The latest jobs data from Statistics Canada point to a continued slowing in the economy, with the national unemployment rate up to 5.8%
MLS sales in the Vancouver region remain sluggish, with November's 2,529 transactions down 13% from October and 35% below the past-decade average.
Signs point to a rate hold by the Bank of Canada at their next meeting on December 6th.
the rennie landscape | Vancouver | Fall 2023
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 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.
While November may have seen fewer new listings come to market in the Central Okanagan than October, the month’s total was still well above what’s typical for this time of year. And as sales counts continue to dwindle, inventory has remained above the 2,000-home threshold now for the sixth consecutive month.
The typical October spike in sales was absent from the Vancouver Region’s housing market as high interest rates continued to weigh on demand. Instead, it was the supply side of the ledger that saw an increase last month—another seasonal anomaly.
it’s finally safe to say that rates have peaked
housing, rates, and labour market fates | September 2023