The ‘soft landing’ for the economy may have to be a lot harder than usual

The economy may have to be guided toward near-recessionary levels to compensate for the housing bubble’s outsized impact on Canadians’ cost of living.

Bank of Canada Governor Tiff Macklem is unfortunately caught in a vicious circle since shelter costs make up a large portion of the inflation measure used by the central bank, Les Whittington. The Hill Times photograph by Andrew Meade

Opinion

BY LES WHITTINGTON

May 8, 2024

OTTAWA—No one can argue that Bank of Canada Governor Tiff Macklem’s effort to drive up borrowing costs to cool inflation hasn’t generally had the desired impact.

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