Such a dramatic reversal of spending is unlikely to occur now since the purchase of goods has been much less restricted. A positive surprise could still occur if households in Canada continue to buy houses and goods at a similar pace as in recent quarters and also dip into savings to increase their spending on services.
Therefore, the Council is designed to foster collaboration and coordination in the four areas of: sharing  of  data  and  information  for  purposes  of  monitoring and risk assessment; overseeing and guiding macro-prudential policy framework and implementation; regular briefings, consultations and policy review with respect to relevant developments; and structured and coordinated response to any financial system imbalances and resolution as may be necessary.