Canada's inflation rate reversed its brief cooling trend last month and moved higher, to a 4.4 per cent annual rate.
Economists had been expecting new data released by Statistics Canada to show the cost of living had eased from March's 4.3 per cent pace to something around 4/4.1 per cent.
Instead, it moved higher again, as the cost of things like gasoline, rent and mortgages increased during the month.
This increase in the inflation rate will not come as welcome news to the BoC, which has been raising its interest rate aggressively since March 2022 wrestle down the inflation rate to a more palatable 2 or 3 percent.
Welcome to another episode of The Real Estate Podcast with me, Nico James-Bock, a Broker with Royal LePage Signature Realty in Downtown Toronto. Pay close attention to my 10 takeaways.
In summary, based on the information we have, combined with the historical data we study, the adage, “When’s the best time to buy real estate...yesterday”, still rings true. This is no blip. We will continue to see this inflation dance as the powers that be try and wrestle it downwards. From my personal and professional experience, the sooner you enter the market with a long-term view, the better your results. First-time Buyers and most Renters*: Get off the fence! Take advantage of opportunities in the assignment and pre-construction markets now!
As for existing homeowners and investors, patience continues to be profitable, and will likely do so for many years to come.
Caio ciao
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