Interest Rate Hike Like a ‘Hammer to Housing’: BMO Senior Economist

Interest Rate Hike Like a ‘Hammer to Housing’: BMO Senior Economist
Bank of Canada Governor Tiff Macklem ponders a question at a press conference in Ottawa on June 9, 2022. The Canadian Press/ Patrick Doyle
The Canadian Press
Updated:

A BMO Capital Markets senior economist says the Bank of Canada’s recent move to increase its key interest rate is setting up the housing market for an even deeper correction next year.

Robert Kavcic says governor Tiff Macklem’s surprise one-percentage-point rate hike last week was like taking a hammer to the housing market.