Oil imports, Canadian Housing Bubble, Inflation

1: Despite the rhetoric around banning Russian oil, in 2021 only 3% of US oil imports came from Russia. In fact, oil imports from all sources – except Canada – shrank over the past 16 years.

2: Canadian real estate continues to appreciate, with the average home price rising almost 30% year-over-year to the end of February. New listings are growing but this remains a seller’s market.

3: Consumer inflation expectations are outpacing those of ‘professional’ forecasters. This is important because inflation can become a self fulfilling prophecy, as consumers spend more now in anticipation of higher prices later. By pulling forward demand, while supply remains constrained, prices are pushed up.

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