United in Booms, Divided in Busts: Regional House Price Cycles and Monetary Policy Staff Working Paper 2025-36 Ulrich Roschitsch, Hannes Twieling This paper shows that regional disparities in house price growth are more pronounced during house price busts than during booms. To explain this observation we construct a two-region currency union model incorporating a housing sector and extrapolative belief updating regarding house prices. To solve the model, we propose a new method that efficiently handles extrapolative belief updating in a wide class of structural models. Content Type(s): Staff research, Staff working papers Research Topic(s): Housing, Monetary policy, Monetary policy transmission JEL Code(s): E, E3, E31, E32, E5, E52, F, F4, F45
December 11, 2025 Statement of Commitment to the FX Global Code The Bank of Canada has reviewed the content of the FX Global Code (“Code”) and acknowledges that the Code represents a set of principles generally recognised as good practice in the wholesale foreign exchange market.
December 10, 2025 Appearance: Ron Morrow, Executive Director of Payments, Supervision and Oversight Standing Senate Committee on Banking, Commerce and the EconomyOttawa, Ontario14:00 (ET) Content Type(s): Upcoming events
December 10, 2025 Parliamentary Appearance by the Executive Director of Payments, Supervision and Oversight and the Managing Director of Supervision On Wednesday, December 10, 2025, Executive Director of Payments, Supervision and Oversight of the Bank of Canada, Ron Morrow, will appear before the Standing Senate Committee on Banking, Commerce and the Economy. He will be accompanied by the Managing Director of the Supervision Department, Anne Butler. Content Type(s): Press, Media advisories
December 10, 2025 Bank of Canada maintains policy rate at 2¼% Media Relations Ottawa, Ontario The Bank of Canada today held its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. Content Type(s): Press, Press releases
December 10, 2025 Monetary Policy Decision Press Conference Opening Statement Opening statement Tiff Macklem Ottawa, Ontario Governor Tiff Macklem discusses key issues involved in the Governing Council’s deliberations about the monetary policy decision. Content Type(s): Press, Speeches and appearances, Opening statements
December 10, 2025 Bank of Canada Interest Rate Announcement On Wednesday, December 10, 2025, the Bank of Canada will announce its decision on the target for the overnight rate. A press release will provide a brief explanation of the decision. Content Type(s): Press, Media advisories
December 10, 2025 Interest Rate Announcement 09:45 (ET) On eight scheduled dates each year, the Bank of Canada announces the setting for the overnight rate target in a press release explaining the factors behind the decision. Content Type(s): Upcoming events