Bank of Canada on Housing Crisis Progress

Caroline Rogers, the Senior Deputy Governor of the Bank of Canada, stated that addressing the housing affordability crisis is on the right track, but it requires ongoing time and effort. She explained that improving housing affordability involves increasing supply, developing planning and infrastructure, implementing more flexible regulations, and providing incentives to prevent increased demand in a market already facing a shortage. She emphasized that a decline in house prices may weaken household wealth, but it is important for reducing costs. She pointed out that economic policies need to be a mix of measures that boost supply and limit reliance on rising house prices, recognizing that monetary policy alone is not sufficient to solve the problem.

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