Canada’s inflation rate currently stands at 4.4 per cent, up from 4.1 per cent in August, according to the latest data from Statistics Canada.
In 2020, the Bank of Canada had not anticipated interest rate increases until 2023.
The Canada Mortgage and Housing Corporation echoes those concerns, stating the housing market is more vulnerable to a potential downturn.
However, with an increasingly digital economy, the Bank of Canada has invested time and research looking at the potential development of a digital currency.