Canadian official says mortgage rates not big cause of inflation

Sharon Kozicki
Sharon Kozicki
Bank of Canada

A Bank of Canada official acknowledged Canadians’ increasing mortgage burdens, a problem that has encouraged politicians to attack the central bank in recent months. However, she said there was little point in taking mortgage interest out of inflation calculations.

Deputy governor Sharon Kozicki said in a September 19 speech that “about 15% of households… have a higher mortgage payment that they did in February 2022”.

The central bank began raising its policy rate in February 2022 from a low

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