TORONTO — Canada's near-term economic struggles will ease next year when growth returns and the Bank of Canada begins cutting its key lending rate, a new forecast from Deloitte Canada said.
"The recovery will pick up steam in the second half of 2024 because it's during the time we anticipate the Bank of Canada will be able to pivot from having high interest rates we're living with today," she said. Desjardins said a third of Canadian households have a mortgage, adding that an increasing number of them are moving to refinance their property as they struggle to keep up with monthly mortgage payments — a trend expected to continue going forward.
Canada's population is set to jump 2.7 per cent this year, the only other time the country came close to that type of population surge was back in 1971 when it rose 2.2 per cent. "We have finally seen evidence that consumers are taking a step back," Desjardins said. "The bank's rate increases are stressing some budgets."
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