Where is affordability headed in 2015?


Expect house prices and household debt to continue to dominate public discussion in 2015.
With the consensus on Canadian GDP growth in the 2.5% – 2.9% range (and core GDP to be
about half a per cent lower), there won’t be any domestic pressure for the Bank of Canada
to raise its rates (and don’t believe that the Bank would do so in order to dampen housing
activity at the expense of the rest of the economy).

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