Dear Reader, Thank you for taking the time to read the Spring 2023 edition of the rennie landscape. As we seek to understand the world around us, and how our local housing market fits within the broader economic landscape, it’s striking just how much of the past year has been defined by a single issue: inflation. Today, too-high inflation remains outside of the Bank of Canada's target range despite the central bank's forceful response to it vis-a-vis raising interest rates, which has required borrowers, savers, and spenders to adjust their behaviours on the fly. As we progress through 2023, we're all wondering if the Bank of Canada is finished raising interest rates. If it is, how long will rates stay elevated? If it isn't, how many more hikes can we expect (and tolerate)? From there, what does it mean for our housing market in terms of sales, listings, and prices? Of course, to have an opinion on these questions one must have an opinion on the path of inflation. And in order to opine on inflation, one must disentangle the myriad factors affecting the overall price level. So as we delve into things like a bloated Consumer Price Index, a tight Canadian labour market, high interest rates, increasing levels of variable-rate debt, a growing population, and others, we remind you to keep an eye on the data. We hope you find this edition of the rennie landscape informative and useful in helping you navigate this most recent period of economic transition.
Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com
Ryan Wyse SENIOR ANALYST, INTELLIGENCE rwyse@rennie.com
rennie.com
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