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CA - Easy Money Has Yielded A Vicious Payback Period
CA Inc.
2024-06-28 03:40:00 ET
Summary
Toronto’s new home sales were down 71% compared to May 2023, with new condo sales down 75% and new single-family home sales down 65%.
Higher rates and rents drive shelter inflation, constraining rate-cutting room and driving less spending, more layoffs, and even more economic lethargy.
The Bank of Canada wants to lower rates, but quick fixes are not in the cards here.
Interest rates and high debt levels are biting hard in Canada; the economy is weak, and layoffs are rising....