The Bank of Canada has again turned up the heat on interest rates with a 25 basis point hike. This marks the eighth consecutive climb since the bank began its policy-tightening journey in March 2022. The interest rate now stands at 4.5%. Follow us for more updates on the Canadian Real Estate Market . . . . #interestrate #interestratehike #canada #canadianmarket #housingmarket #TheCanadianHomeApp #LiveWithOutBoundaries #canadarealestateadvice #canadarealestateinvesting #canadarealestatemarket

👉After New Zealand's central bank aggressively increased interest rates to a 14-year high, the country's economy entered a recession. Official data indicate that during the first three months of the year, its GDP decreased by 0.1 percent. The economy is in a "technical recession" as a result of that, which came after a contraction of 0.7% in the preceding quarter. Since October 2021, the Reserve Bank of New Zealand (RBNZ) has significantly increased borrowing costs. One of the first nations to begin raising interest rates following the pandemic, New Zealand has moved ahead of the US Federal Reserve. The RBNZ raised its main interest rate to 5.5% last month. In New Zealand, where prices were already rising, higher interest rates are now having an effect on mortgage repayments and other loan costs. David Jordan, a web engineer with a home in Auckland, told the BBC that interest rates are "catastrophic." He continued, "I have seen many job losses in my industry as start-ups attempt to save money, but consultancies working with big global firms appear to be doing better." In an effort to contain price increases triggered by economies opening up following the Covid lockdowns, central banks around the world increased the cost of borrowing. The war in Ukraine also contributed to an increase in inflation because of the rising cost of everything from fuel to food.✅ . . #NewZealandEconomy #InterestRateHike #Recession #GDPDecline #CentralBankPolicy #Inflation #MortgageRepayments #mnm #malayalisnearmeapp #canadaupdate #canadanews

👉In a notable move, the Bank of Canada raised its overnight rate by 25 basis points to 4.75% at 10:00 AM ET today (June 6). This increase marks the first upward adjustment since the announcement of a pause in interest rate hikes earlier this year in January. This key interest rate level has not been observed since April 2001. The decision to raise rates was influenced by several factors, including stronger-than-expected economic growth, inflation, and a noteworthy 3.1% increase in Gross Domestic Product during the first quarter of this year. Additionally, there has been a resurgence in housing market activity, and the Canadian labour market remains tight, hinting at potential significant changes on the horizon.✅ . . #BankofCanada #InterestRateHike #MonetaryPolicy #QuantitativeTightening #Inflation #GlobalEconomy #GDPGrowth #mnm #malayalisnearmeapp #canadaupdate #canadanews

👉Statistics Canada revealed that the Canadian economy experienced a significant annualized growth of 3.1% in Q1 2023, surpassing the agency's own projection of 2.5%. With April witnessing a 0.2% growth following a stagnant March, the economy's continued resilience is fueling talks of a potential interest rate hike. The federal agency attributes the growth to increased exports and household spending during the first quarter. The robust growth in the Canadian economy during Q1 reflects positive momentum and surpasses expectations. This encouraging performance may signal a favorable outlook for the country's economic recovery and generate optimism among policymakers and businesses alike.✅ . . #CanadianEconomy #Q1Growth #ResilientEconomy #InterestRateHike #Exports #HouseholdSpending #PositiveMomentum #mnm #malayalisnearmeapp #canadaupdate #canadanews