Bank of Canada Governor Tiff Macklem takes part in a news conference in Ottawa, Ont., Sept. 10, 2020.
Watch: Can U.S. print infinite money to rescue the economy from the coronavirus? Story continues below.“We will watch the evolution of financial vulnerabilities closely, particularly given our commitment to keep interest rates low,” Macklem said. Macklem’s statement “should reinforce the view that the Bank of Canada will keep their administered rate pinned down for the next few years, even if that policy contributes to increasing vulnerabilities,” CIBC economist Royce Mendes said in a client note.
Without the fiscal and monetary policy actions, the economic devastation of the pandemic could have been much, much worse.On the supply side of things, the government announced a $1-billion program last month to convert unused hotel spaces into 3,000 new affordable housing units. The experts increasingly say certain Canadian cities are suffering from a chronic shortage of housing, pushing up prices.
The Bank launched a volley of emergency policies at the start of the pandemic, including dropping its key lending rate to near zero and buying hundreds of billions of dollars of debt ― including around $100 billion of federal government debt and billions more in Canadian mortgages ― in an effort to pre-empt what could have been a major financial crisis.
Uhhh how about provs, cities where biggest probs? Why fed intervention in van, montreal, ottawa, victoria? Most probs localized
Property Property Latest News, Property Property Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CTVNews - 🏆 1. / 99 Read more »