You're Not Selling If You Don't Need To

The labour market, both nationally and here in Metro Vancouver, has been robust of late. And historically, there’s been a strong correlation between unemployment and housing inventory. When people who want to work are working, listings remain at or below the long-run average; when people aren’t working and earning an income, supply tends to swell as some homeowners can’t afford their mortgages.

This correlation—dare we say causation?— has held true in 2022, even as sales have slowed substantially from both their elevated levels in 2021 and the long-run historical average. Total listings in the Vancouver Region remain about 20% below the past 10-year average, while the unemployment rate most recently sits at 4.8%. The only notable exception to this trend came in the six months after the onset of the pandemic in 2020 when unemployment spiked due to Covid shutdowns, but listings didn’t follow because of the mortgage deferral program and other government measures. Looking ahead, watch for changes to the regional unemployment rate—if there are any—to continue to influence housing inventory.Twice a year, rennie intelligence produces the rennie landscape, which tracks a variety of demographic and economic indicators that directly and indirectly influence our housing market here in Metro Vancouver. 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 in-house demographer, senior economist, and market analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in urban land economics, community planning, shifting demographics, and real estate trends, their strategic research supports a comprehensive advisory service offering and forms the basis of frequent reports and public presentations. Their thoughtful and objective approach truly embodies the core values of rennie.