Bank of Canada Surprised: Anticipated Decline in House Prices Not Materializing
Summary: Bank of Canada Governor Tiff Macklem acknowledges the financial hardship caused by aggressive rate hikes but cannot specify when rates will decrease. The key interest rate surged from 0.25% to 5% between March 2022 and July 2023 due to 10 consecutive rate hikes to combat inflation. While the Bank predicts a return to 2% … Read more