SYDNEY—A wave of immigration to affluent countries is adding upward pressure to housing costs, frustrating renters and home buyers and making it harder for central bankers to tame inflation. In Canada, which absorbed a record 437,000 migrants last year, property prices started rising again in February after 10 straight monthly declines. Rent and housing costs continue to be a driver of inflation in the U.S., accounting for 70% of the 0.2% increase in consumer prices during June. Many factors, including underinvestment in supply of new houses, and a reluctance by some owners to sell, are helping keep housing costs elevated in the U.S. But for many people, the persistence of high housing costs is fueling frustration, especially when so many other expenses are rising.

Source: Wall Street Journal July 16, 2023 09:08 UTC