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Canadian inflation slowed to 2.7% in June, significantly raising the odds of a 25-basis-point rate cut by the Bank of Canada on July 24th.
Canadian retail spending slowed in May, with per-capita inflation-adjusted spending down 11% from two years ago.
Through the first 6 months of 2024, the 5,219 rental housing starts in Metro Vancouver were roughly on par with the pace of construction during the first half of 2023, while owned housing starts (9,059) were down 25%.
the rennie landscape | Vancouver | Spring 2024
Twice a year, rennie intelligence produces the rennie landscape, which tracks a variety of demographic and economic indicators that directly and indirectly influence the housing markets of Metro Vancouver, Greater Victoria, and the Central Okanagan. Our goal is to provide our community with a basis for evaluating the trajectory of the factors that collectively define the context of the real estate market.
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The Bank of Canada's first interest rate cut didn't entice many buyers off of the sidelines in June, but additional upcoming rate cuts combined with the current glut of housing options are likely to lead to more buying in the months ahead.
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PODCASTS
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inventory glut and interest rate cut
June 2024 • Episode 64
lots of listings and piles of policies
May 2024 • Episode 63
all signs point to cut
April 2024 • Episode 62
spotlight on victoria: market trends and policy ends
March 2024 • Episode 61