the rennie landscape - Fall 2021

the rennie landscape - Fall 2021

rennie landscape fall 2021

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rennie.com

Dear Reader, Welcome to the Fall 2021 edition of the rennie landscape. Much has changed since we last published a rennie landscape (back in Spring 2021), and we dare say most of it is for the better. However, with new Covid cases rising from already-elevated levels, and segments of our population still not vaccinated, challenges do remain. But how about that vaccination rate? Across Canada among eligible people, more than 80% are fully vaccinated—one of the highest such rates in the world. Certainly 100% is better than 80%, but collectively we have put ourselves in a position to realistically consider what our world will look like as we emerge from the pandemic. And emerging we are. More and more people are working (if not as much as they would like just yet), monetary and fiscal policies are becoming less expansionary, and business confidence is high. For those of us here in British Columbia, our labour market has been benefiting from demographic tailwinds blowing in from other parts of the country, and there are signs that international migration is beginning to return to typical levels. As we unpack the factors that are directly and indirectly impacting our housing market here in Metro Vancouver as part of this edition of the rennie landscape you will see ongoing challenges mixed with green shoots. With much to look forward to, we hope you enjoy reading this report. Please continue to be safe, positive, and kind.

Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST [email protected]

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contents

04

ECONOMY

16

RATES

24

CREDIT & DEBT

30

DEMOGRAPHICS

36

HOUSING

44

POLICY

46

KEY INSIGHTS

48

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