Data Pack: rennie outlook 2021

RENNIE OUTLOOK 2021

With 2020 now in our collective rear view mirror (phew!), we are excited to share this 2021 edition of the rennie outlook—a report that presents our predictions for a selection of housing, demographic, and economic indicators in Metro Vancouver, British Columbia, and Canada. Our outlook is based on the latest available data. In this edition of the rennie outlook we address the questions many of you have been asking: will the resale and pre-sale markets continue to ride the momentum created in the second half of 2020? Will our population resume its growth trajectory after migration flows buckled due to border closings and travel restrictions? And can we expect to continue to add jobs and drive the unemployment rate back down to where it was before the pandemic? While we all hope that 2021 has fewer surprises in store for us than did 2020, the future remains inherently uncertain and, noting this, we are certain that some of our predictions will ultimately miss the mark. As such, we place an equal emphasis on the context and logic used to develop the predictions as we do the predictions themselves. For each element considered in this 2021 outlook, the direction of our prediction is indicated by either an increase over recent trends (an “up” arrow), a decrease (“down” arrow), or a similar level (a “side-to-side” arrow).

table of contents .

2 INTRO

3 HOUSING

5 POPULATION

7 JOBS, INFLATION & INTEREST RATES

All the best in 2021, and stay safe.

Ryan Berlin Senior Economist & Director of Intelligence rberlin@rennie.com

Andrew Ramlo Vice President, Consulting aramlo@rennie.com

Copyright © 2021 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of January 18, 2021. All data from Real Estate Board of Greater Vancouver and Fraser Valley & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 2

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