The first increase in annual inflation since its June 2022 peak was driven in part by higher mortgage interest costs and higher rent prices, Statistics Canada said Tuesday.
since its June 2022 peak was driven in part by higher mortgage interest costs and higher rent prices, Statistics Canada said Tuesday.
“That's the sharpest increase we've seen recently,” said Kiefer Van Mulligen, economist with The Conference Board of Canada “It's a trend that will probably continue as mortgages are renewed at the higher prevailing mortgage rates,” Van Mulligen said. “As a bigger share of mortgages are renewed at higher rates, mortgage interest writ large for Canada will go up.”That's despite overall shelter costs rising at a slower pace in April, at 4.9 per cent.
According to Rentals.ca, average advertised rental prices in April were up 20 per cent from pandemic lows in April 2021. Average rents across Canada were up 9.6 per cent compared with April 2022.
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