The Bank of Canada today held its target for the overnight rate at 2.25%, maintaining the Bank Rate at 2.5% and the deposit rate at 2.20%. The decision reflects the Bank’s view that current monetary policy remains appropriately calibrated as inflation stays close to target and the economy continues to adjust to global and domestic pressures.

Global Economic Conditions

Major economies worldwide continue to demonstrate resilience to US trade protectionism, although uncertainty remains elevated. In the United States, economic growth is being supported by strong consumer spending and a surge in investment related to artificial intelligence. However, the recent US government shutdown contributed to volatility in quarterly growth figures and delayed the release of key economic data, while tariffs have created some upward pressure on US inflation.

In the euro area, economic growth has been stronger than anticipated, with the services sector showing particular resilience. In contrast, China’s growth is being weighed down by soft domestic demand, including continued weakness in the housing market. Overall, global financial conditions, oil prices, and the Canadian dollar remain roughly unchanged since the Bank’s October Monetary Policy Report (MPR).

Canadian Economic Outlook

Canada’s economy recorded a surprisingly strong 2.6% growth in the third quarter, despite flat final domestic demand. This increase in GDP largely reflected volatility in trade activity. Looking ahead, the Bank expects final domestic demand to strengthen in the fourth quarter; however, an anticipated decline in net exports means overall GDP growth is likely to remain weak in the near term. Growth is forecast to pick up in 2026, though uncertainty remains high and significant swings in trade may continue to generate quarterly volatility.

Labour Market Conditions

The Canadian labour market is showing early signs of improvement. Employment has posted solid gains over the past three months, and the unemployment rate declined to 6.5% in November. That said, conditions remain uneven. Job markets in trade-sensitive sectors continue to face challenges, and hiring intentions across the broader economy remain subdued.

Inflation Trends

CPI inflation slowed to 2.2% in October, driven by declining gasoline prices and more moderate increases in food prices. Inflation has been close to the 2% target for more than a year, while measures of core inflation remain within a 2½% to 3% range. The Bank assesses that underlying inflation is still around 2½%.

In the near term, CPI inflation is expected to move higher due to the temporary effects of last year’s GST/HST holiday on the prices of certain goods and services. Looking beyond these short-term fluctuations, the Bank expects ongoing economic slack to largely offset cost pressures associated with the reconfiguration of trade, keeping CPI inflation close to the 2% target.

Policy Outlook

If inflation and economic activity evolve broadly in line with the October projection, the Governing Council views the current policy rate as “about the right level” to keep inflation near 2% while supporting the economy through this period of structural adjustment. Uncertainty remains elevated, and the Bank has reiterated that it is prepared to respond should the outlook change.

Above all, the Bank of Canada remains focused on ensuring that Canadians continue to have confidence in price stability during this period of global upheaval.

Ottawa’s housing market continues to demonstrate resilience amid broader economic uncertainty. October brought a modest, seasonal lift in sales activity alongside a decline in the elevated inventory levels seen in recent months—signalling a stable yet cautious phase as we transition into the slower winter period.

A total of 1,177 homes were sold last month, marking an 8.1% increase from September’s 1,089 transactions, though a 1.2% decline year over year compared to October 2024. The average sale price rose to $709,002, up 2.7% month over month and 5.7% higher year over year, suggesting that underlying demand remains healthy despite economic headwinds.

Ottawa recorded 2,405 new listings in October, a 15.1% decrease from September but 13.4% higher than the same month last year. This seasonal dip between September and October has been a consistent trend over the past decade. Meanwhile, active listings fell from 4,388 to 4,232, a 3.6% decline, reflecting the usual autumn adjustment. While inventory remains above levels seen in prior years, this familiar fall decrease indicates that supply is starting to stabilize within a balanced market range.

Reinforcing that balance, the months of inventory eased from 4.0 to 3.6, pointing to a modest tightening between supply and demand as the fall market settled.

The Bank of Canada’s second consecutive rate cut on October 29, 2025, lowered the policy rate by 25 basis points to 2.25%, offering additional relief to borrowers and fueling optimism for an active spring market ahead. However, the Bank cautioned that this move likely marks the final cut in the current cycle.

The Ottawa Real Estate Board (OREB) continues to monitor the recently tabled federal budget and workforce announcements, as fiscal adjustments in these areas often have a direct impact on Ottawa’s market given the city’s significant federal employment base.

Overall, Ottawa’s market remains balanced and fundamentally sound, with measured demand, stable pricing, and a steady performance heading toward year-end.

“Ottawa’s market continues to demonstrate balance and resilience,” said OREB President Paul Czan. “We’re seeing modest growth in sales activity, stable pricing, and a seasonal easing of elevated inventory levels. The recent rate adjustments provide optimism for the coming months, but economic uncertainty looms, and buyers and sellers remain cautious, watching how broader economic factors play out. The current environment points to a steady market rather than a rapid shift in either direction.”

Residential Market Activity

Year to date, 12,197 homes have been sold — a 3.3% increase over the first ten months of 2024. The total dollar volume through October reached $8.55 billion, up 6.5% year over year, while the average year-to-date price sits at $700,869, representing a 3.0% annual increase.

In October alone, the total value of homes sold amounted to $834.5 million, a 4.5% gain compared to last year.

On the supply side, 2,405 new listings entered the market, down 15.1% from September, but still 13.4% higher than October 2024. Active listings totalled 4,232, reflecting a 3.6% month-over-month decrease but 21.3% higher year over year. The months of inventory eased to 3.6, underscoring a slightly tighter yet still balanced market.

MLS® Home Price Index (HPI)

The MLS® Home Price Index composite benchmark for Ottawa was $622,700 in October, down 0.7% month over month but up 0.7% year over year—continuing a trend of moderate, sustainable price movement rather than volatility.

By property category:

• Single-Family Homes: $692,400 — up 0.3% from October 2024

• Townhomes: $456,300 — up 6.6% year over year

• Apartments: $402,900 — up 0.1% year over year

Market Outlook

As the year draws to a close, Ottawa’s housing market stands out for its measured strength and balance. With steady prices, moderating supply, and continued buyer confidence, the capital’s real estate landscape remains well-positioned to navigate the winter slowdown and enter the spring market on solid footing.

Source: OREB.ca

The Bank of Canada today reduced its target for the overnight rate by 25 basis points to 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%.

With the effects of U.S. trade actions on global economic growth and inflation now somewhat clearer, the Bank has returned to its standard practice of providing a full projection for both the global and Canadian economies in its latest Monetary Policy Report (MPR). However, the Bank notes that “because U.S. trade policy remains unpredictable and uncertainty is still higher than normal, this projection is subject to a wider-than-usual range of risks.”

Globally, the economy has proven resilient in the face of historic U.S. tariff increases, but the impact is becoming more evident. Trade relationships are being reconfigured, and ongoing trade tensions are dampening investment across many countries. According to the MPR, global economic growth is projected to slow from approximately 3¼% in 2025 to around 3% in 2026 and 2027.

In the United States, economic activity remains strong—supported by a boom in AI investment—though employment growth has slowed and tariffs have begun to raise consumer prices. Growth in the euro area is decelerating, driven by weaker exports and slowing domestic demand. Meanwhile, in China, lower exports to the U.S. have been partially offset by stronger exports to other markets, but business investment has weakened.

Global financial conditions have eased since July, oil prices have remained relatively stable, and the Canadian dollar has depreciated slightly against the U.S. dollar.

Domestically, Canada’s economy contracted by 1.6% in the second quarter, reflecting reduced exports and weak business investment amid heightened uncertainty. Household spending, however, continued to grow at a healthy pace. U.S. trade actions and related uncertainty are having a significant impact on targeted Canadian sectors, including autos, steel, aluminum, and lumber. As a result, GDP growth is expected to remain weak in the second half of the year. The Bank anticipates modest support from rising consumer and government spending and residential investment, with growth expected to gradually strengthen as exports and business investment recover.

Labour market conditions remain soft. Employment gains in September followed two months of sizeable losses, while job cuts continue in trade-sensitive sectors. Hiring has been weak across much of the economy, with the unemployment rate holding at 7.1% in September and wage growth slowing. Slower population growth also means fewer new jobs are required to maintain a stable employment rate.

The Bank projects GDP growth of 1.2% in 2025, 1.1% in 2026, and 1.6% in 2027. On a quarterly basis, growth is expected to strengthen in 2026 after a weaker second half of 2025. Excess capacity in the economy is expected to persist and be gradually absorbed over the projection horizon.

Inflationary pressures remain contained. CPI inflation measured 2.4% in September, slightly above the Bank’s previous expectations, while inflation excluding taxes was 2.9%. The Bank’s preferred measures of core inflation remain sticky around 3%. Broader indicators, including alternative core measures and the distribution of price changes across CPI components, suggest underlying inflation is holding near 2½%. The Bank expects inflationary pressures to ease in the coming months, with CPI inflation remaining near 2% through the forecast horizon.

With “ongoing weakness in the economy and inflation expected to remain close to the 2% target,” the Governing Council decided to cut the policy rate by 25 basis points. The Bank noted that “if inflation and economic activity evolve broadly in line with the October projection, Governing Council sees the current policy rate at about the right level to keep inflation close to 2% while helping the economy through this period of structural adjustment.”

“If the outlook changes,” the Bank added, “we are prepared to respond. Governing Council will be assessing incoming data carefully relative to the Bank’s forecast.”

Looking ahead, the Bank emphasized that the Canadian economy faces a challenging transition. The structural damage caused by the ongoing trade conflict has reduced the economy’s capacity and increased costs, limiting the ability of monetary policy to stimulate demand while maintaining low inflation.

In closing, the Bank reaffirmed its commitment to stability, stating that it “is focused on ensuring that Canadians continue to have confidence in price stability through this period of global upheaval.”

Source: bankofcanada.ca

OTTAWA, October 3, 2025 – Ottawa’s housing market in September continued to follow late-summer seasonal trends, with sales easing slightly while inventory levels continued to climb. A total of 1,089 homes sold, down from 1,236 in August and 1,318 in July. This three-month softening is typical as the spring peak transitions into quieter summer months.

The average sale price in September was $690,397, falling between August’s $686,536 and July’s $695,209, and remaining up 0.3% year-over-year. Benchmark prices have remained relatively stable, indicating that demand is holding steady even as buyers gain more choice.

Active listings rose to 4,388 in September, up from 3,971 in August and 4,205 in July. These elevated inventory levels reflect a shift away from undersupplied pandemic-era conditions toward longer-term balanced market levels, though at elevated levels worth monitoring. Months of inventory edged up to 4.0, compared to 3.2 in both August and July, further illustrating balance between buyers and sellers.

On September 17, the Bank of Canada cut its key policy interest rate by 25 basis points to 2.5%, citing slowing global growth and easing inflation pressures. Combined with Ottawa’s resilient demand and balanced market conditions, this rate cut could encourage first-time buyers and stimulate additional market activity in the coming months.

“September reinforced Ottawa’s resilience, with sales nearly 2.4% higher than last year and prices holding steady despite more listings coming to market,” said Paul Czan, OREB President. “Townhomes are driving stability while single-family homes are easing. And while Ottawa’s diversity of housing continues to increase inventory, missing middle housing—like townhomes—still isn’t being built fast enough, and that’s something OREB continues to advocate for.”

Residential Market Activity
Year-to-date, there have been 11,025 home sales, 3.9% higher than at the same point in 2024. The average sale price in September was $690,397, up 0.3% from last year, with a year-to-date average of $699,910, a 2.7% increase over the first nine months of 2024. Total dollar volume in September reached approximately $751 million, a 2.8% increase year-over-year, continuing to contribute significantly to the Ottawa economy.

On the listings side, 2,832 new residential properties were added in September, up 19.3% from last year. Active listings totaled 4,388 units, up 19.4% from September 2024 and roughly 21.8% above the five-year average. Months of inventory rose to 4.0, reflecting what is generally considered a balanced market.

MLS® Home Price Index
The MLS® HPI composite benchmark price in Ottawa was $627,200 in September, a modest 1.1% increase year-over-year. By property type:

• Single-family homes: $697,200, up 1.0%

• Townhouses: $462,800, up 7.8%

• Apartments: $408,200, down 1.7%

The Bank of Canada today reduced its target for the overnight rate by 25 basis points to 2.5%, with the Bank Rate at 2.75% and the deposit rate at 2.45%.

Global economic growth, which had remained resilient to sharply higher U.S. tariffs and ongoing uncertainty, is now showing signs of slowing. In the United States, business investment remains strong, but consumers are cautious, and employment gains have slowed. U.S. inflation has increased recently as some tariff costs are passed on to consumer prices. Growth in the euro area has moderated due to the impact of U.S. tariffs on trade. In China, growth held up in the first half of the year but is softening as investment weakens. Global oil prices remain near levels assumed in the July Monetary Policy Report (MPR), while financial conditions have eased further with higher equity prices and lower bond yields. The Canadian dollar has remained stable against the U.S. dollar.

Domestically, Canada’s GDP declined by about 1½% in the second quarter, reflecting the weight of tariffs and trade uncertainty. Exports fell sharply by 27% in Q2 after first-quarter gains driven by pre-tariff orders. Business investment also declined, while consumption and housing activity grew at a healthy pace. Looking ahead, slow population growth and a softening labour market are expected to dampen household spending.

Employment has declined over the past two months since the July MPR, with losses concentrated in trade-sensitive sectors and hiring slowing elsewhere. The unemployment rate increased to 7.1% in August, while wage growth continues to ease.

CPI inflation was 1.9% in August, consistent with July, while inflation excluding taxes was 2.4%. Core inflation measures have remained around 3%, though recent monthly momentum has eased. Broader indicators, including alternative core measures, suggest underlying inflation is running near 2½%. The federal government’s removal of most retaliatory tariffs on U.S. imports is expected to reduce upward price pressure on these goods.

Given the weaker economy and reduced upside risk to inflation, the Governing Council deemed a reduction in the policy rate appropriate to balance risks. The Bank will monitor how trade shifts affect exports, business investment, employment, household spending, and inflation expectations.

The Bank reaffirmed its commitment to price stability and economic growth, stating it will continue to support Canadians “through this period of global upheaval” while keeping inflation well controlled.

OTTAWA, August 7, 2025 – Ottawa’s housing market continues to demonstrate steady demand, moderate price growth, and a healthy level of supply—even as other markets experience increased volatility.

Some Ontario markets are encountering more pronounced slowdowns, with declining sales, price corrections, and rising inventory levels outpacing demand. Historically, Ottawa has been somewhat insulated from such extremes due to its stable employment base and consistent population growth, but broader provincial or national trends can still influence the local market over time.

The recent rise in active listings, both year-over-year and compared to the five-year average, may signal early supply pressure. At the same time, the sales-to-new-listings ratio increased from 51.7% to 55.1% compared to last year, indicating that demand is keeping pace with supply. For now, this rise in inventory gives buyers more choice, but it is a trend worth monitoring.

“While we’ve seen demand softening in the condo market, especially in the downtown core, Ottawa’s real estate market continues to stand out for its resilience and stability,” says Paul Czan, President of the Ottawa Real Estate Board (OREB). “With steady demand, balanced inventory, and moderate price growth, our fundamentals remain strong. We’re keeping a close eye on changing dynamics and will continue providing transparent insights to help our Members and the public navigate the market with confidence.”

Residential Market Activity
In July 2025, 1,318 homes were sold across the OREB region. While this is down from 1,602 units in June, it represents a 4.9% increase over July 2024. Year-to-date, there have been 8,704 home sales, 3.1% higher than at the same point in 2024.

The average sale price for all homes sold in July was $695,209, up 2.2% from last year, while the year-to-date average stands at $702,840, a 3% increase over the first seven months of 2024. Total dollar volume of sales in July reached approximately $920 million, a 7.2% increase year-over-year.

On the listings side, 2,549 new residential properties were added in July, up 11.7% from last year. Active listings totaled 4,205 units, up 14% compared to July 2024 and 23.6% above the five-year average. Months of inventory rose slightly to 3.2, compared to 2.9 a year ago and 2.7 last month—indicative of a balanced market.

MLS® Home Price Index
The MLS® HPI composite benchmark price in Ottawa was $633,100 in July, a 1.9% increase year-over-year. By property type:

• Single-family homes: $704,800, up 2%

• Townhouses: $468,000, up 8.3%

• Apartments: $411,900, down 1.6%

Source: members.oreb.ca

The Bank of Canada has announced it will maintain its target for the overnight rate at 2.75%, with the Bank Rate at 3% and the deposit rate at 2.70%.

Global trade developments—particularly involving the United States—continue to create uncertainty. Although recent U.S. trade policies have begun to take clearer shape, the landscape remains unpredictable. The Bank’s July Monetary Policy Report (MPR) does not include traditional base-case projections for GDP and inflation due to this instability. Instead, it outlines a “current tariff scenario” based on tariffs confirmed as of July 27, along with two alternatives: one assuming further tariff escalation and another assuming de-escalation.

Despite the turbulence in trade flows, the global economy has shown a degree of resilience. In the United States, growth moderated in early 2025, though the labour market remains healthy. Notably, U.S. CPI inflation rose in June, with signs emerging that some tariffs are beginning to feed into consumer prices. The eurozone experienced modest economic expansion, while China’s exports to the U.S. have declined—a trend largely balanced by stronger exports to other regions.

Financial markets have also responded: global oil prices remain close to April levels, equity markets have moved higher, and corporate credit spreads have narrowed. Government bond yields have edged upward. Meanwhile, the Canadian dollar has appreciated, supported by a broadly weaker U.S. dollar.

In this current tariff scenario, global growth is expected to slow slightly to about 2.5% by the end of 2025, before recovering to around 3% in 2026–2027.

OTTAWA, July 7, 2025 – A total of 1,602 homes were sold through the MLS® System of the Ottawa Real Estate Board (OREB) in June 2025. This represents an 11.34% decrease from the previous month, a 10.6% increase compared to June 2024, and sits 3.8% above the five-year average.*

“June was the busiest month we've seen in quite some time, with sales up 10.6% and new listings rising nearly 14% year over year, signifying we did, in fact, have a delayed spring market,” says OREB President Paul Czan. “We’re seeing more inventory hit the market, giving buyers more choice. With the changing market conditions, sellers need to be future-focused—pricing thoughtfully and preparing their homes to be one of the top picks in their area.”

“Apartments are one segment that continues to feel the strain, with sales down about 20% and inventory building. That’s partly due to an increase in new construction, but also a slowdown in immigration numbers,” adds Czan. “Still, Ottawa remains a stable market. We’re returning to familiar seasonal trends, where summer activity picks up for families looking to settle before the school year. With students returning to the city, a stronger fall is likely ahead.”

By the Numbers – Prices
The MLS® Home Price Index (HPI) tracks price trends more accurately than average or median price measures.

• The overall MLS® HPI composite benchmark price in June 2025 was $634,300, up 1.6% from June 2024.

  • Single-family homes had a benchmark price of $707,600, up 1.6% year-over-year.

  • Townhouse/row units** saw a benchmark price of $467,900, a 9.0% increase from 2024.

  • Apartments had a benchmark price of $411,500, a 0.6% decline year-over-year.

• The average price of homes sold in June 2025 was $723,152, a 5.2% increase over June 2024.

• Total dollar volume of all home sales in June reached $1.15 billion, a 16.3% increase from the same period last year.

OREB cautions that while average sale prices can indicate trends over time, they should not be used to determine the value of specific properties, as prices vary by neighbourhood. Average price is calculated based on total dollar volume of all properties sold.

By the Numbers – Inventory & New Listings

• New listings rose 13.8% from June 2024, with 2,933 residential properties added to the market—6.6% above the five-year average.

• Active residential listings at the end of June totaled 4,350 units, up 11.6% from the same month last year and 42.6% above the five-year average.

• Months of inventory remained steady at 2.7, unchanged from June 2024. This figure represents the number of months it would take to sell current inventories at the current sales pace.

OTTAWA, June 6, 2025 – The Ottawa Real Estate Board (OREB) reports that 1,807 homes were sold through the MLS® System in May 2025. This represents a 33.1% increase over the previous month, a 14.9% rise compared to May 2024, and is 2.5% above the five-year average.*

“Year-to-date home sales activity remains in line with 2024; however, the 33.1% surge over April 2025 suggests we’re experiencing a delayed spring market,” says OREB President Paul Czan. “April’s federal election occupied consumers’ attention, and now we’re seeing a shift in the marketplace. Active listings are on the rise, months of inventory remain steady, and buyers appear to be regaining confidence, re-entering the market and completing transactions. For sellers, however, rising inventory means competitive pricing and strong presentation are more important than ever.”

“Compared to markets like Toronto or Vancouver, which are showing signs of stagnation, Ottawa is holding steady,” adds Czan. “Buyers and sellers are still able to transact fairly, with sale prices remaining close to list, even amid broader economic uncertainty. The Bank of Canada’s recent decision to hold the key interest rate steady may further encourage activity, as buyers feel more confident that rates will not drop further.”

By the Numbers – Prices
The MLS® Home Price Index (HPI) offers a more accurate reflection of price trends than average or median price measures.

• The overall MLS® HPI composite benchmark price in May 2025 was $629,800, up 0.8% from May 2024.

  • Single-family homes had a benchmark price of $700,000, up 0.6% year-over-year.

  • Townhouse/row units** saw a benchmark price of $446,900, an increase of 3.4% from 2024.

  • Apartments had a benchmark price of $404,700, a 3.6% decline from last year.

• The average price of homes sold in May 2025 was $728,623, a 4.8% increase over May 2024.

• Total dollar volume of all home sales in May 2025 reached $1.316 billion, a 20.4% increase from the same period last year.

OREB cautions that while the average sale price can indicate trends over time, it should not be used to determine the value of specific properties, as prices vary by neighbourhood. The average price is calculated based on the total dollar volume of all properties sold.

By the Numbers – Inventory & New Listings

• New listings rose 8.7% from May 2024, with 3,430 residential properties added to the market—15.8% above the five-year average.

• Active residential listings reached 4,347 units at the end of May 2025, a 13.5% increase from May 2024 and 54.2% above the five-year average.

• Months of inventory remained steady at 2.4, unchanged from the previous year. This figure represents the number of months it would take to sell current inventories at the current sales pace.

The Bank of Canada has held its target overnight rate steady at 2.75%, with the Bank Rate set at 3.00% and the deposit rate at 2.70%.

Since the April Monetary Policy Report, the United States has continued to adjust various tariffs, with both the U.S. and China stepping back from earlier aggressive trade measures. Bilateral trade negotiations have resumed with several countries, but outcomes remain highly uncertain. “Tariff rates are well above their levels at the beginning of 2025, and new trade actions are still being threatened. Uncertainty remains high.”

The global economy has shown some resilience, though this is partially due to businesses advancing activity in anticipation of future tariffs. In the U.S., consumer demand stayed solid, though a rise in imports caused a dip in Q1 GDP. Inflation has edged down but still sits above 2%, and the full impact of tariffs on prices has not yet been realized. In Europe, growth has been export-driven, and defence spending is on the rise. China, meanwhile, is experiencing a slowdown as earlier fiscal measures wear off, and its exports to the U.S. are being hindered by steep tariffs. Following April’s market volatility, most risk assets have rebounded and volatility has calmed—though markets remain sensitive to U.S. policy changes. Oil prices have varied but are relatively stable compared to April levels.

In Canada, Q1 GDP growth reached 2.2%, slightly exceeding the Bank’s forecast. The main drivers were advanced exports to the U.S. and higher inventories, though final domestic demand remained flat. Stronger-than-expected spending on machinery and equipment supported business investment. Consumer spending slowed from Q4 but remained positive, even amid a steep drop in confidence. Housing activity declined, primarily due to a significant drop in resale transactions. Government spending also decreased. The labour market has weakened, particularly in trade-reliant industries, with the unemployment rate now at 6.9%. Looking ahead, economic momentum is expected to slow further in Q2 as earlier gains from exports and inventories fade, and domestic demand stays weak.

CPI inflation eased to 1.7% in April, largely due to the removal of the federal carbon tax, which reduced overall inflation by 0.6 percentage points. “Excluding taxes, inflation rose 2.3% in April, slightly stronger than the Bank had expected.” Key measures of core and underlying inflation also ticked higher. Surveys show that many households expect tariffs to push prices up, and a growing number of businesses intend to pass those costs along. “The Bank will be watching all these indicators closely to gauge how inflationary pressures are evolving.”

Given the ongoing uncertainty around U.S. trade policy, a soft but not sharply declining Canadian economy, and stronger-than-expected inflation data, “Governing Council decided to hold the policy rate as we gain more information on US trade policy and its impacts. We will continue to assess the timing and strength of both the downward pressures on inflation from a weaker economy and the upward pressures on inflation from higher costs.”

“Governing Council is proceeding carefully, with particular attention to the risks and uncertainties facing the Canadian economy.” These risks include how U.S. tariffs impact demand for Canadian exports, the potential ripple effects on business investment, employment, and household spending, and how quickly businesses pass rising costs on to consumers. Inflation expectations will also remain under scrutiny.

“We are focused on ensuring that Canadians continue to have confidence in price stability through this period of global upheaval. We will support economic growth while ensuring inflation remains well controlled.”