The Bank of Canada's Governing Council decided to hike interest rates earlier this month due to the ongoing excess demand in the economy, including a rebound in existing home sales. Data such as first-quarter GDP growth, consumer confidence, and surprisingly strong consumption growth of 5.8% in goods and services, suggested additional momentum in household sector demand. Headline inflation had ticked up to 4.4% in April, which was also a concern for the Bank. Resale home prices, which had been rising for three consecutive months, posted yet another increase in May, and national home sales were up 5.1% in April compared
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