As the labor market nears full employment, the additional pool of new workers is helping fill record job vacancies and possibly mute wage inflation, even with consumer price gains at the highest in three decades.
Immigration and its impact on wages give the Bank of Canada “enough justification to hike more slowly than what’s priced in by the market,” Tal said. Trading in overnight swaps suggests six rate hikes are priced in by the end of this year, with a more than 70 per cent chance of the cycle beginning next week. CIBC is forecasting three hikes, likely beginning in April.
Tal also said household formation and the subsequent impact on housing demand could be understated due to the government’s increasing use of permanent residents as a source of immigration.
Canada was never anything but a second-rate colony. If you have children, develop an escape plan for them, bcs this country is going nowhere fast.
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