Canadian Inflation Numbers July 2022

The inflation numbers for July 2022 just came out and they have finally started to come down. The Canadian inflation rate for July was 7.6% which is down from 8.1% in June. So it appears that we are headed in the right direction and coming down from peak inflation. This is similar to what the American’s announced last week.

On the whole consumer prices increased by only .1% the smallest change since Dec 2021. While we are not out of the woods yet as we are still well above the comfort level of 3% inflation. The next report in September will be the best indication that we are truly headed in the right direction once and for all.

The may be the news that the Bank of Canada has been looking for after hiking rates by a full percentage point in July. While there is still a strong possibility that they may still increase the rates in the next meeting in September at least this news should tamper them to only 25 or 50 basis points this time.

Today I am thankful for people who call me out of the blue for credit advice, for the YNAB program existing to help us all manage our money better and repair work getting close to being complete at my house.

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

p.s.s.s You can download my new mortgage app here