Bank of Canada's Macklem: Some moderation in housing would be healthy

• House prices rose about 50%, on average since the beginning of the pandemic
• Some housing markets have recently seen declines
• Our top priority is to get inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term back to target
• Some moderation in housing would be healthy
• A big correction in house prices could have broader implications for economy and household spending
• We think the economy needs higher interest rates
• The likelihood that we need to go to the top of the 2-3% neutral range or above
• 'More forcefully' means more steps or means we may need to move more quickly
• We set monetary policy, not housing policy
• The housing market has been unsustainably strong
• The economy is overheating

There were some strong comments here about the willingness to tighten rates. At the same time, the Canadian dollar is at the lows of the day as worries mount about housing.