Canada is experiencing a significant surge in rent inflation, with average rents rising 9.3% year-over-year in May. This marks an increase from the 8.9% rise observed in April, according to Statistics Canada. The sharp increase in rent prices is partly attributed to the Trudeau-Liberal government's immigration policies, which have been fueling demand for housing. Additionally, Canada's Consumer Price Index (CPI) rose 2.9% in May, exceeding economists' forecast of 2.6% and up from 2.7% in April. This was the largest increase Statscan has observed since changing its rent methodology in 2019.
#Canada cut rates too early? Canada’s #CPI rose 2.9% in May YoY, faster than the 2.6% advance economists had forecast and after inflation eased to 2.7% in April.
Average Rents in Canada rose 9.3% since last year, based on May data https://t.co/itmzLMAPU9
"Canadian rents rose 8.9 per cent in May, year-over-year, up from 8.2 per cent in April. This was the largest increase Statscan has observed since changing its rent methodology in 2019." https://t.co/pbdJKtlgte https://t.co/G62mxmSLRV
Trudeau-Liberal mass immigration continues to fuel a STAGGERING rise in rent prices nationwide. This is a CRISIS. 🚨 So why won't @MarcMillerVM act? 🤔 https://t.co/wQk1pDEuY1
Canada's rent inflation continues to surge. https://t.co/UoTaI5wzZ1