As the global battle to curb inflation enters its next phase, Canada’s housing market offers a glimpse of what it could be for many other developed countries: a game of chicken between central bankers and consumers.
It started when the Bank of Canada halted its interest rate hike campaign earlier this year, politely warning that they could go higher and at least stay high for some time. But no one seems to believe it. House hunters quickly flocked back to the market.
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