Key points:
- Inflation came in higher than expected in November at 3.1%
- If mortgage costs were removed from inflation numbers, inflation would drop to about 2.2%
November 2023 inflation watch
This video discusses the November 2023 inflation watch. Inflation came in higher than expected, but there’s some irony behind this. Here’s what you need to know.
Don’t feel like watching? Find the full transcript below!
Chris: [00:00:00] Hey guys, let’s talk about Canadian inflation for a moment. Statscan just released the inflation numbers for the month of November and they were disappointing. The market was widely expecting inflation to come in at about 2.8%, but it actually came in at 3.1%, which is unchanged from the month before in October. The irony is that almost one third of the inflation reading is caused by high interest rates, which are the policy and created by the Bank of Canada. So there’s a real irony there. If we were to strip out mortgage costs from the inflation numbers, Canadian inflation would be approximately 2.2%, which is bang on the target for healthy inflation for the Canadian economy.
Chris: [00:00:44] Despite the disappointing inflation number for the month of November, the mortgage interest rate market kind of shrugged it off and continued to price in lower interest rates in 2024, which is great news for homeowners. If you found this information helpful, give it a like, share it with your friends or let me know your thoughts in the comments. Until next time, stay financially savvy Canada. Bye for now.
Need more help or information?
If you’d like to discuss your mortgage, you can contact me here or schedule a convenient call time directly into my calendar below.
