Canada's Central Bank Warns of Long-Term Housing Affordability Struggle

Canada is still far from restoring housing affordability, according to Senior Deputy Governor of the Bank of Canada Carolyn Rogers. Speaking at a business audience in Victoria, British Columbia, Rogers stated that addressing the issue requires more supply, better planning and infrastructure, regulations that protect resilience, and incentives that do not add demand to a market already short on supply.

She highlighted that restoring affordability will be a long-term process, saying 'we have a way to go and it will take time.'

Rogers emphasized the importance of monetary policy in influencing demand across the economy, including demand for housing. However, she noted that monetary policy is too blunt a tool to deal with affordability issues.