To our rennie landscape readers, Thanks for picking up this most recent edition of our publication. We continue to live in interesting times, don’t we? It seems for the past few years there hasn’t been a dull moment for our province and its diverse regions, buffeted as we have been by the effects of the onset of Covid, which transitioned to peak-Covid and then to Covid-ubiquity; of historically low rates that have rapidly transitioned to the highest in 40 years; of persistently under-control inflation that has run wild (but is moderating); and of home prices that peaked in April 2022 and have been declining since, retreating to some yet-to-be-determined equilibrium. Though this edition of the rennie landscape was written in the Fall of 2022 with a primary focus on Metro Vancouver, it includes data and insights on trends observed at the national and provincial levels that are relevant to communities and markets throughout BC, including the Okanagan. Indeed, while the specifics may differ, the housing markets and regional economies centred on Vancouver, Victoria, and Kelowna share, and are impacted by, common elements---including changing labour market conditions, volatile home values, high and rising interest rates, yet-untamed inflation, new migration patterns and aging populations, and interventionist government policies. As we collectively work through the legacy impacts of the pandemic, our path forward remains uncertain. Having said that, our best bet for navigating our circumstances is to watch the data. It’s what the Bank of Canada continues to do, as the state of traditional and non-traditional economic indicators informs each decision they make regarding both their policy rate and longer- term rates via quantitative tightening. So, with the theme of watching the data in mind, we hope you enjoy this edition of the rennie landscape, which is filled with a load of what we think is interesting and useful data and insights aimed at helping us all better understand the complex world we live in.
Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com
Ryan Wyse SENIOR ANALYST, INTELLIGENCE rwyse@rennie.com
rennie.com
1
Made with FlippingBook - professional solution for displaying marketing and sales documents online