Housing Prices Holding Inflation Up, Bank of Canada Head Says

Published on May 2, 2024

Housing prices are the biggest contributor to inflation in the country, says Bank of Canada Governor Tiff Macklem. Current housing prices are an important factor in holding inflation levels up, Mr. Macklem told the House Finance Committee May 2, noting that immigration has led to a rent inflation increase of 8 percent. “Housing cost inflation is the biggest contributor to overall inflation,” Mr. Macklem said. “And it is certainly is an important factor that is holding inflation up.” Mr. Macklem was asked by MPs if the Bank of Canada would lower rates in the near future and, though he said the central bank sees rates going down eventually, he did not give a timeline for when rates will be cut....

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