the rennie landscape pocket guide spring 2020
rates INTEREST RATES ARE SET TO FALL FURTHER IN 2020 due to both slower-than- expected economic growth and the evolving impacts associated with the spread of COVID-19. New home buyers and existing homeowners will benefit through lower borrowing costs. economy METRO VANCOUVER’S LABOUR MARKET REMAINS TIGHT, yielding rapidly rising wages on the back of a historically-lowunemployment rate and the highest job vacancy rate in Canada. Though job growth has slowed recently, it is expected to bounce back in 2020. This pocket guide presents a summary of key insights associated with the spring edition of the rennie landscape, which tracks and analyzes a range of factors influencing Metro Vancouver’s housing market. As we head into the spring of 2020, we see a regional housing market that has clearly established a new trajectory, with monthly resale counts having now (at the time of publication) increased on a year-over-year basis for nine months. Prices are consequently rising once again, and this is having a positive knock-on effect on the region’s pre-sales market. Metro Vancouver’s economy remains on solid ground, with construction activity, new office employment, and an ever-expanding tech sector leading the way in 2020. Unexpectedly, the trajectory for Canada’s economy and the global economy is more unexpected today than it was last quarter, due primarily to the emergence of a global health crisis and the disrupting effect it has had on trade, travel, and tourism. This will be the number one thing to watch as we meander through 2020 to determine what it all means for this region’s housing market.
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