Dear Reader, Welcome to the spring 2021 edition of the rennie landscape. We are now one year into Covid-19 and there is finally light at the end of the tunnel—and it isn’t an oncoming train. Canada’s labour market has slowly but surely regained most of the jobs lost during the first few months of the pandemic, social gathering restrictions in British Columbia are being incrementally loosened, and vaccinations have begun. By the end of 2021, it is likely that our world will resemble the one we left behind in February 2020. Having said that, there are some legacy effects of Covid-19 for Metro Vancouver and other metros across the country. This includes expanded future immigration flows, elevated household savings, and diminished new and resale housing supply. The question of whether inflation will return with a vengeance is a fair one, with the jury still being out. While a temporary surge may be experienced in the coming months, it is unlikely that sustained consumer price increases will become the norm; in such a case, interest rates will continue to be lower for longer. This in turn will make it easier for households to participate in Metro Vancouver’s housing market, including those looking for a bit more space and those buying their first home. There is much to look forward to in the coming months: the days are getting longer, the air is getting warmer, and together we’re getting closer to being closer together. We hope you enjoy this edition of the rennie landscape. As always, continue to be safe and stay positive.
Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com
rennie.com
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