Changes to rent and mortgage costs are reflected in CPI data 'very slowly,' it notes, adding that the CPI figures 'don't pick up turning points in a timely...
“Shelter price inflation is still too high," Bank of Canada governor Tiff Macklem said Wednesday, noting that it “remains the biggest contributor to overall inflation, despite some early signs of easing." The Bank of Canada should brush aside its concerns about shelter inflation when deliberating future interest rate decisions, Bank of Montreal economist Robert Kavcic says in a note published Thursday.
Statistics Canada’s CPI data show the stubborn behaviour of the shelter component even as overall CPI has come back down to territory considered more normal. In his note, Kavcic points out that CPI excluding shelter has actually grown at less than two per cent year-over-year for the past seven months.
In a note on Thursday, National Bank economist Daren King wrote that "Toronto market conditions, measured by the active listings-to-sales ratio, softened in August, reaching their loosest levels since the 2008 recession . This indicates a deeply 'buyer-favourable' market." In Vancouver, August home sales“It’s going to take more time,” said Victor Tran, a mortgage and real estate expert at RATES.CA.
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