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Immigration-fuelled population growth and rising interest rates that have driven up the cost of buying a home helped boost Minto Apartment REIT’s bottom line in the second quarter.
The Canadian economy stayed flat in May, with real gross domestic product showing neither growth nor contraction after a 0.3 per cent expansion in April.
The increase in the consumer price index for the month was largely due to gasoline prices, which shot up by more than 50 per cent from with a year ago.
The association revealed Friday that June home sales amounted to 48,176, a 24 per cent drop from 63,280 during the same month last year.
As Canadians face a double whammy of skyrocketing inflation and the largest interest rate hike seen in 24 years, one expert is warning that prices won't be coming down anytime soon.
The Bank of Canada signaled a more aggressive approach to bringing skyrocketing inflation back under control as it announced the largest single rate increase since August 1998.
In its new two-year outlook, the think tank says it is not expecting an economic contraction in Canada, but the risks are creeping up.
The Bank of Canada raised its key interest rate by half a percentage point on June 1, bringing it to 1.5 per cent. Since then, it has signalled a willingness to move in a more aggressive direction.
That marks the lowest rate in at least two decades and comes even as the local economy's job-creation engine stalled last month.
Canada is headed towards a recession in 2023, but it will be short-lived and not as severe as prior downturns, according to a new report from RBC.