"Do you really want to make a big bet that you do know what's going on right now?"—Stephen Poloz on mortgage term selection
In this much-anticipated follow-up with our prior BoC Governor, Stephen Poloz, he saves the best for last. Students of monetary policy, mortgage strategy and housing dynamics should find it well worth the 30 minutes.
Among the topics Mr. Poloz covers:
- The substantial weight the BoC puts on the U.S. outlook when setting policy
- How, and how often, the BoC and Fed communicate
- What could cause U.S. and Canadian rates to deviate
- What's behind our extraordinary labour market, which has defied rate hikes
- Why Canadian job growth has been "net disinflationary" for the last year
- Why today's unemployment is artificially low
- The non-difference between rent and interest
- How co-ownership could disrupt the housing market
- Real estate as a top inflation hedge
- Political pressure on the BoC
- The government's nuclear option for controlling the BoC
- Which mortgage term he'd pick today
- Why there could be a shift to longer mortgage terms.
Below is that interview and the transcript:
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