and judging by early indications in May as well, Bartlett said. One reason the housing market has rebounded so quickly is that a large portion of variable-rate borrowers have yet to feel the full impact of rising rates because some banks are tacking the rise in payments onto the principal. “But one can only kick the housing correction can down the road so far. Ultimately, lenders will want to get paid,” he said.
“It is highly unlikely that the Bank of Canada chose to interrupt the pause in interest rates that started in January for just the one additional 25 basis point interest rate hike announced earlier this week,” wrote RBC assistant chief economist Nathan Janzen after the jobs data. “With inflation expectations having moved higher since the April MPR, the Bank’s job of bringing inflation back to 2 per cent looks to be getting harder by the day,” said Desjardins’ Bartlett.
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