Canada's average home price has rocketed 19% from January's low. Regardless of one's opinion of average prices as a measure, that's monumental.
By June 7, Tiff & Co. at the BoC had seen enough. Their deliberations, published Wednesday, confirmed that resale housing's extraordinary "momentum" was a key reason for their un-pausing this month. The BoC remarked that "housing resale prices—which feed into the CPI with a 1-month lag—had increased for three consecutive months."