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....
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Easy Money Has Yielded A Vicious Payback Period