Whether the foreclosure is the result of inadequate underwriting by the mortgage lender, irresponsibility on the part of the homeowner, or uncontrollable life events such as job loss, the result is the same: Displaced families with depleted resources and impaired credit have difficulty finding a new place to live.
I'm pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss today's policy announcement and the Bank of Canada's Monetary Policy Report (MPR). Today, we maintained the policy rate at 4½%. We are also continuing our policy of quantitative tightening.