To Montreal
The Governor of the Bank of Canada (BOC), Tiff Macklem, is tired of the authorities, like the media, blaming Canadians' growing housing difficulties on him.
Yes, he admits,
“changes in policy rates have an effect on mortgage rates and demand in general.
But monetary policy cannot address the underlying structural problems caused by insufficient housing supply.
In order to fight inflation, which reached 8% in June 2022, Tiff Macklem, like almost all central bank governors around the world, carried out a sharp increase in interest rates.
From 0.25% in January 2022, they rose to 5% in July 2023 and have since stabilized.
Economic players hoped that the year 2024 would mark the signal for a rapid drop in rates.
The governor not only kept the policy rate at 5% in January but announced that lowering rates would take time.
inflation
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