"Downside risks to employment" led to a quarter-point Fed cut today. That was foreseen. What markets didn't know is how the Fed views future rates. Here's what they revealed:

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.