💡See also: • Underlying Inflation Stays Hot, Yet Rate Cut Odds Stay Hotter • Mortgage Tidbits (below). Tuesday's inflation data was quickly shelved as traders prepared for whatever cryptic pronouncements the BoC and Fed might deliver come Wednesday's press circus. We all share essentially the same data as

If the BoC planned to trim rates tomorrow despite its key inflation measure above 3%—which would be a first since 1991—today’s CPI release won't convince them otherwise. Canada's primary measure of underlying inflation landed precisely on target today at 3.05% y/y.

Overall, Canadian real estate has been taking a rest for a few years. It's been sideways consolidation where nobody’s running for the exits, and nobody’s breaking down sellers' doors. But lulls in the action don't mean mortgage pros can sit on their hands.