Thanks very much, Mr. Chair.
Governor Macklem and Senior Deputy Governor Rogers, thank you for being back here at the finance committee.
As I told you when we spoke just before the committee began, I represent a community called Etobicoke Centre, which is a suburban community on the western side of the city of Toronto.
This summer in particular I spent a lot of time knocking on doors and talking to folks in the community. I asked them how I can help and what their challenges are. One of the things I heard from them a lot was that a lot of them have mortgages. Some of the folks have variable-rate mortgages, and their rates have gone up. Some of them have fixed-rate mortgages that are coming up for renewal.
The question I got a lot from folks was, “When are my interest rates going to come down?”
That's my question to you on behalf of my constituents. What would you tell my constituents about when interest rates will come down?