The Vancouver Life Real Estate Podcast Inflation Causing Further Housing Pain In Canada
Inflation was the name of the game in this weeks update and while inflation numbers remained unchanged from the month before, sitting around 6.9% - that did beat expectations as they were predicted to rise. As of last months report, Canada now has the second lowest inflation rate of any G7 nation! However, seeing that inflation pressures didn’t ease last month, it paves the way for another rate hike come December 7th with most analysts predicting somewhere between a 0.25% rise to a 0.50% basis point rate hike. The good news is that comments out of the BoC are also indicating that we are nearing the end of the recent rate hike cycle.
This weeks Podcast episode references the Bank of Montreal’s chief economist, Doug Porter and his economic outlook for Q1 2023. We look at the current state of Canada’s GDP along with BC’s GDP and what direction that will take in the new year. We also have an average inflation rate prediction from BMO for 2023 which was a little surprising but none the less fairly good news. Looking across the nation, we check in with several major metros from West Coast to East Coast to see what the Housing Price Index is for the average home in those respective cities along with how far prices have deviated throughout Covid from their long term pricing trend. This was very useful in descending just how out of whack pricing got in some regions.
_________________________________
Contact Us To Book Your Private Consultation:
📆 https://calendly.com/thevancouverlife
Dan Wurtele, PREC, REIA
604.809.0834
Ryan Dash PREC
778.898.0089
ryan@thevancouverlife.com