The Financial Post reports in its Friday, March 22, edition that Bank of Canada policy-makers are divided on when there will be enough evidence that the right conditions are in place to cut interest rates, though they agree it should be sometime this year, according to a summary of deliberations that led to a decision to hold the key overnight rate at 5 per cent on March 6. The Post's Barbara Shecter writes that the summary released March 20 says: "Members agreed that if the economy evolves in line with the bank's projection, the conditions for rate cuts should materialize over the course of this year. However, there was some diversity of views among governing council members about when to cut rates." The summary says, "While house prices continued to fall in January, recent strength in resales could translate into a pickup in house prices and stoke shelter price inflation," a potential outcome they discussed. However, in what is sure to be a disappointment to some market watchers predicting an early rate cut, the Bank of Canada policy-makers and Governor Tiff Macklem concluded they cannot "look through" the impact of past interest rate increases on mortgage costs, which is driving shelter price inflation.