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BoC s rate messaging partly to blame for hot housing: Scotia s Holt

BoC s rate messaging partly to blame for hot housing: Scotia s Holt Ian Vandaelle, BNN Bloomberg VIDEO SIGN OUT Scotiabank Head of Capital Markets Economics Derek Holt doesn’t think the Bank of Canada should be able to wash its hands of responsibility for the massive run-up in residential real estate prices. In a television interview Tuesday, Holt said the Canadian central bank should take some ownership for the surge in home prices it helped foster with its rock-bottom interest rate policies and continued messaging that its rate regime will be in place for the medium-term. “I wouldn’t fault them for having policy interest rates that are essentially zero now, because we still have about 600,000 unemployed Canadians who had a job before the pandemic, and we still have inflation below their target,” he said. 

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