That is driving up demand and prices for housing and other goods and services here. These regional and sectoral distinctions are important. But our mandate at the Bank of Canada is to work for the economic benefit of all Canadians. It's therefore crucial that we keep our focus on the national inflation rate.
We can't concentrate on just one region, because at any given time, it's very likely that different regions will be experiencing quite different economic conditions. And since we at the Bank of Canada have only one policy lever – our ability to control the overnight interest rate – we can focus on only one policy goal: the national inflation rate.