the rennie landscape KEY INSIGHTS - SPRING 2023
This pocket guide presents a summary of key insights associated with the Spring 2023 edition of the rennie landscape, a report focussed on unpacking the myriad factors directly and indirectly influencing Metro Vancouver’s housing market. Much has changed in the past 6 and 12 months, with most of it having been driven by inflation and our responses to it. As such, things like interest rates, mortgages and asset prices look dramatically different. The demographic fundamentals of this region, on the other hand, continue to be robust, with population growth being driven by migration and in turn supporting an expansion of our labour market. Below is a summary of the highlights from this edition of the rennie landscape. economy THE LABOUR MARKET, BOTH NATIONALLY AND LOCALLY, REMAINS RESILIENT, with a persistently low unemployment rate, growing job counts, and increasing labour force participation. Job vacancies are falling, though they’re higher than desired in some sectors. While vice-like interest rates may dampen labour market performance going forward, they have not appreciably slowed hiring to-date.
rates INFLATION AND INTEREST RATES ARE UNCOMFORTABLY HIGH, with the Bank of Canada having most recently held its overnight rate at 4.50% while continuing quantitative tightening to keep longer-term rates elevated. Inflation has been declining of late and is expected to fall further, with the Bank of Canada expecting inflation to reach 3% by the middle of 2023.
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