pocket guide
credit & debt
DEBT AND DELINQUENCIES ARE RISING NATIONALLY which creates downside risk in the event interest rates unexpectedly rise in the short-term. Across Canada, outstanding mortgage balances, HELOCs, and credit card debt are growing more slowly than a year ago, while BC’s mortgage arrears rate remains one of the lower in the country.
demographics
IMMIGRATION CONTINUES TO DRIVE PROVINCIAL AND REGIONAL GROWTH , with Canada’s increased immigration targets expected to further bolster growth from international origins. With a relatively robust labour market BC is attracting domestic migrants from all parts of Canada in search of economic opportunities.
housing
CURRENT HOUSING CONSTRUCTION ACTIVITY IS ROBUST , with Metro Vancouver expected to reach an all-time high in housing starts in 2019. This, along with a slightly elevated inventory of completed and unabsorbed condos, will help with some of our availability challenges.
policy
CENTRAL BANKS ARE REINING IN THEIR EXPANSIONARY MONETARY POLICIES , with the Bank of Canada and the US Federal Reserve in particular indicating they plan to assess the effects of recent rate cuts (or rate holds) on economic activity in 2020. Though no new provincial housing-related policies have been recently announced, Canada’s Liberal government may soon look to expand the reach of the First-Time Homebuyer’s Incentive.
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