If the economy rebounds by the end of the year (it won't), how will certain sectors of the economy that have been most affected by COVID be able to recover? 

To test my thinking, I created a simple model that projected total cash flow and equity over 5 years if I:Bought a good, cash-flowing MFH now and recession hit in 2019Waited and bought an MFH in 2019 during a recessionWaited and bought an MFH in 2020 during a recessionThe model assumes that a recession results in a 10-20% drop in housing prices which rebound over 1-2 years.

While unclear how this will pan out, if more 'office' staff are needed within SF, rental prices may rebound a bit.Overall, sales of homes have dipped ever so slightly but in no similar magnitude to the rental market.

Agreed with Culin, I believe we are down about 8-12% with our rental though it has started to rebound a slight bit lately.

Berkadia ReportHere are a couple key points:The multifamily market has demonstrated impressive resilience since the onset of the pandemic; and although COVID-19 continues to drive economic uncertainty across our nation, we have begun to recognize signs of a rebound in the apartment sector.Across our investment sales platform, there’s been a sharp increase in the number of active listings nationwide since the start of July.

I have studied several metrics tied to this for example the rebound of unemployment, population growth, crime rate etc. and there doesn't seem to be a playbook on timing of any of these factors unfortunately.I do agree with you that we are near the bottom, and based on recent data some may even believe that we have already bottomed...I have thoughts on that, but I will save that for another post. 

If the CDN dollar rebounds then it will throw off returns, and I'm not sure if property prices will appreciate as much as BC (perhaps Seattle will be close?).

Rebound?

We are in a real estate recession and while I do think we have seen most, if not all, of the pricing declines, markets do not rebound quickly.

Actually, I'd probably leverage them and dump it into the S&P500 and play the rebound....but that's just me.