And even if house prices are up sharply on a year-over-year basis, some markets have recently seen declines. With inflation well above the 2% target and the Canadian economy overheating, the Bank’s number one priority is to get inflation back to target, and we are raising interest rates to make that happen. Labour markets are very strong, and household balance sheets have improved overall.
The FATF further proposed a range of measures to enable financial institutions to use a riskbased approach to their customer due diligence, including rolling out responsible digital identity and other innovative solutions for identifying customers at onboarding and while conducting transactions.