Finance committee  In effect, from a contextual perspective, Canadian debt to income is at an all-time high. Certain cohorts of Canadians are more vulnerable within those aggregate figures. By this I mean they have debt obligations that are above 40% of their post-tax income. That historically has

Finance committee  It lowers the risk, without question. Just so members are clear, that's a flow calculation. A year ago, two-thirds of people who went for mortgages went for floating rate mortgages. Now it's only 10%. Over the course of the last year, every month around 10% or 12% of mortgage ap

Finance committee  It's slightly a product of where they are in their life cycle. As we all know, we all started out at one point, and you had to stretch a bit to take on a mortgage. It depends on whether both partners are working, or expect to work, and the security around those jobs. I hesitate

Finance committee  It's an important question. Let me begin by stating the obvious, but it's important to state the obvious. Financial institutions in Canada that are covered by deposit insurance—CDIC deposit insurance—are numerous, and that deposit insurance has the full faith and credit of the Ca

Finance committee  You've hit on a key dynamic in the Canadian economy and a very influential element of the projection. Obviously, as you're well aware, the level of household debt has increased substantially. Most of this debt is backed by assets, an increase in value of real estate. We all—and p

Finance committee  I think there are two aspects. The first is that we should recognize, from a starting point, that the Canadian labour market is one of the more flexible labour markets in the OECD. There is considerable job mobility across this country that has been demonstrated at times when the

Finance committee  There are two factors that are influencing the setting of monetary policy. First, we are anchored on the inflation target, so we're trying to determine the right path to return the Canadian economy and inflation in Canada to that 2% inflation target. Our current expectation is th

Finance committee  We have expressed a concern. We supported the moves taken by the government, by OSFI, to help with constructive evolution. We're encouraged by the direction of household imbalances. We think monetary policy has played a supportive role in that constructive evolution.

Finance committee  In terms of responsibilities for the evolution of household imbalances, obviously, first and foremost, the responsibilities rest with the individuals. People should take on debts that they think they can service over the lifetime of the loan. Canadians are responsible people, and

Finance committee  That's a discussion, obviously, with the minister.

Finance committee  I would be happy to have a broader discussion. I'd only note that price gaps between Canada and the U.S. have actually fallen over the course of the last two years, from the high teens to about 8% at the moment, on our current measurements.

Finance committee  Thank you very much, Chair. Tiff and I are very pleased to be with you this morning to discuss our April monetary policy report, which the bank published last week. I should say at the outset that sessions such as these are an important part of the bank's accountability to Pa

Finance committee  Commenting on that, my commitment to the board, to this committee, and to Canadians is to ensure that there is a seamless transition to the next governor. There is an independent committee of the board that is running a process. The intention is to reach a conclusion. They appoin

Finance committee  I am an Everton supporter, which has a long history. I have some cousins in Liverpool, so I supported Everton. It's been more enjoyable being an Edmonton Oilers supporter than it has been being an Everton supporter of late, but the Oilers are coming back strong this year, and let

Finance committee  It is extremely important from a social perspective, but also from an economic perspective, that this segment of our population is as fully integrated into the labour force as they wish to be. If not, we will have lower growth and poorer outcomes, not just for them but for the co