Posthaste: Why are American cities getting more affordable while Canadian cities are getting really expensive?


Content of the article continued

Canada emerged from deflation in June, with the CPI climbing 0.7% year over year after two months of subzero readings. After posting some of the lowest inflation numbers in the world during the shutdown, Wednesday’s reading, which topped expectations, bounced Canada a little higher than many major economies, including the United States. BMO Chief Economist Douglas Porter said.

Here are some fun (or not) facts from the data:

Help for home buyers– Mortgage interest costs fell in May for the first time since 2017, and in June they fell again by 0.3%. Meanwhile, rents rebounded in June, rising 0.6%, after falling 0.8% in May.

Chicken beats beef for a bargain – Beef prices soared 8.3% in the largest monthly increase since 1982, as COVID-19 closed or slowed down processing plants in April and May. But chicken, both fresh and frozen, fell 4.4% from the previous month, in part due to increased sales of flyers, Statistics Canada said.

Ouch, Ontario! – Electricity prices jumped 17.2% in this province from the previous month, the largest increase in nearly 20 years. Ontario increased prices on June 1 after lowering prices in March in response to the pandemic.

Page turner – Book prices posted their biggest monthly increase on record, jumping 8.9%


With extremely low mortgage rates, it’s easy for homeowners to save money by refinancing. Saving a lot of money takes a little more effort. Experts say if you’re paying more than 3% on a fixed rate mortgage – or 0.75% more than current rates – you should try to find a better deal. Before you do so, check out these six tips for maximizing your savings when refinancing with our content partners at MoneyWise.


Today’s Posthaste was written by Pamela Heaven (@pamheaven), with files from The Canadian Press, Thomson Reuters and Bloomberg.

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