Spring housing market looms over the Bank of Canada’s rate decision. Here’s why

The Bank of Canada is set to make its latest interest rate announcement this week, and release a monetary policy report. Canadians will be looking for clues about when interest rates could begin coming down. Nivrita Ganguly has the details in Business Matters for Monday, April 8, 2024.

Rishi Sondhi, economist with TD Bank, said in a housing market report released Monday that the first quarter of the year is “tracking stronger than anticipated.” , shelter inflation has remained a thorn in the side of the Bank of Canada, remaining above six per cent in the month. While the shelter component of the consumer price index includes inputs like rents and mortgage interest costs tied to the central bank’s own policy rate, it also factors in home prices.A hot housing market could therefore “stoke shelter price inflation,” the Bank of Canada warned in March.

There’s a “coiled spring” effect in the housing market right now, Sondhi wrote in his report, which poses a risk that sales and prices could rise higher than in the current TD Bank forecast.Deportation hearing set for truck driver in deadly Humboldt Broncos bus crash

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