To our rennie landscape readers, Thanks for picking up this Fall 2022 edition of our publication. We live in interesting times, don’t we? It seems for the past few years there hasn’t been a dull moment for our modestly- sized market here in the southwesternmost corner of Canada, buffeted as we have been by the effects of the onset of Covid, which transitioned to peak-Covid and then to Covid-ubiquity; by historically low rates that have rapidly transitioned to the highest in 15 years; by persistently under-control inflation that has run wild; and by home prices that spiked and are now moderating, settling in to some yet-to-be-determined equilibrium. As people return from their first real summer vacations in three years, the biggest question most of them are asking about our housing market here in Metro Vancouver is: what’s next? Perhaps more pointedly, many are wondering how much home prices might “correct”. To answer that, of course, we need to ask ourselves what we think about the strength of our labour market, as the prevalence of work and of strong incomes will go a long way to stabilizing our housing market, even during times of rising interest rates. Speaking of which, when the heck are rates going to peak? Of course, to answer that we need to ask ourselves when we think elevated consumer price inflation will ebb. There’s no easy response on this front, other than to say: watch the data. It’s what the Bank of Canada is doing, as the state of traditional and non-traditional economic indicators informs each decision they make regarding both their policy rate and longer-term rates via quantitative tightening. So, with the theme of watching the data in mind, we hope you enjoy this edition of the rennie landscape, which is filled with a load of what we think is interesting and useful data and insights aimed at helping us all better understand the complex world we live in.
Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com
Ryan Wyse SENIOR ANALYST, INTELLIGENCE rwyse@rennie.com
rennie.com
1
Made with FlippingBook - professional solution for displaying marketing and sales documents online