the rennie landscape KEY INSIGHTS - FALL 2022
rates PERSISTENTLY HIGH INFLATION IS FORCING THE BANK OF CANADA’S HAND, with the Bank’s overnight rate recently rising to 3.25% and its strategy of quantitative tightening pushing up longer-term rates. These changes are making borrowing more expensive for everyone, especially homeowners and would-be buyers. economy OUR NATIONAL, PROVINCIAL, AND REGIONAL LABOUR MARKETS ARE CONSTRAINED, with a falling and low unemployment rate and (mostly) growing job counts keeping housing inventory from expanding to problematically high levels. Job vacancies continue to pervade all sectors, and are leading to rising rates of offered wages; indeed, labour demand is currently outstripping labour supply. Rising interest rates will likely help to re-balance this relationship. This pocket guide presents a summary of key insights associated with the fall 2022 edition of the rennie landscape, a report focused on unpacking the myriad factors directly and indirectly influencing Metro Vancouver’s housing market. Some of the factors, and in some cases the direction and speed of their changes, remain not too dissimilar to what we’ve reported on this past (think unemployment, job vacancies, and population growth); meanwhile, new and evolving factors and trends have demanded our attention (for example, changes in consumers’ mortgage choices, the renewal context facing existing homeowners, and perspectives on where we work). Below is a summary of the highlights from this edition of the rennie landscape.
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