Conduct of monetary policy under housing market imbalances / Amina Enkhbold [and] Serdar Kabaka. : FB3-8/2026-53E-PDF

"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.

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