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BoC Rogers says restoring affordability of housing will require a broad, sustained effort and a policy mix.
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Rogers called for a sustained, broad policy mix to improve housing affordability, rejected interest rates as a direct house-price tool, and said excluding mortgage costs from CPI would omit a real household cost.
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More supply, better planning and infrastructure and right incentives are needed. Canada is on the track to boosting Housing affordability, but has a way to go and needs more time. Targeting house prices directly with interest rates is not the answer. Taking mortgage costs out of CPI would remove a real cost that many households are paying.
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