The article discusses the impacts on the economy from raising interest rates in Canada. It talks about the decline in housing investment, and how higher interest rates made the housing market unaffordable. It also mentions other factors like decreased savings rates and the increase in rental prices. The Bank of Canada raised interest rates to curb inflation after the pandemic and these decisions have impacted various economic factors. Data provided by Statistics Canada and Desjardins shows how these changes affected different provinces in Canada. Despite growth in certain areas, the overall impact of rising interest rates has had a negative effect on the economy. The article also discusses how the rental market faced record-high prices across the country because of rent inflation. The impact of these price increases varied across provinces, and Alberta, Quebec, and Nova Scotia were the main contributors to the national rent inflation. The housing market’s decline in certain provinces also led to a rise in financial stress, and the article highlights the challenges faced by heavily indebted regions like Ontario and British Columbia.
>>Join our Facebook Group be part of community. <<