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Build Canada Homes: Where Are We One Year In?
Build Canada Homes (BCH) is the federal agency established in September 2025 to accelerate the development of affordable housing across the country. In June 2026, legislation formally turned it into a Crown corporation, giving it a board of directors and greater freedom to act independently. Its mandate is ambitious: grow Canada’s stock of non-market housing…
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What the Canada-U.S. Trade Dispute Means for the Economy and Mortgage Rates
Canada and the United States are heading toward what some analysts now describe as an all-out trade war. Talks broke down in mid-August, and a 50 per cent U.S. tariff on roughly C$28 billion of Canadian exports – from hockey sticks to farm products – took effect on August 22. Prime Minister Mark Carney countered…
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Headline Inflation Creeps Higher
Canada’s inflation rate rose in July, with the Consumer Price Index (CPI) climbing 3.0 per cent year over year, up from 2.8 per cent in June. Prices also rose 0.3 per cent from June to July. Gasoline prices were the biggest driver of the increase, jumping 25.7 per cent year over year. Tensions in the…
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An Interconnected World: How a Weak Yen Could Influence Canadian Housing Affordability
In early August 2026, the United States and Japan carried out a rare joint currency intervention, the first such action since 1998. U.S. Treasury Secretary Scott Bessent said the United States sold euros and bought yen, while Japan’s Ministry of Finance sold dollars for yen. The coordinated action was aimed at stemming the yen’s sharp…
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Labour Markets Point to Stable Rates
Recent economic data are reshaping expectations for interest rates in both the United States and Canada. In the U.S., the case for further Fed rate hikes has weakened. A soft July jobs report, lower energy prices, and a less aggressive tone from Fed officials have all contributed to the shift. Bond yields fell, while the…
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The Outlook for Mortgage Arrears in Canada
Recent headlines warn that Canadian mortgage arrears have climbed to their highest level in nearly a decade, driven by a wave of higher-cost renewals, elevated inflation, and rising unemployment. While the headlines are attention-grabbing, the underlying story is less dramatic. Mortgage arrears, defined as payments overdue by 90 days or more, have risen nationally from…
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The Fed’s New Communication Strategy: Warsh’s Approach and the Bond Market Reaction
Kevin Warsh took over as Federal Reserve chair with the goal of scaling back its communications, arguing that years of extensive forward guidance had made markets overly reliant on Fed signalling rather than economic data. In his view, a leaner Fed voice would help restore market discipline. Since taking office, Federal Open Market Committee (FOMC)…
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