Comments on: “We Got Some Things Wrong,” Bank of Canada Governor Tells Parliament

By: Wade

Wade — Tue, 03 May 2022 22:26:57 +0000

In reply to Old Greg. Good luck with that. Canada is a debtor nation that thinks they have the world’s reserve currency. BofC and Canadian gov have no courage to raise rates so the world will crush the Canadian dollar as a consequence. Either way, Canadians are screwed with their housing bubble economy. Love it. Lol

By: Ali Noroozi

Ali Noroozi — Tue, 03 May 2022 17:27:53 +0000

Your most important job is to keep inflation in check – and you failed. Whatever else you go right doesn’t matter at this point. Resignation of BOC governor required to sustain trust in BOC.

By: expat

expat — Mon, 02 May 2022 21:34:48 +0000

In reply to fred. that's what I want to know!

By: Philippe

Philippe — Mon, 02 May 2022 15:34:12 +0000

The “Inflation is transitory” narrative will go down like the “Subprime is contained” narrative from 2008 and we all know how that turned out. Central banks like the BoC were just buying time not to raise rates but now that it’s so blatantly obvious that inflation is not only not transitory but also accelerating, they can no longer pretend it’s not a major problem for fear of loosing credibility in their ability to fight inflation which we will soon find out they don’t have much of. Remember guys inflation is currently at 6.7% about to go higher and the overnight lending rate is at 1%, this is the largest gap ever.

By: Philippe

Philippe — Mon, 02 May 2022 15:22:46 +0000

By: Yoroshiku

Yoroshiku — Mon, 02 May 2022 14:43:14 +0000

My bank executive neighbour says the banks anticipate that interest rate hikes will raise the average mortgage by $500/month. This is expected to be hardest on speculators who own multiple properties. And then when recession hits (I think we’re already in a recession but nobody is asking me) the BOC will lower interest rates again–and set off another real estate buying frenzy.

By: Theophilus D'silva

Theophilus D'silva — Sun, 01 May 2022 23:10:51 +0000

Who created inflation and allowed the real estate price increase. Now people are holding properties with huge mortgages. The Canadian Govt should now rescue the people by paying Universal Basic Income for all canadians whose income is less than 75000.00.

By: FlipG

FlipG — Sun, 01 May 2022 21:13:25 +0000

Tiff is a genius but the people who pull his strings are idiots.

Chrystia Freeland and her entourage stayed in Edinburgh instead of Glasgow where the recent COP26 conference was being held. They drove back and forth to their hotel in a private limo.

Once the new carbon taxes come into effect we simple people will be driving donkey carts while Elite Super Emitters have canapés delivered by jet planes.

By: Chris

Chris — Sun, 01 May 2022 15:42:12 +0000

TM’s statement looks like an attempt to regain credibility so he can avoid bothering the “investor” class for a few more months. Relax, everyone. Mr. Macklem agrees “forceful” action is needed and he “may” start doing that soon. Never mind that, so far, all he’s actually done is reluctantly approve small interest rate increases that should have happened a year ago.
Someone should launch a “FireTIFF” campaign on Twitter before its new owner runs it into the ground.

By: Michael

Michael — Sun, 01 May 2022 15:04:41 +0000

It has been so long since a housing correction that very few people alive remember what it looks like. Preaching to them about it is not helpful. When a real estate correction does happen, it does not happen in isolation, many other things go wrong at the same time. It is also usually widespread and devastating for everyone who has debt and it does not discriminate. Boomer parents who loaned their children hundreds of thousands from their HELOC to purchase overpriced condos in Toronto or tear down bungalows in Whitby may be the hardest hit as they will have the least amount of time to recover; and the market will recover, but most likely not on their timeline. At the exact moment you want to say “I told you so”, you will be better served offering a shoulder and a hug. As long as we are nicer to everyone, we will get through this.