VANCOUVER — Metro Vancouver is poised for a new phase of growth, experts at development and real estate firm rennie say.
The company’s research shows low unemployment and high job creation could transition the region from a protracted period of recovery into a new phase of economic growth. The data comes from rennie intelligence’s latest publication of the rennie landscape.
The report states in addition to low unemployment and abundant jobs, the province has attracted more than 30,000 people from other parts of Canada (on a net basis) over the past year, five times the second-most popular destination, Nova Scotia.
Researchers also noted public and private debt have expanded in Canada since the pandemic began, but thanks to low interest rates the cost to service these ballooning debts remains manageable.
According to the report, a lack of supply is a critical feature of Metro Vancouver’s housing market, with robust sales activity depleting the number of homes available for purchase.
“Metro Vancouver’s labour market shows strong performance given the pandemic context and compared to other metro regions in Canada,” said Ryan Berlin, senior economist and director of intelligence at rennie, in a statement. “Though a relatively high proportion of jobs remain unfilled due to skills shortages, it’s clear that immigrants, temporary workers, international students, and domestic migrants are flooding back.”
This recovering economy, along with record household savings, historically-low interest rates, and ballooning public and private debt, all have implications for the housing market, states the report.