Thank you for taking the time to read the Fall 2024 edition of the rennie landscape. If it feels like we’re in a continuous state of change today, it’s probably because we are. A lot has changed over the past few years, but also in the six months since we published the spring edition of the rennie landscape. And with that, sentiment is evolving. In the spring edition we had said that there was a general sense of optimism around real estate and that it was predicated on an expectation that the Bank of Canada would start cutting interest rates. Well, the Bank has indeed been cutting rates, though some of the optimism in the market has faded. At least some of this has to do with an economy that remains in a state of imbalance. Compared to two years ago, the pendulum has now swung in the opposite direction, with inflation mostly under control but labour market pains piling up alongside debt burdens, a rapidly expanding Canadian population, and a slew of new housing policies from all levels of government. As we look ahead, more interest rate cuts are needed in the near term, and with this continued easing of monetary policy the Bank will look for the pendulum to swing back towards some sort of economic equilibrium. It will take time to achieve this state of nirvana, and in the meantime we’ll be paying more attention to all of the other labour market and economic indicators impacted by high interest rates, and less to the inflation that higher rates were meant to quash. We hope you enjoy this latest edition of the rennie landscape.
Ryan Wyse MARKET INTELLIGENCE MANAGER & LEAD ANALYST rwyse@rennie.com
Ryan Berlin VP INTELLIGENCE & HEAD ECONOMIST rberlin@rennie.com
rennie.com
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