Can we stop the rate hikes now? 🤔
BoC: no, screw the working class!
This is the best summary I could come up with:
The Canadian economy appeared to stall in the second quarter as investment in housing continued to fall, led by a drop in new construction.
The drop in spending came as Canadians face higher borrowing costs fuelled by interest rate hikes by the Bank of Canada, which is trying to bring inflation back to its target of two per cent.
I think that’s actually good news," he said, adding that it appears the central bank’s tightened monetary policy is slowing consumer spending.
“We’ve definitely seen a reduction in the number of homes being built, particularly in the high-rise sector,” Snaith told CBC News during an interview at a building site in Toronto.
“Our industry thankfully has remained quite busy, but that’s due to the fact that a lot of the projects ongoing right now have been started before the interest rates took effect.”
Statistics Canada also said its early estimate for July suggested real GDP was essentially unchanged for the month, though it cautioned the figure would be updated.
The original article contains 688 words, the summary contains 162 words. Saved 76%. I’m a bot and I’m open source!
