Those figures, however, will likely provide little solace to homeowners and homebuyers who have faced some significant inflationary increases.
According to StatsCan, mortgage interest rates increased by 11.4% in October, the largest year-over-year increase since February 1991 (11.7%). Property taxes also increased dramatically, rising 3.6% from a year ago to 1.5%.
The “homeowners’ replacement cost index,” which measures the cost of new homes, fell to 6.9% in October from 7.7% in September, according to StatsCan. Since May, this metric has been declining (11.1%).
Looking ahead to December 7th and the Bank of Canada’s final interest rate announcement of the year, most analysts anticipate another 25 to 50 basis-point hike.
