A new report forecasts that excess demand will dissipate during the second quarter of next year, at which time the BoC will be in the position to start gradually reducing its policy rate. realestate realestatenews interestrates
A new report forecasts that excess demand will dissipate during the second quarter of next year, at which time the BoC will be in the position to start gradually reducing its policy rate.The Bank of Canada continued its policy of quantitative tightening last month, bringing the benchmark rate to a
“The Canadian economy has been incredibly resilient in the face of rapidly rising interest rates,” writes René Lalonde, Director, Modelling and Forecasting for Scotiabank. “Much of this surprising strength can be ascribed to pent-up demand -- a measure of the gap between actual and desired consumption -- amongst a broad range of things, including increased wealth and population growth.
“Low and accommodative interest rates, easy access to credit, strong labour market recovery, and record low unemployment, combined with increased net wealth through rising home equity and excess savings and high oil prices, drove a substantial increase in Canadians’ desired level of consumption,” he says. “On the other hand, supply constraints and public health rules hampered their ability to increase their actual consumption to fulfill the desired level.
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