The Bank of Canada says record levels of immigration are driving up the cost of housing and recent government efforts to cut the number of non-permanent residents and encourage home building will help lower housing costs, but “only gradually.” “In the short term any increase in population, particularly in an environment of constrained supply, is going … Read more
The U.S. economy grew at an unexpectedly brisk 3.3 per cent annual pace from October through December as Americans showed a continued willingness to spend freely despite high interest rates and price levels that have frustrated many households. Thursday’s report from the U.S. Commerce Department said the gross domestic product — the economy’s total output of goods … Read more
Press play to listen to this article Voiced by artificial intelligence. FRANKFURT — On the global stage, European Central Bank President Christine Lagarde still exudes the air of an international rockstar of finance, but back home her records just won’t sell. Most participants in a trade union survey of ECB staff, seen by POLITICO, said … Read more
President of the European Central Bank (ECB) Christine Lagarde attends a session on the closing day of the World Economic Forum (WEF) annual meeting in Davos, on January 19, 2024. Fabrice Coffrini | Afp | Getty Images European Central Bank President Christine Lagarde said she does not expect a return to economic “normality” in 2024, … Read more
United Kingdom inflation soared to 4.0 per cent in December, marking the first increase in 10 months and complicating the timing of potential interest rate cuts by the Bank of England in the coming year. The Office for National Statistics revealed that the annual inflation, measured by the consumer prices index, rose from the previous … Read more
Canada’s annual inflation rate jumped to 3.4 per cent in December, according to data released by Statistics Canada on Tuesday. That’s after both October and November saw inflation hold steady at 3.1 per cent compared to the previous year. StatsCan said that the price of gasoline, air travel, passenger vehicles and rent drove the figure higher in December. Food … Read more
Canada’s housing market is seeing some of the lowest annual sales volumes in more than a decade, according to the latest statistics from the Canadian Real Estate Association, even though December saw a jump in sales compared to the month before. In a statement, CREA noted that the annual home sales total of 443,511 units in … Read more
A Bank of Canada survey finds Canadians are increasingly cutting back on spending while mortgage holders remain confident they can keep up with higher payments when their loans renew. The central bank released its fourth-quarter consumer expectations and business outlook surveys Monday, revealing how Canadians are faring amid higher borrowing costs and rising prices. Roughly … Read more
Immigration Minister Marc Miller says he’ll be scrutinizing the number of international students and other non-permanent residents coming into Canada, as political tension builds around the interplay between housing affordability and immigration. In an interview airing Sunday on Rosemary Barton Live, Miller said the relationship between housing and immigration is complex, and it was discussed around … Read more
Atlanta Federal Reserve President Raphael Bostic said inflation could “see-saw” if policymakers cut interest rates too soon, warning that inflation’s descent towards the central bank’s 2% goal was likely to slow in the months ahead, the Financial Times reported on Sunday. Bostic, who will be a voting member on the Federal Open Market Committee this … Read more
