rennie landscape pocket guide . Q1 2019
demographics IMMIGRATION WILL CONTINUE TO BE THE DRIVING FORCE of population growth and change in Canada, BC, and Metro Vancouver. The impact of new federal targets of 350,000 immigrants by 2021, combined with other sources of population growth, is expected to see Metro Vancouver grow by 40,000 people annually over the next five years. 01. economy METRO VANCOUVER’S ECONOMIC FOUNDATION IS STRONG with employment and wage growth that are outpacing the national average. While the regional unemployment rate has fallen to near its historical lows, some signs of slack are appearing. Economic headwinds will need to be monitored over the coming quarters to evaluate their potential implications of BC’s economy and Metro Vancouver’s housing market. 02. The broad range of indicators considered as part of the rennie landscape point to a Metro Vancouver housing market that is not in crisis, but normalizing. The current slowdown in sales activity is differentiated from previous downturns in that it has not been precipitated by one or more negative economic events, but by a series of policy ones. While there are some clouds on the economic horizon, the latest trends in demographic and economic factors indicate that the market has the potential to stabilize through the remainder of 2019. The normalization of Metro Vancouver’s housing market is now well established. The region’s fundamentals are strong, setting the stage for a stabilization of market activity.
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