Thank you for taking the time to read the Fall 2023 edition of the rennie landscape. Here in British Columbia—and everywhere—it's been a real roller-coaster ride for the past three-plus years. Now, many of us are wondering when the ride will be over. In answering this, one would overlook the Bank of Canada at their own peril. Of primary interest (pun intended) is when the Bank will halt its rate-hiking programme; following that, when will they begin to cut? Of course, any "positive" action by the Bank will be predicated on first taming inflation—a task that is almost, but not quite, complete. Despite annual inflation remaining stubbornly above the Bank's 2% target, there are indications that the economy is feeling the weight of higher interest rates. Indeed, while elements of the slowdown have been masked by the recently rapid pace of population growth in Canada, a softening labour market combined and high debt loads means there could be some challenges on the horizon for Canadian households. To what extent and for how long remains to be seen. In this edition of the rennie landscape we explore these elements of economic change, and many others, with a view to better understanding how and why our housing markets here in British Columbia are evolving the way that they are—and what could lie ahead. As always, we hope you find this report informative and helpful in untangling some of the complexities in the world around us. Enjoy.
Ryan Wyse MARKET INTELLIGENCE MANAGER & LEAD ANALYST rwyse@rennie.com
Ryan Berlin VP INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com
rennie.com
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