Dear Reader, In this edition of the rennie landscape, we continue to focus on local indicators of housing market health, while also acknowledging a variety of international headwinds that are creating uncertainty about the shorter- and longer-term trajectory of global economic growth. One consequence of rising investor unease around the world is a marked change in the landscape of interest rates, some of which have moved into negative territory in recent months. Against this backdrop, however, the Canadian and local Metro Vancouver economies continue to be resilient. More specifically, this region’s labour market is the strongest in Canada, posting year-over-year job gains that are the envy of other large metro areas. This in turn has pushed unemployment down to 4.0%, with wages responding to these tight labour market conditions by growing at a rate that's more than twice the national average. There is much more to explore in this edition of the landscape, which we hope becomes a dependable, strategic decision-making tool, whether you’re an individual home buyer or seller, developer, builder, municipal planner, or other market stakeholder or industry partner. Should you have any questions, the rennie intelligence team is here to assist. We look forward to hearing from you. Enjoy.
Ryan Berlin SENIOR ECONOMIST rberlin@rennie.com
Andrew Ramlo VP, INTELLIGENCE aramlo@rennie.com
rennie.com
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