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Bank of Canada raises key interest rate to 5%

For the first time since April 2001 that Bank of Canada target overnight rate hit 5%. This represents the 10th rate hike by the central bank since March 2022. In justifying the 25 bps increase the Bank of Canada cited robust demand and tight labour markets resulting in persistently high inflation.

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Record high rental rates

According to the National Rent Report (Rentals.ca, Urbanation, July 2023) the average asking rent in Canada reached a new peak of $2,078...

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