Bank of Canada Deputy Governor Gravelle says in and interview:

  •  anecdotal
    evidence and data in the housing market indicate “a lot more
    investment activity, a lot more flipping”
  • anecdotal evidence
    indicates fear of missing out in the housing market
  • financial system
    discussions with federal counterparties in recent months have focused
    more on housing
  • the bank would
    require additional tools in order to pursue a mandate that addresses
    housing activity
  • the bank may have
    enough analysis done to discuss housing in the April MPR but there
    will be more focus in the May FSR
  • the February jobs
    report reiforces the bank’s belief that consumers and businesses have
    adapted better than expected to the lockdown
  • early Q1 data gives
    the bank confidence there will be less chopiness in the economic
    recovery
  • the Fed’s new policy
    framework puts pressure on the boc to shift its own framework but it
    has a pretty flexible framework already

He also spoke earlier today:

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