the rennie landscape KEY INSIGHTS - FALL 2024
rates HIGH INFLATION IS A THING OF THE PAST, and the Bank of Canada has begun to unwind its restrictive monetary policy, but has a long way to go to get back to a neutral rate. Homebuyers have regained some of their lost purchasing power, as the decline in interest rates has not been offset by rising prices to-date. Canada's yield curve remains inverted for now, but yields are declining and the curve is trending towards normalization. economy THE LABOUR MARKET IS SHOWING SIGNS OF STRESS, as the unemployment rate has been trending upward for more than two years. Labour force participation is near a 25-year low, while job vacancies have returned to pre-pandemic levels and businesses expect wage growth to slow. Canada has had a labour productivity problem for seven years, and it’s getting worse. This pocket guide presents a summary of key insights associated with the Fall 2024 edition of the rennie landscape, a report focused on unpacking the myriad factors directly and indirectly influencing Greater Victoria’s housing market. Plenty has changed since the spring edition of the rennie landscape. The focus now is much less on inflation, and much more on how restrictive monetary policy has impacted our economy, our labour market, borrowers, and consumers. Interest rates have begun their descent, but have a long way to go before they reach equilibrium. Below is a summary of the highlights from this edition of the rennie landscape.
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