The COVID-19 pandemic has warped global supply chains, leading to product shortages, shipping delays, disruptions to manufacturing and soaring consumer prices that arefuelling concerns about persistently high inflation.
Existing home sales fell 3.5% on a month-over-month basis in July, marking the smallest of the four consecutive declines since March.
Today the Canadian Real Estate Association (CREA) released statistics showing national existing home sales fell 3.5% nationally from June to July 2021—the fourth consecutive monthly decline. Over the same period, the number of newly listed properties dropped 8.8%, and the MLS Home Price Index rose 0.6% and was up 22.2% year-over-year.
Annual inflation hits 3.7% in Canada—a new election issue.
This morning’s Statistics Canada release showed that the July CPI surged to a 3.7% year-over-year pace, well above the 3.1% pace recorded in June. This is now the fourth consecutive month in which inflation is above the 1% to 3% target band of the Bank of Canada. And given the flash election, opposition parties are already making hay. “The numbers released today make it clear that under Justin Trudeau, Canadians are experiencing a cost of living crisis,” Conservative leader Erin O’Toole said in a statement.