the rennie landscape KEY INSIGHTS - FALL 2021
rates INTEREST RATES HAVE RISEN BUT REMAIN HISTORICALLY LOW, with the Bank of Canada continuing to hold its overnight policy target at 0.25% while looking towards the second-half of 2022 for the next increase. The Bank has continued with a scaled-back version of Quantitative Easing, which has kept longer-term rates low, despite inflation rearing its head (temporarily, likely). economy METRO VANCOUVER’S ECONOMY HAS BEEN RESILIENT by most measures, with the region’s unemployment rate sitting at its lowest level since before the pandemic and its jobs count exceeding that of its pre-pandemic high. Challenges remain, however, as employers are finding it increasingly difficult to fill positions. Despite this, business confidence remains high. This pocket guide presents a summary of key insights associated with the Fall 2021 edition of the rennie landscape, a report focused on unpacking the myriad factors directly and indirectly influencing Metro Vancouver’s housing market. The economy of Metro Vancouver, and really that of Canada as a whole, remains firmly in “recovery” mode, with a true period of expansion many months away. Key headline metrics for our labour market are positive, including a continually-falling unemployment rate, and employment that has, at least in BC and inMetro Vancouver, recovered to its peak pre-pandemic level. Things are getting better, but risks remain. While debt-servicing costs are very low, the amount of debt held by households and governments is at an all-time high. Inflation remains persistently high, though it is more likely to be transitory than not. And housing supply is stubbornly low, creating challenging price conditions for many people looking to get into or move up within the housing market. Below is a summary of the highlights from this edition of the rennie landscape.
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