Zakiya has reported on real estate for Apartment Therapy, Curbed, and Post City Magazines. She also writes a quarterly series for a Canadian design publication.
Desjardins Economist Randall Bartlett tells STOREYS that August's inflation print marks a “turning point” for interest rates and an indication that better days are ahead for the housing market.Statistics Canada released its latest inflation print on Tuesday morning, and Desjardins Economist Randall Bartlett is calling it a “turning point” for interest rates and an indication that better days are ahead for the housing market.
The decline in headline CPI is a big deal for a few reasons; last month’s print is the lowest the metric has been since February 2021, and it’s also right in line with the Bank of Canada’s 2% target for inflation. In more certain terms, Bartlett says that Desjardins is now anticipating a rate cut of 50 basis points at the next BoC meeting, scheduled for October 23. This is iterated in aput out by Desjardins earlier today, which also speculates that the central bank will return to its “gradual pace of 25-bps rate cuts” at the subsequent meeting in December, while “keeping the option open to accelerating the pace of cuts if warranted by economic conditions.
“We also look at where economic activity is coming in relative to the Bank's most recent forecast, and it's coming in much weaker,” he adds. “The Bank was forecasting 2.8% annualized growth in the third quarter of this year. We're tracking closer to 1%.”
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