To limit economic damage from the CCP virus pandemic, the Canadian government and Bank of Canada are being pushed well beyond the extents they reached in dealing with the financial crisis a decade ago.
The Bank of Canada raised its policy rate to 1.00 percent on Sept. 6 citing growth that is broad-based, self-sustaining, and exceeding its expectations.
The Bank of Canada reiterated its expectation that recently enacted stricter mortgage insurance eligibility criteria, the elevated level of household debt, and higher long-term borrowing costs will cool Toronto’s scorching housing market.