Ambler, Kronick – What’s Next for Monetary Policy?
From: Steve Ambler and Jeremy M. Kronick To: Canada’s inflation watchers Date: September 30, 2021 Re: What’s Next for Monetary Policy? Earlier this month, the Bank of Canada left its target for the overnight interest rate at 25 basis points while maintaining the pace of its quantitative easing (QE) program by continuing to purchase Government of Canada debt […] Dachis, Kronick – Campaign Housing Platforms Conceal A Central Flaw
To: Canadian housing watchers From: Benjamin Dachis and Jeremy M. Kronick Date: September 15, 2021 Re: Campaign Housing Platforms Conceal a Central Flaw All the major political parties have put out their plans to deal with the housing market crises in Canada’s cities. The focus is on affordability; how to make home ownership easier for Canadians currently priced out […] Can Federal Government Policy Solve The Housing Affordability Problem? – Toronto Star Op-ed
All the major political parties have put out their plans to deal with the housing market crises in Canada’s cities. The focus is on affordability. In other words, how to make home ownership easier for Canadians currently priced out of the housing market. But is there much the federal government can do? Unfortunately, the answer is no, with most levers – especially those that will encourage more supply – at lower levels of government.
First, let’s understand the constraint on affordability. The amount Canadians pay for their mortgages out of their disposable income is roughly the same as 30 years ago. However, with house prices skyrocketing, fuelled by low interest rates, the constraint to home ownership is getting the…
The Parties’ Housing Promises Are Built On Unsound Foundations – Financial Post Op-ed
A basic principle of good governance in Canada is that governments set mandates for crown corporations and regulatory authorities and those arm’s-length institutions then make use of the tools at their disposal to design actual policies. This principle is under threat on the campaign trail as politicians weigh in on one of the issues voters care most about these days, housing affordability.
All parties have put out ideas and plans for taming Canada’s housing markets. They all acknowledge the need to increase supply — which at the end of the day is the only real long-term fix — while trying to free up extra cash for people to make a down payment on a home in their desired neighbourhood. But in the blizzard of proposals there…
Jeremy M. Kronick – Open Banking: A Good Start But More To Do
From: Jeremy M. Kronick To: Department of Finance Date: August 25, 2021 Re: Open Banking – A Good Start but More to Do On August 4, the Minister of Finance released the Advisory Committee on Open Banking’s Final Report, which included clear guidelines to the Department of Finance for implementing open banking by January 2023 […] Let There Be More Light: Enhancing Public Accountability for Prudential Supervision
Lift “Veil of Secrecy” Around OSFI Supervision of Banks, Insurers Banks and insurers would benefit from greater clarity on how the Office of the Superintendent of Financial Institutions (OSFI) conducts prudential supervision. In this report Mark Zelmer, former Deputy Superintendent of Financial Institutions at OSFI, reviews the prudential supervisory frameworks used by OSFI and its provincial […] Glen Hodgson – How Should Governments Assess Crown Corporation Financial Performance?
Canada’s Crown corporations form a major part of the economy, but rarely draw detailed scrutiny. In his latest C.D. Howe Institute Commentary and in this special Intelligence Memo series, Fellow-in-Residence Glen Hodgson sets out principles for effective governance for Crowns. Today, we examine the financial dimension. From: Glen Hodgson To: Overseers of Crown Corporations Date: June 2, 2021 […] Kronick, Omran – The Financial Sector Productivity Opportunity
From: Jeremy Kronick and Farah Omran To: Finance Minister Chrystia Freeland Date: May 21, 2021 Re: The Financial Sector Productivity Opportunity Rules and regulations holding back innovation and productivity in Canada’s financial sector should be updated to drive wider economic performance. In our recent C.D. Howe Institute paper, we updated our assessment of financial sector regulations and policies that […] Upping our Game: How Canada’s Financial Sector Can Spur Economic Performance
Unleash Financial Sector to Drive Economic Performance Rules and regulations holding back innovation and productivity in Canada’s financial sector should be updated to drive wider economic performance. Over the past 18 years, Canada has lagged behind many OECD countries – including Australia and the UK – in terms of productivity. And with the pandemic’s impact […] The Price of Protection: Benchmarking Canada’s Property & Casualty Industry Against its Global Peers
Canadian Premiums for P&C Insurance Among Highest in OECD Canadians are paying premiums for property and casualty insurance that are at the high end of international comparisons, says a new report from the C.D. Howe Institute. Alister Campbell and Farah Omran provide a comparison of premiums between Canada and its international peers and explore not […] Glen Hodgson – The Coming End Of Libor: Adaptation Required
From: Glen Hodgson To: Canadian business borrowers and lenders Date: April 30, 2021 Re: The Coming End of Libor: Adaptation Required The widely-used global interest rate benchmark, Libor, is coming to an end, to be replaced by a more decentralized system of reference rates for various currencies that more accurately reflect the interest rate on a risk-free transaction […] Kronick, Laurin – Capital Gains On Housing Won’t Cool The Market
From: Jeremy M. Kronick and Alexandre Laurin To: Real Estate Watchers Date: April 8, 2021 Re: Capital Gains on Housing Won’t Cool the Market The housing market is hot, and has been for several years, especially in Canada’s largest cities. Many policy attempts and proposals have been made to slow it down, almost always focusing on the demand side. […]