credit & debt THE VOLUME OF MORTGAGE ORIGINATION IS SLOWING, as higher interest rates have gummed up housing market activity. Debt-service ratios, while rising, are in check and mortgage arrears are near all-time lows. The volume of outstanding variable-rate mortgages has grown and some borrowers are making payments that do not cover their interest costs, causing their outstanding balances to grow. demographics CANADA AND BRITISH COLUMBIA ARE GROWING FASTER THAN EVER, as international migration has reached historic levels. Expect additional growth in permanent resident additions and permit holders, with BC set to accommodate an outsized share of them. housing THE AVAILABILITY OF MORTGAGE-FREE EQUITY IS IMPACTING OUR HOUSING MARKET, to the tune of billions of dollars being released annually in Metro Vancouver. Watch resale prices as a leading indicator to pre-sale activity: when the former rises, the latter follows, and vice versa. New purpose-built rental housing construction is increasing after years of being dormant, but it’s way behind on a per capita basis. Foreign buyers may be banned from purchasing today (mostly), but many purchased before the ban took effect on January 1st. policy WITH MANY OF THE MAJOR POLICY ANNOUNCEMENTS OF 2022 NOW IMPLEMENTED, governments will be watching to see how their policies fare. British Columbia, meanwhile, is looking to preserve its rental housing stock with the addition of the rental affordability fund.
FOR MORE, VISIT RENNIE.COM/INTELLIGENCE
rennie.com
47
Made with FlippingBook - professional solution for displaying marketing and sales documents online