In an effort to curb soaring inflation after the pandemic, the Bank of Canada raised its policy interest rate from 0.25 to 4.25 per cent in 2022. Three more rate hikes in 2023 brought the rate to the current 5 per cent. “We already knew how much of a drag housing posed at the national level last year as interest rates rose sharply, but the breadth of weakness and depth in some regions was striking,” said Desormeaux in a note.dropped 12.
1 per cent in 2022, falling in seven provinces, a count only exceeded during severe recessions in the past, he said. Residential capital’s share of economic output in 2022 was below the average of the decade before the pandemic everywhere except in the Maritimes. In Ontario, Quebec and British Columbia, this investment fell by more than at any point since the 1990s. In Ontario and B.C., the economies where the housing market holds the biggest sway, growth would have been over 5 per cent if it was not for the decline in real estate, said Desormeaux. As it was, 2022 GDP for Ontario came in at 3.9 per cent and 3.8 per cent for B.
Source: News Formal (newsformal.com)
Bank Of Canada Interest Rates Inflation Pandemic Housing Market Economic Output
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