Although we have previously been releasing our basic understanding of the economic situation in the form of "The Bank's View" immediately after the meeting, communication regarding monetary policy had only been an announcement of the decision of "no change" in cases when there was no change in policy.
This is because the measures are aimed at mitigating risks to households and to the financial system, not at house prices per se. The effects of these policies will be greatest in Vancouver and Toronto, because that is where the majority of high loan-toincome mortgages are being granted.