|
Perhaps daily we reflect on and talk about the generally negative impact that COVID has had on our individual lives and on society in general.
Is your glass half-empty or half-full? Here are some “half-full” observations and predictions on possible “good” things that might be the result or consequence of the COVID-19 global pandemic.
- According to the International Energy Agency, fossil fuel consumption (particularly aircraft and cars), has led to an 8% decrease in carbon emissions in 2020, causing the greatest shock to the global energy system in over 70 years. Emissions in China, which has the world’s largest carbon footprint, dropped by 25%.
- The pandemic has brought to light the essential services provided by heretofore largely “invisible” key workers that society nevertheless depends upon including supermarket cashiers, shelf-stackers and delivery drivers.
- The health tracking tech company Fitbit reported that people surveyed in six U.S. cities are getting an average 17 minutes more sleep each night with improved quality REM (Rapid Eye Movement) and Deep Sleep. I’m sure many of us are also adding a little more corona-fat too but we won’t talk about that.
- Clearer waters have been observed across the globe. Venice’s waterways are clearer than they have been for many years, with schools of fish spotted in some areas. However, this doesn’t mean less-polluted water; the clearer water is caused by sediment that is settling that used to be stirred up by boat propellers.
- The rapid increase in demand for Internet services has driven rapid upgrades to communication infrastructure.
- People have become acutely aware of how fragile society is and how vulnerable supply lines are. Possibly, there will be a counter-culture move away from the “consumer society” where it’s cheaper to replace items than repair them. Demand for long-lasting products (at higher prices) will grow, reducing the strain on garbage management, landfills, etc.
- Long-overdue investigation and tightened regulation of long-term care and retirement homes.
- Good for tenants and maybe bad for investors and business operators, AirBnb and high-priced metropolis (not smaller cities) downtown rental condo inventory has either been sold off or converted to long term rentals. Tenants who move in now will enjoy tremendous downtown low rent opportunities for many years because of rent control.
- A global awakening that inter-nation cooperation is essential to mutual survival and prevention of MAD (Mutual Assured Destruction).
- In February 2020, China banned the trade and consumption of wildlife. Perhaps this will be an impetus to drive further preservation of the many wildlife species (elephant ivory, rhino horns) that are at the brink of extinction because of human avarice, superstition and self-indulgent entitlement.
- Downtown metropolis home inventory is increasing, making ownership (possibly) a once-in-a-lifetime opportunity for those with long-term vision and financial courage.
- Convenience of online shopping will continue to grow exponentially, resulting in less frivolous travel and arguably more personal productivity.
- Everyone needs a place to live. COVID proved most people don’t need a place to work (when they can work from home). This may be bad for tenants and good for residential rental property owners because the municipal and federal governments’ decades-long persistent failure to develop sustainable affordable housing models and programs means the demand for rental units outside metropolis downtown cores will rise exponentially while housing supply continues to decrease relative to population growth. Rents will continue to increase but may be partially justified by reduced go-to-work costs (less travel time and costs, no fast food and restaurant meals, company home office cost offsets and reimbursements, etc.).
- Homes with permanent home offices and telecommunications enhancements may become very valuable or even a staple requirement of rental and purchase homes of all sizes, also bringing to reality the vision of “Live. Work. Play.” in the same neighbourhood or even the same block.
- While immigration is “good” for Canada’s economy in general, Canada welcomed over one million immigrants and temporary study/work permit holders in 2019 and plans to welcome over 400,000 immigrants each year from 2021 to 2023. Where will they live? Again … good for rental property owners, condo developers and single family home builders but bad for renters.
- Many retail mega-malls are undergoing rapid transformations as plans call to replace peripheral retail spaces with mid-to-high rise condos (and a few rental properties).
- COVID is rapidly accelerating PropTech (“Property Technologies) innovations and alternative energy technologies, driving down the cost of property acquisition, ownership and operations. Great for buyers and sellers … bad for real estate service operators especially realtors, insurance agents and mortgage brokers, as well as their support agencies.
.How about a few pearls of wisdom?
“You can always count on Americans to do the right thing – after they’ve tried everything else” – Winston Churchill
“Every man has a right to his own opinion. But no man has a right to be wrong in his facts.” – Bernard Baruch
“Do not spoil what you have by desiring what you have not; remember that what you now have was once among the things you only hoped for.” – Epicurus
|
