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Canada  + Cross Border News  + Finance  | 
The Bank of Canada held its key overnight lending rate at 5% on Wednesday

Canadian Inflation Stays at 3.1%

Canadian inflation remained at 3.1% in November, Statistics Canada reported Tuesday.

The consumer price index held steady after also reaching 3.1% in October, according to the federal agency. In November, higher travel-tour prices placed upward pressure on the CPI.

Excluding food and energy cost increase, inflation rose 3.5% in November compared to 3.4% in October. However, mortgage interest costs spiked 29.8% in November.

The inflation figures come after Tiff Macklem, the Bank of Canada’s governor, said it’s too early to curb interest-rate hikes. The central bank is seeking to cool demand and return inflation to its 2% target.

The BoC boss expects inflation declines to be gradual.

“We don’t need to wait until inflation is all the way back to the 2% target to consider easing policy, but it does need to be clearly headed to 2%,” he said.


Inside The Story

Bank of CanadaStatistics Canada

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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