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the rennie landscape - Q2 2019
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2019 Q2
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Q2 2019
Dear Reader, Welcome to the second edition of the rennie landscape, a quarterly publication produced by rennie’s intelligence team tracking the various demographic and economic indicators directly and indirectly influencing our housing market here in Metro Vancouver. Following the successful launch of the first rennie landscape last quarter, this digital-only edition describes a continually-adjusting Metro Vancouver market as it moves along a new trajectory. Some contexts have improved over the past few months, including our local labour market and broader financial conditions, while the accumulation of “bad” debt by Canadians continues to be a concern. In this issue, we focus on six pillars of our market: demographic changes, the interest rate environment, the policy context, residential market features, credit and debt trends, and macroeconomic fundamentals. Within each of these pillars is a number of specific indicators we weigh in on each quarter as we track changes in them that might portend future real estate market evolutions. Our goal is for the landscape to become a dependable, strategic decision-making tool, whether you’re an individual buyer or seller, developer, builder, municipal planner, or other market stakeholder or industry partner. Should you have any questions, the rennie intelligence team is here to assist. We look forward to hearing from you. Enjoy.
Ryan Berlin SENIOR ECONOMIST [email protected]
rennie.com
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rennie.com
contents
04
DEMOGRAPHICS
10
ECONOMY
20
CREDIT & DEBT
28
RATES
36
RESIDENTIAL
44
POLICY
48
POCKET GUIDE
rennie.com
3
demographics
01. demographics
International migration fuelling BC's population expansion at the end of 2018; interprovincial migration a drag.
SLOWER POPULATION GROWTH ON ALL FRONTS IN BC
It continues to be all demographic systems go here in British Columbia, with the province surpassing 5.02 million residents at the end of Q4 2018. Beneath this headline number, though, are some additional >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52
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