With the inflation print in Canada coming in lower than expected, there was some good news that the over sized rate hikes we’ve all been through over the last 6 months appear to be working. While this was largely driven by lower gas and commodity prices, things like food continued to inflate in price. It will take a significant amount of time before food prices begin to fall as it’s the one commodity everyone must continue to spend money on, not to mention the global constraints on grain and other products from war torn countries.
Car sales in the month of August hit a 23 year low as Canadians begin to reign in their discretionary spending. In many ways, the summer presents the most expensive time for fuel, food and recreational activities as many families took advantage of the first pandemic free summer in 2 years. As we move into fall and subsequently into the winter, expect more and more families to batten down the hatches on their discretionary spending as interest rates continue to climb. This will hopefully accelerate the outcome we are all hoping for.
So what does this mean for housing? Buyers, if you’ve been holding off the time for you to start seriously considering a purchase is coming into play over the next 6-8 months. With every other headline reading a looming recession is coming next, the time to strategically position yourself is here. While to BoC continues to suggest they will avoid a recession (they’ve been wrong before), just about every other bank in Canada has stated otherwise. Furthermore the World Bank has also come out saying the possibility of a global recession in 2023 continues to grow as many of the developed nations with centralized banks began oversized rate hikes at nearly the same time. This level of global financial synchronicity has never been seen before and it will be interesting to see how it plays out.
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Dan Wurtele, PREC, REIA
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dan@thevancouverlife.com
Ryan Dash PREC
778.898.0089ryan@thevancouverlife.com
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