the rennie landscape | Vancouver | Spring 2024

We are pleased to present our Spring 2024 edition of the rennie landscape.

Springtime is often associated with rebirth and renewal and a general sense of optimism, and there is indeed a feeling of optimism around our local housing markets today. Almost all of that optimism, however, is centered around an outlook of declining interest rates. This means that all eyes are focused on the Bank of Canada, with the conversation shifting from “if” they will cut their policy rate to “when” and “by how much”. 

The reason there is confidence that the Bank will be cutting interest rates is that we have an economy that has, in fact, responded to restrictive monetary policy. Inflation has dipped  back inside target range and is falling, the labour market has softened, consumers are spending less on goods and services  and more than they ever have on servicing debt. 

Canada’s population continues to grow by leaps and bounds,  and while that has some positive benefits, particularly for our labour force, it has been putting stress on our undersupplied housing markets, especially rental housing. 

So where do we go from here? To answer the question of when  the Bank of Canada will cut interest rates we need to watch inflation, at least for a little while longer. We also need to keep an eye on what’s happening in the US as our neighbour and largest trading partner factors greatly into our circumstances, as well as the myriad of macroeconomic and demographic data we explore  in this latest edition of the rennie landscape. We hope you find  it useful and interesting, and it helps you navigate the  complexities of the day.

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.

Our rennie intelligence team comprises our senior economist, market analysts, and business intelligence analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in real estate dynamics, urban land economics, the macroeconomy, shifting demographics, and data science, their industry-leading data acquisition, analytical systems, and strategic research supports a comprehensive advisory service and forms the basis of frequent reports and public presentations, covering the Vancouver, Kelowna, Victoria, and Seattle marketplaces. Their thoughtful and objective approach embodies the core values of rennie.