credit & debt CANADIAN HOUSEHOLD SAVINGS HAVE BALLOONED BY ALMOST $200 BILLION since Q1 2020, the result of unprecedented fiscal relief measures and expansionary monetary policy. The ownership segment of BC’s housing market has remained resilient, despite what is likely to have been a temporary, though small, increase in the mortgage arrears rate in the middle of 2020. demographics A TEMPORARY DIP IN IMMIGRATION SLOWED POPULATION GROWTH in Canada, British Columbia, and Metro Vancouver in 2020. In response to this, federal immigration targets have been hiked to more than 400K annually over the next three years. With in-migration to Metro Vancouver overwhelmingly comprising young people, this will have a significant impact on the region’s labour and housing markets.
housing DIMINISHED HOUSING SUPPLY HAS EMERGED DURING THE PANDEMIC. This could create imbalances in the housing market in the coming two years as demand is projected to remain robust through the continued job recovery, enhanced population growth, and expanded household savings.
policy THE FEDERAL AND BC’S PROVINCIAL GOVERNMENT HAVE SUSPENDED INTERVENTIONS INTO THE HOUSING MARKET, though the coordinated efforts of government and the central bank to stave off the worst of the Great Suppression have indirectly bolstered housing activity.
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