Worst “Rent” Inflation since 1983 & Red-Hot Homeownership CPI Fuel Canada’s CPI Surge. Bank of Canada in a Pickle of its Own Making by Wolf Richter • Sep 19, 2023 • 140 Comments Inflation dished up another nasty surprise. Other costs jumped too. Gasoline didn’t help. This was a broad-based mess.
The Most Splendid Housing Bubbles in Canada: Price Drops Spread amid Slowing Sales, Rising Supply, Bank of Canada Tightening by Wolf Richter • Sep 15, 2023 • 127 Comments The Home Price Benchmark Index is down 13% from peak in March 2022. The Canadian housing market is in a category of its own, in terms of craziness.
Accelerating Inflation without Economic Growth: Bank of Canada Holds Rate at 5.0%, with Bias to Tighten Further. QT Continues by Wolf Richter • Sep 6, 2023 • 94 Comments The BoC already shed 50% of its QE assets, and the shedding continues.
The Most Splendid Housing Bubbles in Canada: After a Rocking & Rolling BoC-Pause Season, the First Price Drops Reappear by Wolf Richter • Aug 15, 2023 • 100 Comments Short-term yields spiked, and mortgage rates with them: First results of the Bank of Canada’s unpause on the housing market.
Global Steel Production in 2022 Fell Most since 2009, Unwound Stimulus Spike of 2021. China’s Production Fell for 2nd Year by Wolf Richter • Jun 8, 2023 • 41 Comments China still produced more than the rest of the world combined, 12 times more than the US.
The Bank of Canada Un-Pauses, Hikes 25 Basis Points, Second Central Bank to Un-Pause on Resurging Inflation Fears by Wolf Richter • Jun 7, 2023 • 102 Comments More rate hikes are on the table. “Overall, excess demand in the economy looks to be more persistent than anticipated.”
Fast QT, Fewer Rate Hikes? Bank of Canada Has Shed Nearly Half of Pandemic QE Assets. And QT Continues Despite “Pause” in Rate Hikes by Wolf Richter • May 12, 2023 • 124 Comments It unwound 46% of all assets it had added during the pandemic. Far more aggressive QT than the Fed’s.
The Most Splendid Housing Bubbles in Canada: Spring Selling Season in a Housing Bust by Wolf Richter • Apr 14, 2023 • 128 Comments Prices rose in March, but are down 17.5% year-over-year, the second-worst in the data. Sales -34% year-over-year.
The Most Splendid Housing Bubbles in Canada: March Update on the Housing Bust by Wolf Richter • Mar 17, 2023 • 209 Comments Year-over-year, home prices plunged by the most on record as the seasonal uptick in prices was far smaller than a year ago.
The Most Splendid Housing Bubbles in Canada: February Update on the Housing Bust by Wolf Richter • Feb 16, 2023 • 114 Comments Hangover after a drunken party instigated by the Bank of Canada’s money-printing and interest-rate repression that turned buyers’ brains to mush.
