Statistics Canada said Thursday that the economy grew by 0.1 per cent in July, outperforming its preliminary estimate that pointed to a contraction of 0.1 per cent.
Bank of Canada
Tight job market means unemployment might not rise as much as it typically would during a recession, Deloitte says in its latest Canadian economic outlook.
In its latest monthly consumer price index (CPI) report, Statistics Canada said grocery prices rose at the fastest rate since 1981, with prices up 10.8 per cent compared with a year ago.
In its latest housing market outlook released Thursday, the association said it expects 532,545 properties to trade hands via Canadian MLS systems this year.
Bank of Canada senior deputy governor Carolyn Rogers says the journey back to two per cent inflation will take time and a that period of lower economic growth is necessary to bring inflation down.
The heads of Canada's biggest banks say rising interest rates are starting to have their intended effect of slowing demand but that they continue to notch growth.
The Bank of Canada raised its key interest rate by three-quarters of a percentage point Wednesday and signalled this won't be the last increase as it continues its battle against high inflation.
Inflation appears to have peaked, but it's still running hot, and a supersized rate hike from the Bank of Canada next week is widely expected.
The Canadian economy grew at an annual rate of 3.3 per cent in the second quarter, bringing the quarterly reading below estimates and an early look at July suggests a contraction.
After fuelling Canada's economy through the COVID-19 pandemic, the real estate market is showing signs of weakness as home prices fall and bidding wars dissipate.