Governor and Senior Deputy Governor, it's good to see you again. Thank you for being back here at committee.
Governor, when I'm out knocking on doors in my community of Etobicoke Centre, a lot of folks talk to me about the rising cost of living and the impact this has had on their quality of life. One issue I also hear about from a lot of folks is the question of when interest rates are going to come down. These are folks who have mortgages that may be variable rate, and those rates are fluctuating as the interest rate rises and comes down. There are also folks on fixed mortgage rates who are worried about renewing—that they'll be renewing at a much higher payment level, as a result of higher interest rates. This would cost them more, and they may not be able to sustain that. Every time you come here to committee, I ask you this: When are interest rates going to come down?
I ask this because it is one of the most common questions I get from my constituents. I think the question I want to ask you today is.... Well, let me first say that I've heard from a number of my constituents who have felt relief from the four consecutive interest rate cuts, especially the last one of 50 basis points. However, I still get questions from constituents who say, “Are interest rates going to come down further, and if so, when?”
What can I tell my constituents when they ask me that question?