‘Cracks beginning to show.’ Consumer spending plunges in Ontario as interest rate hikes start to hurt

[shockedcanadian]

Remember my warnings over the last couple of years about Ontario. Now i am starting to see the changes within the community in which I reside. People asking for money, looking downtrodden and defeated, hopeless, stores with new policies to leave backpacks at the front, not able to access basic goods as they are stored behind a glass wall etc.

You think you have crime in America, well, we have abject poverty and a police state to enforce this caste system.

They destroyed my life. Hopefully a beautiful Texan somewhere can save mine, this place is collapsing and fast...

‘Cracks beginning to show.’ Consumer spending plunges in Ontario as interest rate hikes start to hurt

“Do rates need to be higher? Or do we just need to wait longer for them to work? Increasingly, I think the answer is the latter,” economist says.

www.thestar.com

Consumer spending had “a rough start to the summer,” softening noticeably in mid-June and July after the Bank of Canada’s most recent interest rate hikes, according to a recent report.

The Canadian Chamber of Commerce report released Tuesday morning showed that Ontario led the country with the biggest drop in spending by 8.5 per cent month over month in July compared to a 3.6 per cent drop nationally.

The decline in spending indicates that the bank’s string of rate increases are starting to take effect, said Stephen Tapp, Canadian Chamber of Commerce chief economist, and could impact future rate hikes.

 

[JGalt]

Canada like the US, probably thought they could spend their way out of their June 2022 8.13% inflation rate by printing more money and raising the interest rates, like we did here. Both our country's inflation rates have come down since then, but at a steep price.

 

[ninja007]

mortgage rates 1.8 percent few years ago to 6 percent now and climbing?