credit & debt PUBLIC AND PRIVATE DEBT HAVE EXPANDED IN CANADA SINCE THE PANDEMIC BEGAN, but thanks to low interest rates the cost to service these ballooning debts remains manageable. This is a good thing, too, as the federal government is likely to continue to deficit-spend for many years to come. Meanwhile, households have offset some of their growing debt with unprecedented savings. demographics POPULATION GROWTH IN BC HAS BEEN ROBUST thanks to elevated domestic and international migration flows. There is clear evidence that international migration to Canada and BC is rebounding from last year’s lows, while the magnitude of recent net interprovincial migration to BC is unrivalled in Canada. housing A LACK OF SUPPLY IS A CRITICAL FEATURE OF METRO VANCOUVER’S HOUSING MARKET, with robust sales activity depleting the number of homes available for purchase. New home construction has picked up significantly, however, for both the ownership and rental segments of this region’s market. policy IT WAS LARGELY ALL QUIET ON THE POLICY FRONT over the past half-year, with federal and provincial governments standing pat on most macro issues. That said, some minor changes were made to mortgage underwriting rules that impacted some buyers, but not the overall housing market.
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