Bank of Canada: Housing “more robust than anticipated”
In its monetary policy report released yesterday the Bank of Canada admitted that some of our markets are far from a soft landing. The report noted that the market has rebounded following the very cold winter and benefitted from low interest and mortgage rates and that housing activity has been “more robust than anticipated”. However it is not a universal picture as we know. The BoC highlighted the differences between east and west, saying that the eastern provinces are more consistent with a soft landing, while cities in the west continue their growth. The bank believes the imbalance will carry on and the gap may get bigger. Experts suggest that as the market is not facing the same challenges everywhere in Canada, the BoC would be unlikely to introduce any ‘catch-all’ measures.