Only 1.5% of Canadian homes were unoccupied in 2023.
If the housing sector were to rebound in the spring, the rise in housing costs could increase, which would delay the return of measured inflation by the consumer price index to the target of 2%. And if high inflation turns out to be more persistent than expected, monetary policy would probably have to remain restrictive for longer, we can read in the summary.
In February, housing costs were 6.5% higher than a year ago. Mortgage interest costs and rents were the two main contributors to inflation.
The next announcement from the Bank of Canada on interest rates is scheduled for April 10.
Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my natasha@thetimeshub.in 1-800-268-7116