Macklem Urges Governments to Boost Housing Supply to Ease Shelter Inflation
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Macklem says monetary policy alone can't solve housing inflation, governments must help increase home construction
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Shelter costs have kept rising despite higher interest rates, due to lack of housing supply and high immigration
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Interest rate hikes have slowed housing demand but also discouraged new construction, worsening supply issues
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Macklem calls for governments to speed up permitting, reduce uncertainty to boost home building
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Feds taking some steps already like rental tax cuts, mortgage funding expansion, and capping student permits