That was the view of Bank of Canada governor Stephen Poloz, speaking Wednesday at the Yukon Chamber of Commerce. He said that “continued patience is required” but he believes Canadians are well-placed to adapt to the changing economy, with the expectation that it will “return to natural, self-sustaining growth.”
Mr Poloz noted that consumers are still buying ‘big ticket’ items including cars and houses, spurred on by low interest rates and job creation, but noted that consumer spending may begin to slip and the bank will need to “remain alert for signs that this risk is emerging.”
The governor also reiterated the risk from high levels of household debt and said that the central bank is “growing increasingly concerned about risks in some housing markets.”
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Despite the risks from lower oil prices and the global economy, Canadians should be “optimistic” on the trajectory of the Canadian economy.