00000cam 2200000zi 4500 9.966915 CaOODSP 20261019132115 m o d f cr |n||||||||| 261019e20261016oncd ob f|0| 0 eng d CaOODSP eng rda CaOODSP n-cn--- FB3-8/2026-53E-PDF Enkhbold, Amina, author. Conduct of monetary policy under housing market imbalances / Amina Enkhbold [and] Serdar Kabaka. [Ottawa] : Bank of Canada = Banque du Canada, October 16, 2026. ©2026 1 online resource (i, 14 pages) : charts. text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff analytical paper = Document analytique du personnel, 3110-9195 ; 2026-53 Cover title. Includes bibliographical references. "Over recent years, housing market imbalances have become a defining feature of the Canadian macroeconomic landscape. Following the post-pandemic surge in inflation, shelter costs emerged as a dominant and persistently high contributor to headline CPI. This persistence reflected elevated house prices, rapidly rising mortgage interest costs, and strong rent inflation, alongside long-standing supply constraints and high household leverage. These developments have intensified the debate over how monetary policy should respond to housing-driven inflation pressures that are only imperfectly aligned with broader demand conditions. A central question for policy frameworks is whether central banks should “look through” shelter inflation or instead incorporate housing costs directly into systematic policy rules"--Introduction, page 1. Monetary policy Canada. Housing policy Canada. Housing Prices Canada. Politique monétaire Canada. Logement Politique gouvernementale Canada. Logement Prix Canada. Bank of Canada, issuing body. Staff analytical paper (Bank of Canada) 3110-9195 ; 2026-53. (CaOODSP)9.958938 PDF 656 KB https://publications.gc.ca/collections/collection_2026/banque-bank-canada/FB3-8-2026-53-eng.pdf