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After a run of better-than-expected economic indicators and a solid print for GDP growth in Q1, Canada’s first step toward monetary policy normalization in the form of an increase in the Bank of Canada’s (BoC) overnight rate could come as soon as July. That is not to say that key challenges like an overheated housing market and high consumer debt levels have disappeared. A slightly higher overnight rate does not necessarily make either of those problems worse; in fact, higher short-term interest rates could discourage increased consumer leveraging and the funding available to finance home purchases, even if only marginally.

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