, global factory shutdowns and labour market shortages. The optimal monetary policy for the current environment is far from clear. The Bank's current timetable suggests a rate increase near the end of 2022, but we expect the Bank to take a cautious approach over the next year, carefully watching for signs that elevated inflation is becoming more persistent.

Link:  https://mailchi.mp/bcrea/bank-of-canada-interest-rate-announcement-1rtzggsi0j

For more information, please contact: Gino Pezzani.