After a 2 year bull-run with 20%+ annualized gains the Canadian Real Estate market is facing some headwinds. 30 year inflation highs with raw materials up 13% in the last 2 months alone along with the major economical impacts of the Russian war yet to be felt in North America will all contribute to a sentiment shift in the market. While under construction homes are at record highs, a majority of those are rental units and won't help the low supply issue. Couple that with rising construction costs causing new building permits to back off, down 19% in the last year alone. Meanwhile, employment rates are at an all time high with 900,000 job vacancies across Canada and 1 in 4 businesses offer higher wages this year. The market is clearly being pulled in 2 directions right now and what we can guarantee is that the next 2 years will look very different than the last 2.
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Dan Wurtele, PREC, REIA
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Ryan Dash PREC
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ryan@thevancouverlife.com
