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Globe says BMO boss wants plan in place to cool housing

2021-04-08 07:11 ET - In the News

The Globe and Mail reports in its Thursday edition that the chief executive officer of Bank of Montreal says policy makers and regulators should "plan urgently" in case they need to step in to help cool overheating housing markets. The Globe's James Bradshaw writes that markets in some parts of Canada are "literally evolving weekly," Darryl White said Wednesday after BMO's annual meeting. Some of the activity comes from demand that has been pulled forward amid the pandemic, adding fuel to the typically busy spring season, he said. And while there is "a reasonable supply" of new listings, too few new homes are being built, he said, leaving "an imbalance" with rising demand. Mr. White also said it is too soon to determine whether renewed lockdown measures in provinces such as Ontario, where some school boards have moved entirely to on-line learning and a new stay-at-home order takes effect today, "actually might have a dampening effect" on the housing market. "I think you have to plan urgently, and then I think you have to make decisions on policy intervention -- not today, but maybe in a few weeks, when we see the effect of the next few weeks on the housing market, because a lot of things are going on," Mr. White said.

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