Our Vice President of Intelligence, Andrew Ramlo recently presented at UDI Pacific Region's sold-out luncheon. His presentation, "Looking Beyond the Headlines and Charting the Way Forward," explored the why behind recent changes in the housing market, and the factors that should be considered in regard to the future of the region's real estate market.
• On affordability - we need to do a better job at defining what it is and metrics used to track it; we need to stop comparing average/median incomes to average/median sales prices.
• Since the great recession of 2009, we have experienced one of the most significant periods of economic expansion in Canadian history. However, headwinds of change are evident through slower consumer spending, a normalizing housing market, slowing job growth, a depressed energy sector, international trade wars (US), and political tensions (Canada/China, BC/Alberta, federal, municipal, Brexit).
• If expected levels of immigration are achieved nationally and regionally, current levels of housing starts will see the supply of new homes coming to the market fall below expected demand. In the short term, this has the potential to lead to upward pressure on housing prices and/or further constrain patterns of household formation.
View the entirety of Andrew's presentation, Looking Beyond the Headlines and Charting the Way Forward.
Our rennie intelligence division empowers 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.