the rennie landscape KEY INSIGHTS - SPRING 2024
rates INFLATION IS BACK INSIDE THE BANK OF CANADA’S TARGET RANGE, and interest rate cuts are on the horizon. Inflation excluding mortgage interest is already at the 2% target, and inflation excluding shelter is even lower. When the Bank of Canada does start to cut its policy rate, it will do so slowly, to avoid spiking inflation and to stay relatively close to the US Federal Reserve. economy THE UNEMPLOYMENT RATE IS RISING EVEN AS CANADA CONTINUES TO ADD JOBS, because population growth is outpacing job growth, and the number of people out of work or underworked is growing too. This is true for retail sales and GDP as well, where sales and output are growing, but not when adjusted to a per-capita basis. International travel still lags pre-pandemic totals, and the hot US economy has been good for Canadian exporters. This pocket guide presents a summary of key insights associated with the Spring 2024 edition of the rennie landscape, a report focused on unpacking the myriad factors directly and indirectly influencing Greater Victoria's housing market. Much of what we’re highlighting in this edition are metrics that appear to be growing, but not when viewed on a per-capita basis (the labour market, retail spending, GDP, international travel); while more trends are a direct response to the Bank of Canada’s tight monetary policy, as inflation has dipped back into target range and the big focus will be on upcoming interest rate cuts. Below is a summary of the highlights from this edition of the rennie landscape.
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