RENNIE OUTLOOK 2024
Here we are again at the beginning of a new year, with cautious but palpable optimism abounding as it relates to housing markets both across the country and here within British Columbia.
And why wouldn’t there be?
We’re coming up on two years of quickly-rising and then elevated-above-the-norm interest rates, a feature of our economy that arose because inflation ran way too hot. Inflation has abated in a major way but, to be fair, it’s still warm to the touch—which is why the Bank of Canada has yet to begin unwinding the rate hikes it began in 2022. Having said that, inflation is set to return to room temperature in the coming months, rate cuts are on the horizon, home sales are destined to pick up, and the economy will soon have some life breathed into it—well, at least by the end of the year. In this edition of the rennie outlook , we provide our predictions of these features of our economy and housing market, along with many others. And as we’ve said before, the value of the predictions contained herein is not merely as inputs into pro formas and business plans, but—perhaps most importantly—there is value in the assumptions and context that we present that inform our expectations for the housing market and macroeconomy. With that in mind, we hope that this report can be the basis for constructive conversation and debate about how our market is evolving.
table of contents.
3 INTRO
4 HOUSING: SALES, PRICES, & RENTS
5 DEMOGRAPHICS
7 JOBS, INFLATION
Thanks for reading.
Ryan Berlin Senior Economist & Vice President of Intelligence rberlin@rennie.com
RyanWyse Lead Analyst & Market Intelligence Manager rwyse@rennie.com
Copyright © 2024 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of February 5, 2024. Data from the Greater Vancouver and Fraser Valley Boards, Statistics Canada, Zonda Urban, CMHC, & rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 2
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