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The housing market's upturn comes after the Bank of Canada paused its interest rate hiking campaign last month, leaving the benchmark rate at 4.5 per cent since January.

The housing market’s upturn comes after the Bank of Canada paused its interest rate hiking campaign last month, leaving the benchmark rate at 4.5 per cent since January.

Canada’s annual inflation rate has been steadily declining since last summer, as global price pressures ease and high borrowing costs weigh on spending.

Canada's annual inflation rate has been steadily declining since last summer, as global price pressures ease and high borrowing costs weigh on spending.

He also noted that this is due to statistical reasons like the base effect, which has led to higher inflation especially in Q3.