TD’s chief economist on why the BoC will stay on hold for two years and when a ‘pivot point’ in housing prices will arrive

Consumer price data Monday released by Stats Canada showed core inflation falling slightly in November. The Bank of Canada’s preferred measures Core CPI-trim and CPI-median came both came in at 2.8 per cent year-over-year, down from 3 per cent each reported last month. With inflation nearing the Bank of Canada’s 2 per cent overnight rate target, Toronto-Dominion Bank chief economist Beata Caranci currently sees no need to change to the overnight policy rate. TD’s quarterly economic forecast report published on Dec. 11 noted that, “If the economy persists on the modest growth path… we expect the Bank of Canada to…