As the global battle to tame inflation enters its next phase, Canada’s housing market offers a glimpse of what could play out for many other developed nations: A game of chicken between central bankers and consumers.
It started when the Bank of Canada paused its campaign of interest rate hikes earlier this year, dutifully warning they could go higher still and would at least stay elevated for some time. But no one seemed to believe it. House hunters promptly swarmed back into the market.
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