Some of those troubling headlines, he said, have less impact on the housing market than they might have a year ago. “I think all of us in financial markets, if we’re not completely used to the uncertainty and threats, we’re able to deal with them a little bit more calmly,” he said.
“And I don’t think that alone will really shift the housing market. I think it’s the reality on the ground in terms of rates and what’s going on in the job market that will have a bigger say.”
Bank of Canada governor Tiff Macklem refused to be drawn much on political issues, although he highlighted this year’s upcoming CUSMA (Canada-US-Mexico Agreement) review as an “important risk” to the central bank’s projections for 2026.
For now, Porter saw nothing in Wednesday’s announcement to suggest the Bank is considering changing its current approach.
“In terms of what it means for policy, we’re still of the view that the most likely outcome this year is no change,” he said, “and we’re also of the view that if we’re going to be wrong, it’s more likely that they’ll cut rates rather than raise them this year.”